National Integrated Circuit Industry Investment Fund and enterprise technological innovation: evidence from China

Bingbing Liu ()
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Bingbing Liu: University of Chinese Academy of Social Sciences

International Journal of Economic Policy Studies, 2024, vol. 18, issue 1, No 3, 63-84

Abstract: Abstract National Integrated Circuit Industry Investment Fund (NICIIF) is an important policy tool to support the innovation and development of enterprises. This paper establishes the first phase of the National Integrated Circuit Industry Investment Fund as a quasi-natural experiment. It uses Shanghai and Shenzhen A-share listed companies from 2010 to 2020 to examine the influence and mechanism of NICIIF on enterprise innovation. The empirical results show that the NICIIF can significantly improve the innovation quality of enterprises, which causes a 20.37% increase in innovation quality. The NICIIF lays the financial foundation for enterprises’ technological innovation by alleviating enterprises’ financing constraints. Moreover, the NICIIF significantly promotes innovation for young, small-scale, and integrated circuit enterprises in the Bohai Rim and midwestern regions. This paper provides empirical evidence for the NICIIF to promote enterprise innovation, which is conducive to achieving breakthrough technological innovation and improving the security of the integrated circuit industry chain.

Keywords: National Integrated Circuit Industry Investment Fund; Enterprise technological innovation; Difference-in-differences model; Integrated circuit enterprises (search for similar items in EconPapers)
JEL-codes: D21 G18 G31 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s42495-023-00120-0

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