Can Industrial Investment Funds Incentivize Corporate Technological Innovation?——Research Based on the National Integrated Circuit Industry Investment Fund
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 sig-nificant 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.
National Industrial Investment Fund(NIIF)enterprise technological innovationdifference-in-differences modelsocial fundscollaborative innovation
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