Research On The Impact Of National Integrated Circuit Industry Fund On Enterprise Technological Innovation

The integrated circuit industry can be described as a typical representative of high-end manufacturing,is an important sign of the strength of a country’s manufacturing industry.With the advent of the global informatization era and the rapid development of knowledge economy,the integrated circuit industry has formed a close relationship with all aspects of national security,economy and society,which has attracted the attention of all countries ar ound the world.Since the outbreak of the China-US trade war,the United States has carrie d out a comprehensive crackdown and sanctions by resorting to every extreme means on C hinese technology enterprises represented by Huawei and ZTE,and China’s direct absorpti on investment in advanced technology in the western world has also been limited.The actu al purpose of suppressing China’s integrated circuit industry by the western world,led by t he United States,is to limit and delay China’s access to foreign advanced technology throu gh technical blockades,so that they can continue to enjoy the achievements brought about by scientific and technological hegemony.It is also because of the existence of external pre ssure that we must embark on the road of industrial rise of independent R&D and indepen dent innovation.It is urgent for us to realize domestic substitution in the key fields of upstr earn and downstream of the integrated circuit industry.To truly solve the problem of "Chin a Core",the Chinese government has successively launched relevant industrial policies to s upport relevant enterprises and promote technological innovation in relevant fields.In 2014,China launched the Outline for Promoting the Development of the National Integrated C ircuit Industry(hereinafter referred to as the "Outline"),which aims to accelerate the indep endent process of the integrated circuit industry in China,improve the technological innov ation capacity of enterprises,and at the same time,to realize technological breakthroughs i n key fields like design,manufacturing,sealing,equipment,and materials.In September of 2014,as an important part of the financial support of the Outline,the National Integrated Circuit Industry Investment Fund(hereinafter referred to as the "Big Fund")was establishe d,with an investment scale of 138 billion yuan in the first phase.For the first time,the Chi nese government has guided the development of integrated circuit industry by market-orien ted investment,which was a brand-new attempt.Through reviewing the development process of integrated circuit industry in China an d clarifying the current situation of industrial chain,the direction of industrial development was clarified in this paper.Together with the introduction of the basic situation of Big Fund and the ro le analysis,the hypothesis of the role effect of Big Fund in industrial technological innovati on was proposed.Based on the microscopic sample of listed companies in some integrated circuit industries in China from 2011 to 2019,a difference-in-differences model was constr ucted to analyze the impact of Big Fund policies on enterprise technological innovation by using the "Big Fund" stage-one establishment-a natural experiment-as a policy impact.It was found that:(1)the big fund policy could increase the R&D expenditure of enterprise s,so as to promote the investment of technological innovation of enterprises,and this prom otion effect was realized through the injection of industrial capital;(2)the big fund policy c ould effectively increase the number of patents granted by enterprises,so as to promote the output of technological innovation of enterprises,and this effect reflected that the Big Fun d played a good guiding role in industrial coordination.Based on the harrier signal theory,we have further discovered through the intermediary effect test that social funds and government subsidies have varying degrees of intermediary effects in the policy effects of large funds on the technological innovation activities of enterprises.In summary,the following conclusions are obtained:Big Fund policy can promote the technological innovation of integrated circuit enterprises from the input end and the output end,respectively,but the mechanism of action is affected by multipath.In terms of policy suggestions,on the one hand,the author believes that Big Fun d should further clarify the direction of industrial investment,strengthen investment in key technical fields,and at the same time amplify their own leverage to attract more social capi tal to the industry;on the other hand,in the technological innovation of the industry,it is n ecessary to further consolidate and realize the technological innovation of enterprises by co ntinuously broadening financing channels,increasing R&D investment,paying attention t o talent echelon construction,and improving the technological innovation system.