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.
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
Key words
National Integrated Circuit Industry Investment Fund(National Big Fund)/technological innovation in chip enterprises/financing constraints/entrepreneurial investment environment
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