摘要
“解决‘卡脖子’难题,强化科技创新和产业链供应链韧性”是实现高质量发展需要攻克的重点任务。产业投资基金作为政府之手与市场之手相结合的政策工具,已成为扶持行业发展的重要方式。文章以2014年国家集成电路产业投资基金(大基金)成立作为准自然实验场景,以半导体行业为例,建立双重差分模型检验产业投资基金对“卡脖子”行业发展的影响。研究发现:(1)大基金显著促进半导体行业企业发展,该结论在考虑多维度混杂影响、内生性问题等一系列可能的干扰因素后依旧成立。具体表现为企业规模扩张能力、营业收入增长能力和创新能力均显著提升。(2)相比于孵化期、成熟期的企业,大基金对成长期企业的发展促进作用更加显著。此外,上述政策效应尤其体现在所处地区腐败程度较低的企业,进一步突出了“市场化”因素在产业投资基金运行中的重要性。(3)机制检验发现,大基金通过直接投资和引导投资缓解企业融资约束、通过发挥“信号效应”提振投资者信心等渠道助力企业多方位发展。文章的研究丰富了产业投资基金的效应分析及机制讨论,为实现我国科技自立自强提供可行的实施路径,也为进一步优化产业政策、突破国际困局以及保证国民经济稳定发展提供参考。
“Addressing bottlenecks,enhancing scientific and technological innovation,and improving the resilience of indus‐trial and supply chains”represent pivotal objectives in achieving high-quality development.Industrial investment funds,serv‐ing as a policy tool that harmonizes government intervention and market forces,have become instrumental in advancing indus‐trial progress.This paper focuses on the establishment of the National IC Industry Investment Fund in 2014 and takes the semiconductor industry as a case study.Employing a Difference-in-Difference model,the study aims to assess the impact of industry investment funds on industries facing critical challenges,often referred to as“bottleneck”industries.Our study reveals the following findings:(1)Market-oriented government support through the establishment of indus‐trial funds significantly fosters the development of semiconductor enterprises.This demonstrates that addressing the challenge of stagnant industry development requires a collaborative approach between the government and the market,with a special in‐dustrial policy integrating government initiatives and social capital proving to be a successful measure.The empirical results remain robust even after accounting for various potential interference factors,including multi-dimensional confounding ef‐fects and endogeneity issues.Notably,the funds contribute to enhancing the scale expansion,operating income growth,and in‐novation capabilities of these enterprises.(2)In contrast to enterprises in the incubation and mature stages,the impact of in‐dustrial funds on the development of companies in the growth stage is more pronounced.This alignment with policy goals.In addition,this effect is particularly evident for businesses located in regions with lower corruption levels,which underscores the significance of“marketization”factors in the operation of industrial investment funds.(3)Besides,the funds play a crucial role in fostering enterprise development through multiple channels.They alleviate financing constraints by means of direct investment and guided investment,and enhance investor confidence through the“signal effect.”This study significantly contributes to the analysis of the impact of industrial investment funds.It not only examines the innovation ability of enterprises but also assesses the influence of funds on the capacity of enterprises to expand their scale and increase operating income.Moreover,it broadens the potential functional channels of industrial investment funds.Recognizing that industrial funds,often considered the national team,wield a substantial influence on market sentiment,this paper explores and validates the investor confidence mechanism.Furthermore,it presents a practical avenue for achieving selfsufficiency and technological advancement in China.Additionally,it offers guidance for enhancing industrial policies,overcoming global challenges,and ensuring the stable growth of the national economy.
作者
罗党论
张思宇
杨文慧
Luo Danglun;Zhang Siyu;Yang Wenhui
出处
《南方经济》
CSSCI
北大核心
2024年第6期15-38,共24页
South China Journal of Economics
基金
国家自然科学基金“救助”抑或“接盘”:政府纾困基金运行的动因、机制与效果研究(72272157)
广东金融学会2023—2024年度基础课题“政府引导基金与‘卡脖子’行业发展”(JCKT202305)
教育部哲学社会科学研究重大课题攻关项目(20JZD014)
国家社会科学基金重点项目(21AGL011)
中山大学中央高校基本科研业务费专项资助(22wklj03)资助。
关键词
大基金
半导体行业
卡脖子
National IC Industry Investment Fund
Semiconductors
“Bottleneck”Industry
