产业投资基金对技术创新的影响:芯片企业的实证研究  

Impact of Industrial Investment Funds on Technological Innovation:An Empirical Study of Chip Enterprises

作　　者：贺正楚 任宇新 王京 吴艳 HE Zhengchu;REN Yuxin;WANG Jing;WU Yan(Business School of Xiangtan University,Xiangtan 411105,China)

机构地区：[1]湘潭大学商学院,湖南湘潭411105

出　　处：《湖南大学学报（社会科学版）》2024年第1期60-69,共10页Journal of Hunan University(Social Sciences)

基　　金：国家社会科学基金项目:我国半导体产业链脆弱性影响因素、形成机理及缓释路径研究(22BJL121);湖南省自然科学基金项目:湖南省数字经济与制造业产业链融合发展研究(2022JJ40019);教育部人文社会科学基金项目:中国半导体产业链韧性的生成逻辑、动态评价与政策协同研究(23YJC790102)。

摘　　要：我国芯片企业实现技术创新仍面临挑战。基于资源基础理论、市场失灵理论和良性循环理论,提出国家集成电路产业投资基金(简称“国家大基金”)促进企业技术创新的五个假说,选取2014-2021年间获得国家大基金的芯片企业,检验国家大基金对企业技术创新的影响,并探究国家大基金分别作用于芯片产业链的三个分支产业链企业的作用效果差异。结果表明:获得国家大基金的芯片企业比未获得的企业有更多创新产出;国家大基金通过融资约束缓解机制显著促进了企业技术创新;国家大基金保障年限与芯片企业技术创新呈U型关系,且芯片企业所在的地区创业投资环境在二者中起调节作用。National chip companies still face challenges in achieving technological innovation.Based on resource-based theory,market failure theory,and virtuous cycle theory,five hypotheses are proposed for the National Integrated Circuit Industry Investment Fund(referred to as the“National Big Fund”)to promote enterprise technological innovation.Chip companies that received the National Big Fund from 2014 to 2021 are selected to test the impact of the National Big Fund on enterprise technological innovation.This paper explores the differences in the effects of the National Big Fund on the three branches of the chip industry chain enterprises.The results show that chip companies that have received the National Big Funds have more innovation output than those that have not received them;the National Big Fund has significantly promoted enterprise technological innovation through financing constraint relief mechanisms;there is a U-shaped relationship between the guarantee period of the National Big Fund and the technological innovation of chip companies,and the entrepreneurial investment environment in the region where the chip companies are located plays a moderating role in both.

关 键 词：国家集成电路产业投资基金(国家大基金) 芯片企业技术创新 融资约束 创业投资环境 

分 类 号：F830.59[经济管理—金融学]