"Corner Overtaking":National Industrial Investment Fund and Enterprises'Total Factor Productivity
This paper uses the establishment of the National Integrated Circuit Industry Investment Fund(NICIIF)in 2014 as a quasi-natural experiment.The results show that the NICIIF significantly increases the total factor productivity(TFP)of enterprises,with three pathways:alleviating financing constraints,promoting corporate innovation,and reducing information asymmetry.Heterogeneity tests find that for small companies,firms with inadequate talent reserves,and firms with weak corporate governance,the impact of the NICIIF on the TFP of enterprises is more pronounced.Besides,the effect is more pronounced for firms located in the central and western regions,and in regions with lower levels of financial marketization,intellectual property protection,and social trust.Further analysis also shows that after the outbreak of the Sino-US trade conflict,the NICIIF plays a more significant role in promoting the TFP of enterprises for highly externally-dependent firms.This study expands the scope of research on the effectiveness of industrial policy from the perspective of the complementary advantages of the government and the market,providing theoretical support and decision-making references for China's integrated circuit industry to achieve"Corner Overtaking"and promote high-quality development.
National Industrial Investment FundTotal Factor ProductivityFinancial ConstraintsCorporate InnovationInformation Asymmetry
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