产业投资基金对半导体产业企业研发的影响

The Impact of Industrial Investment Funds on the R&D of Semiconductor Industry Enterprises

为了解国家集成电路产业投资基金介入背景下,我国半导体产业企业的研发提升情况,基于国家集成电路产业投资基金投资企业数据库中的202个半导体产业企业(其中非上市公司159个)情况整理得到2010—2021年面板数据,进行理论研究及实证分析发现:国家集成电路产业投资基金的介入显著促进了半导体产业企业发明专利授权数量及研发质量的提升,与此同时,投资规模、投资强度对半导体产业企业研发具有正面影响。利用零膨胀负二项模型进行稳健性检验,上述结论仍成立。机制检验表明,基金投资作用于企业研发主要依赖引导机制。异质性回归结果表明,上市半导体产业企业对国家集成电路产业投资基金的投资行为更加敏感。

After the intervention of the National Integrated Circuit Industry Investment Fund(NICII),how is the R&D improvement of China’s semiconductor industry enterprises?To this end,the panel data of 2010-2021 was collected from 202 semiconductor industry enterprises(including 159 non-listed companies)in the NSIF investment enterprise database,and then through theoretical research and empirical analysis,the results found that:the intervention of the NICII significantly promoted the number of invention patents granted by semiconductor industry enterprises and the quality of research and development.At the same time,the scale and intensity of investment have a positive impact on the R&D of semiconductor industry enterprises.Using zero expansion negative binomial model for robustness test,the above conclusions are still valid.The mechanism test shows that the role of fund investment in enterprise R&D mainly depends on the guidance mechanism.Heterogeneity regression results show that listed semiconductor industry enterprises are more sensitive to the investment behavior of NICII.