产业政策何以激励集成电路企业创新——基于创新意愿与政策协同视角

How Industrial Policy Can Stimulate the Innovation of IC Enterprises--Based on the Perspective of Innovation Willingness and Policy Coordination

本文以《国家集成电路产业发展推进纲要》为准自然实验,利用2009—2021年上市公司数据,通过双重差分法考察产业政策对集成电路企业的创新激励效应。研究表明,产业政策显著激励集成电路企业增加研发投入。同时,政策协同效应分析发现,产业政策的实施有助于提高集成电路领域政府创新补助的研发激励效果。上述影响在大型企业、资本密集行业以及人力资本和知识产权保护程度更高的地区更为突出。机制分析表明,产业政策实现创新激励效应的关键机制在于激发集成电路企业自主创新意愿,且提高股权融资水平、降低债务融资成本以及发挥竞争效应是该政策激发企业创新意愿的潜在渠道。本文研究证明,未来政策需充分考虑如何激发企业创新意愿,进一步构建政策工具间有效协同的产业政策体系。

This paper takes the"Outline of National IC Industry Development and Promotion"as the natural experiment,and uses the data of listed companies from 2009 to 2021 to investigate the innovation incentive effect of national industrial policy on IC enterprises through DID model.Research shows that industrial policies significantly encourage IC enterprises to increase R&D investment.These effects are more pronounced in large enterprises,capital-intensive industries,and regions with higher levels of human capital and intellectual property protection.The mechanism analysis shows that the key mechanism of industrial policy to achieve innovation incentive effect is to stimulate the independent innovation wllingness of IC enterprises,and improving the level of equity financing,reducing the cost of debt financing and exerting the competition effect are the potential channels for this policy to stimulate the innovation willingness of enterprises.This study proves that future policies need to fully consider how to stimulate the willingness of enterprises to innovate,and further build an industrial policy system with effective coordination among policy tools.