Research On The Impact Mechanism And Economic Consequences Of National Fund Holdings On Enterprise Innovation

Against the background of intertwined changes in scientific and technological revolution and changes in international forces,the United States has led the construction of a scientific and technological warfare alliance system against China,and various suppressions have stimulated a strong resurgence of contemporary Chinese scientific and technological nationalism.After Huawei’s core limitation incident in 2020,Pelosi’s visit to Taiwan in 2022 met with the chairman of TSMC for the first time,which undoubtedly exposed the ambition of the United States to further curb the innovation and development of China’s integrated circuits.The integrated circuit industry has now become China’s basic pillar industry,and its development degree has profoundly affected the emerging application markets such as the Internet of Things and AI intelligence,so how to improve the level of independent innovation and research and development of integrated circuit enterprises,get rid of the suppression of the China Science and Technology Warfare Alliance as soon as possible,and realize the domestic replacement of integrated circuits as soon as possible has become the focus of attention of the whole country.In this context,the National Large Fund came into being and became a new industrial guidance fund that undertakes the mission of guiding the innovation of China’s integrated circuit industry.Deeply cultivating the key links of the "stuck neck" of the integrated circuit industry is bound to overcome the pain points and difficulties of the development of the integrated circuit industry.Therefore,by analyzing the investment and financing decisions,business activities and corporate governance structure of the investment enterprises of the national large fund,opening the black box of innovation drive,making substantive responses to scientific and technological innovation nationalism,and providing reference for improving the innovation-driven effect of the second phase of the investment of the national large fund,it is of great theoretical and practical significance.Previous studies mainly use empirical methods to test the role of national large funds in promoting innovation from the perspective of large samples,but there is no specific and in-depth analysis of the mechanism and path of national large funds driving enterprise innovation.This paper adopts the case study method,selects Sanan Optoelectronics,an A-share listed enterprise that introduced the investment of the national large fund earlier and has better innovation performance than the industry average,as the research object,and finds a variety of factors affecting the innovation of the national large fund in the process of combing the relevant literature,and at the same time,with the help of the pervasive role of the theory of signal transmission and corporate governance in the process of enterprise innovation,the overall logical framework of the influence of the national large fund on enterprise innovation is constructed.Under this framework,taking the process of investment of Sanan Optoelectronics by the national large fund as the starting point,through the comparative analysis of the investment and financing,daily operation and corporate governance activities and external attention changes of Sanan Optoelectronics before and after the investment,the seven paths of the national large fund driving the innovation of Sanan Optoelectronics are summarized and summarized into four types.Through research and analysis,this paper concludes that the national large fund promotes the innovation of Sanan Optoelectronics through the injection of actual funds,the role of strong endorsement,and the promotion of enterprise upgrading and innovation strategy in the context of "according to enterprise conditions" in the investment process,the specific path is as follows: First,to alleviate the constraints of innovation financing,the national large fund helps Sanan Optoelectronics obtain bank loans and government subsidies more conveniently through the highly credible credit endorsement effect;The second is to promote the improvement of the enterprise innovation incentive system,Sanan Optoelectronics hired more technical research and development personnel,increased executive salaries and implemented employee stock ownership plans to encourage and retain innovative talents after accepting investment;The third is to promote the strategy of enterprise upgrading and innovation,Sanan Optoelectronics conforms to the investment process of the national large fund,and takes factors such as resource integration and technology introduction into the strategic layout of expanding and establishing subsidiaries;The fourth is to help enterprises strengthen external supervision forces,Sanan Optoelectronics introduces institutional investors with the effect of signal transmission theory,and at the same time attracts the attention of professional analysts with the endorsement role of national large funds to enhance its external supervision.The economic consequences of the national large fund’s investment in Sanan Optoelectronics are as follows: the cumulative excess yield after investment continues to rise,the market response is positive,the compound semiconductor business is launched,the operating income is greatly increased while the net profit also grows with the trend.Further research and discussion found that the investment of the national large fund did not have an obvious effect on the improvement of Sanan Optoelectronics’ corporate governance,and at the same time,the incident research method was used to analyze the illegal and undisciplined behavior of Sanan Optoelectronics directors under the hot spot of anti-corruption of the national large fund,and it was found that the cumulative excess yield of the market continued to decline,and the investment confidence of external investors was shaken.The innovation of this paper lies in the fact that,first,it selects the national large fund as the research object to explore the impact path of this new industrial fund on enterprise innovation,and enriches the relevant research on the economic consequences of existing industrial funds;Second,the case study method is used to explore the innovation-driven path of the National Big Fund for enterprises,which makes up for the gap of the existing regression analysis method to answer whether the National Large Fund promotes enterprise innovation from the perspective of a large sample,but lacks the fine analysis and in-depth mining of the multi-dimensional driving path,so this paper is a further extension and expansion of the innovation utility of the existing research on the innovation utility of the National Big Fund,and also provides an effective reference for improving the innovation driving effect of the subsequent investment of the National Large Fund.