| Since the start of the trade war between China and the United States,the shortage of chip technology has caused a huge impact on China's chip industry and enterprises.Therefore,how to improve the research and development level of chip enterprises,how to accelerate the independent innovation process of chip industry,and how to enhance the China's core competitiveness in the chip industry has become the whole society's thinking problem.To solve the problem of "Chinese core",the state has issued relevant policies to support related enterprises,to promote the innovation process in the integrated circuit industry.In September 2014,national IC industry investment fund which is called the Big Fund was established,to accelerate the process of chip manufacture and improve chip research and development of enterprise innovation,whose scale in the early term is up to 138 billion RMB,and this is the first time in the form of a market-based investment to promote the development of the industry,also the earliest size more than billions of industrial investment fund.Therefore,this paper studies the influence of the national IC industry investment fund on the R&D innovation of chip enterprises,and provides a basis for the development of chip industry supported by the state and the future R&D activities of chip enterprises.Taking the listed company Huiding Technology Co.as an example,this paper studies the influence of the Big fund investment on the R&D innovation of chip enterprises.Firstly,this paper introduces the basic development of the Big fund and the process of Big fund investing Huiding Technology Co.Secondly,it researches the influence of the efficiency of enterprise's R&D and innovation after the Big fund investment.It analyzes the change of R&D input from two aspects of R&D fee and clerk and R&D output from two aspects of patent quantity and quality to find the technology innovation efficiency changes after the big capital injection,the Big fund investment on R&D and innovation efficiency.On this basis,this paper also uses regression analysis of empirical model for the above case analysis to further improve and validation,based on 78 semiconductor industry the panel data of listed companies,with Big fund investment as the explained variable,the R&D expenditure and output is as explained variable,and the enterprise scale,the asset-liability ratio and age as control variables into the regression model of panel,this paper is also used to solve the problem of endogenous PSM method,seeking the Big fund investment and the business enterprise inside other the sensitive degree of different factors on the chip research and development of enterprise innovation.Through the combination of case analysis and empirical analysis,the final conclusion is as follows.Firstly,the investment of large funds can significantly promote the R&D investment of chip enterprises.This paper takes Huiding Technology Co.as the case study object,studies the changes of R&D expenditure and R&D personnel of Huiding Technology Co.after the entry of large funds through case analysis method,and finds that both the R&D expenditure and the number of R&D personnel have positive effects.The results of the case analysis are also verified in the empirical study.In this paper,using multiple regression model and PSM method,it is found that in the model of the influence of large fund investment on enterprise R&D investment,the investment coefficient of large fund is positive and significant,indicating that the investment of large fund is conducive to the increase of enterprise R&D investment.Secondly,the investment of large funds can significantly promote the quantity and quality of chip enterprises' patent output.Investment by large funds can significantly boost chip companies' patent output,or R&D innovation efficiency.This paper takes Huiding Technology Co.as the case study object,and studies the patent output of Huiding Technology Co.and the quality of the output patents after the entry of large funds through case analysis method.From the perspective of the output situation,the number of patents of Huiding Technology Co.increased dramatically after the investment of large funds,which represents that the investment of large funds has a positive impact.Among them,the number of invention patents also increased significantly,indicating that the quality of patents also improved.Also verified in empirical result,this paper using the method of multiple regression model and PSM,found that in the Big Fund investment model,the influence on corporate R&D output Big Fund investment on the patent number and the number of invention patents coefficient is positive and significant,that Big Fund investment can not only improve the number of patent output of enterprises,also can improve the number of invention patents,patent output quality.Thirdly,enterprise scale has a positive effect on R&D investment of chip enterprises.In the empirical study of the influence model of large fund investment on enterprise R&D investment,it is found that the coefficient of enterprise size is positive before and after PSM matching and is significant at 1 % level,indicating its promoting effect on enterprise investment.It proves that the larger the scale of the enterprise is,the larger the market share of the enterprise is and the stronger the strength of the enterprise is,so it can promote the investment in technological innovation of the enterprise.Lastly,enterprise age has a positive impact on the R&D output of chip enterprises.In the two models of empirical research on the influence of large fund investment on enterprise R&D output,the coefficient of enterprise age is positive and significant before and after PSM matching,indicating that the older an enterprise is,the more its patent output and invention output will be.The longer an enterprise is established,the more comprehensive its innovation resources and knowledge are,and the richer its technological precipitation will be,which will naturally promote its technological innovation output. |
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