产业基金促进企业创新投入的机制研究——以集成电路产业为例
The Relationship between Government Industry Funds and the Internal Innovation Input—Evidence from the Integrated Circuit Enterprises

本文研究在我国集成产业亟待发展的大环境下，国家设立集成电路产业投资基金(简称“IC产业基金”)这一创新金融工具的必要性和合理性，并以创新投入为表征对象，分析政府产业基金投资与企业创新之间的关系和作用路径。文章以86家国内集成电路行业代表性企业在2014~2019年五年间的运营数据为研究对象，通过实证分析结果表明，IC产业基金能够充分发挥运作优势，通过改善企业资金供给水平、完善治理监督机制、优化资源配置格局等多渠道共同作用于企业创新投入。IC产业基金投资能够有效提升企业内部创新投入水平，且效果显著；IC产业基金投资又是发挥资本带动、治理监督和资源协同等机制功效的关键要素；IC产业基金影响资本带动、治理监督和资源协同进而促进企业创新投入提升的传导链条被证实存在，并且治理监督路径对于基金投资促进企业创新投入产生的中介效应作用最显著。
This article studies the necessity and rationality of the National Integrated Circuit Industry Invest-ment Fund (“IC-FUND”) as an innovative financial tool under the environment of urgent develop-ment needs in integrated industry, and analyzes the relationship and action path between the gov-ernment industry funds investment and enterprise innovation based on innovation input. The arti-cle takes the data of 86 representative companies in the domestic integrated circuit industry dur-ing the five-year period from 2014 to 2019 as the research object. The results of empirical analysis show that large funds can give full play to their operational advantages by improving the level of corporate capital supply, improving governance and supervision mechanisms, optimizing the pat-tern of resource allocation and other channels work together to invest in enterprise innovation. IC-FUND investment can effectively improve the level of internal innovation investment in the en-terprise; it is also a key element for the effectiveness of capital driving, governance supervision and resource synergy. The effect of IC-FUND on these paths to promote the transmission chain of the in-crease of enterprise innovation investment has been proved to exist. The governance supervision path has the most significant effect on the mediating effect of large fund investment in promoting enterprise innovation investment.