The Impact Of Government Subsidies And Financial Support On Technological Innovation Efficiency Of The Integrated Circuit Industry

The integrated circuit(IC)industry is the pillar industry leading the innovation of China’s high-tech industry.Adequate research and development funds are the fundamental guarantee for its technological innovation.In recent years,government departments and financial institutions have activ ely injected funds into the technological innovation of the IC industry through government subsidies and financial support,which have effectively promoted the technological progress of the IC industry.However,the current R&D investment in China’s IC industry has a limited effect on the improvement of R&D output,which means that the technological innovation efficiency of the IC industry needs to be further improved.Therefore,it is of great significance to explore the effect of government subsidies and financial support on the technological innovation efficiency of China’s IC industry,and then put forward suggestions for optimizing government subsidies and financial support about the IC industry technological innovation.Based on the analysis of the current situation of g overnment subsidies,financial support and technological innovation development of China’s IC industry,this study conducts research on the impact of government subsi dies and financial support on the technological innovation efficiency of the IC industry.Firstly,the network SBM model is constructed to measure the technological innovation efficiency of 75 representative listed enterprises in the three subsectors of IC industry chain,including design sector,manufacturing sector and packing & testing sector.Further,the technological innovation efficiency evolution characteristics of the IC industry are analyzed in details.Secondly,on the basis of analyzing the influence mechanism of government subsidies,financial support and their interaction on the technological innovation efficiency,relevant hypotheses are proposed.Then,the tobit panel regression model is constructed to explore the effect of government subsidies,financial support and the interaction on the technological innovation e fficiency of the IC industry.Moreover,the multicollinearity,endogeneity,robustness,heterogeneity and action mechanism of the model are analyzed.The results show that the overall efficiency is at a low-to-medium level and it is gradually declining;The knowledge production efficiency is higher than the commercialization efficiency;In terms of sub-sectors,the technological innovation efficiency of the IC manufacturing sector is significantly lower than that of the IC design sector and the IC packaging & testing sector.The increase of government subsidies has an inhibitory effect on the improvement of the technological innovation efficiency of the IC industry and the increase of government subsidies will reduce the technological innovation efficiency of the IC industry;Financial support has a positive effect on the technological innovation efficiency of the IC industry and its influential effects on knowledge production efficiency and commercialization efficiency are heterogeneous;The interaction between government subsidies and financial support has a positive impact on the improvement of technological innovation efficiency in the IC industry.Promoting the coordination of government subsidies and financial support funds is conducive to improving the technological innovation efficiency of the IC industry.Based on the above analysis,this study puts forward policy recommendations to improve the technological innovation efficiency of China ’s IC industry from the aspects of improving the design of government subsidy policies,optimizing financial support services,and exerting the combined force of the government subsidies and financial support to improve the technological innovation efficiency of China’s IC industry.