国家产业投资基金的创新激励效应研究——来自集成电路企业的证据

Research on the innovation incentive effect of the National Industrial Investment Fund:The evidence from the integrated circuit firms

国家产业投资基金是促进集成电路企业创新的重要政策工具。本文基于“国家大基金”这一政策实践,以2009-2021年中国沪深A股集成电路上市企业为研究样本,采用渐进双重差分模型对国家大基金的创新激励效应及作用机理进行分析。研究发现,国家大基金能够显著促进企业的创新活动,并主要激励被投企业实质性创新产出。机制分析表明,国家大基金既通过改善企业债务期限结构、提高企业商业信用以及吸引投资者关注三个渠道缓解企业融资约束,进而激励企业创新;同时又抑制了企业管理层的短视主义和自利行为,从而通过监督管理层机会主义行为促进企业创新。这两种机制的作用分别会因企业内部控制水平和机构投资者调研而发挥差异化的作用。研究结论对于进一步扩大国家大基金扶持力度、强化其对被投企业创新监督机制以及优化国家大基金投资方向具有一定的政策启示。

The National Industrial Investment Fund is an important policy tool to promote the innovation of integrated circuit firms.Based on the policy practice of the National Integrated Circuit Industry Investment Fund,this paper used China's Shanghai and Shenzhen A-share listed IC enterprises from 2009 to 2021 as research samples and adopted the staggered difference-in-difference model to analyze the innovation incentive effect and supervision mechanism of the National Integrated Circuit Industry Investment Fund.The research showed that,the National Integrated Circuit Industry Investment Fund can significantly stimulate the innovation activities of the IC firms,and mainly stimulate the substantial innovation output of the invested firms.The mechanism analysis showed that the National Integrated Circuit Industry Investment Fund alleviates the financing constraints of the IC firms through three channels:improving the maturity structure of corporate debt,improving the commercial credit of enterprises and attracting investors'attention,thus encouraging the IC firms to innovate.Meanwhile,the National Integrated Circuit Industry Investment Fund restrains the short-termism and self-serving behaviors of the management,so as to promote the firm innovation by supervising the opportunistic behavior of the management.The impact of these two mechanisms will play a differentiated role depending on the level of internal control and institutional investor research respectively.This paper has certain policy implications for further expanding the support of the National Integrated Circuit Industry Investment Fund,strengthening its innovation supervision mechanism for the invested firms and optimizing the investment direction of the National Integrated Circuit Industry Investment Fund.