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产业投资基金对技术创新的影响:芯片企业的实证研究

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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。
Impact of Industrial Investment Funds on Technological Innovation:An Empirical Study of Chip Enterprises
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 pro-mote 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 in-dustry 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 significant-ly 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 innova-tion of chip companies,and the entrepreneurial investment environment in the region where the chip com-panies are located plays a moderating role in both.

National Integrated Circuit Industry Investment Fund(National Big Fund)technological innovation in chip enterprisesfinancing constraintsentrepreneurial investment environment

贺正楚、任宇新、王京、吴艳

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湘潭大学商学院,湖南湘潭 411105

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

国家社会科学基金项目湖南省自然科学基金项目教育部人文社会科学基金项目

22BJL1212022JJ4001923YJC790102

2024

10.16339/j.cnki.hdxbskb.2024.01.008

湖南大学学报(社会科学版)
湖南大学

湖南大学学报(社会科学版)

CSTPCDCSSCICHSSCD北大核心
影响因子：0.554
ISSN：1008-1763
年,卷(期)：2024.38(1)
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