产业投资基金能够激励企业技术创新吗?——基于国家集成电路产业投资基金的研究  

Can Industrial Investment Funds Incentivize Corporate Technological Innovation?——Research Based on the National Integrated Circuit Industry Investment Fund

作　　者：刘冰冰 Liu Bingbing(School of Applied Economics,University of Chinese Academy of Social Sciences,Beijing 102488,China)

机构地区：[1]中国社会科学院大学应用经济学院,北京102488

出　　处：《金融发展研究》2024年第1期59-69,共11页Journal Of Financial Development Research

基　　金：中国社会科学院国家高端智库基础研究项目“关键核心技术创新政策跟踪研究”(22ZKJC019)。

摘　　要：国家产业投资基金是支持企业创新发展的重要政策工具。本文以国家集成电路产业投资基金设立作为准自然实验,使用2010—2020年的沪深A股上市公司数据,考察国家产业投资基金对企业创新的影响和作用机制。实证分析得出:国家集成电路产业投资基金能够显著提升企业的创新质量,而且通过缓解企业的融资约束、推动企业开拓市场份额等渠道为企业技术创新奠定资金和市场需求基础。国家集成电路产业投资基金对年轻企业、小规模企业和处于环渤海、中西部地区的集成电路企业有显著的创新促进作用。进一步分析得出,国家集成电路产业投资基金能够提升企业的协同创新水平和效率,而且社会基金能够增强国家产业投资基金对企业创新的推动作用。本文为国家产业投资基金促进企业创新发展提供了经验证据,有利于实现突破性技术创新和提升集成电路产业链安全性。The National Industrial Investment Fund(NIIF)is an important policy tool to support the innovative development of enterprises.This paper takes the establishment of the National Integrated Circuit Industry Investment Fund as a quasi-natural experiment,and uses the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2020 to examine the impact and mechanism of NIIF on corporate innovation.The empirical analysis concludes that the National Integrated Circuit Industry Investment Fund can significantly improve the quality of enterprise innovation,and lay the foundation of capital and market demand for enterprise technological innovation by alleviating the financing constraints of enterprises and promoting the development of enterprise market share and other channels.NIIF has a significant role in promoting innovation for young enterprises,small-scale enterprises and IC enterprises in the Bohai Rim,central and western regions.Further analysis concludes that the national IC industry investment fund can enhance the level and efficiency of collaborative innovation of enterprises,and that the social fund can enhance the role of the national industry investment fund in promoting innovation of enterprises.This paper provides empirical evidence that national industrial investment funds promote enterprise innovation and development,which is conducive to realizing breakthrough technological innovations and enhancing the security of the integrated circuit industry chain.

关 键 词：国家产业投资基金 企业技术创新 双重差分模型 社会基金 协同创新 

分 类 号：F830.91[经济管理—金融学]