经过三年疫情，我国经济的基本面发生了巨大变化，提升经济发展的质量越来越重要。政府主导的产业投资基金结合了政策和市场的优点，本文希望研究产业投资基金对高新技术企业的创新研发的作用，并探究其作用机理。本文首先梳理了产业投资基金对企业创新影响的相关文献。随后阐述产业投资基金在集成电路产业发展中所起到的作用。将案例研究和实证研究结合，案例研究为实证研究提供方向指引，实证研究拓展了案例研究的结论。选取产业投资基金投资长电科技和中芯国际的案例，探索产业引导基金推动集成电路企业创新发展的作用。通过案例发现国家集成电路产业投资基金促进了长电科技和中芯国际的研发投入，并且缓解了两者的融资约束。其后采用双重差分模型进行实证检验。大基金的投资确实能够促进被投企业的研发创新，大基金的投资通过缓解融资约束来促进企业的研发创新。且促进作用对非国有企业和中小企业更显著。并由此给出相应政策建议。
After three years of the epidemic, the fundamental aspects of China‘s economy have undergone significant changes, and improving the quality of economic development is becoming increasingly important. The government led industrial investment fund combines the advantages of policy and market. This article aims to study the role of industrial investment funds in innovative research and development of high-tech enterprises, and explore their mechanism of action.This article first reviews relevant literature on the impact of industrial investment funds on corporate innovation. Subsequently, the role of industrial investment funds in the development of the integrated circuit industry will be elaborated. Combining case studies with empirical research, case studies provide direction for empirical research, and empirical research expands the conclusions of case studies. Select cases of industrial investment funds investing in Changdian Technology and SMIC International, and explore the role of industrial guidance funds in promoting the innovative development of integrated circuit enterprises. Through case studies, it was found that the National Integrated Circuit Industry Investment Fund has promoted the R&D investment of Changdian Technology and SMIC International, and alleviated the financing constraints of both. Subsequently, a double difference model was used for empirical testing. The investment of large funds can indeed promote the R&D innovation of invested enterprises, and the investment of large funds can promote the R&D innovation of enterprises by alleviating financing constraints. And the promotion effect is more significant for non-state-owned enterprises and small and medium-sized enterprises. And provide corresponding policy recommendations accordingly.
