摘要：为解决集成电路行业的“卡脖子“问题，国家于2014年成立了集成电路产业投资基金.本文以该场景为例，将大基金进入的企业视为处理组，建立渐进双重差分模型检验市场化的政府支持行为对“卡脖子“的企业价值影响。研究发现: 政府主导的公司制产业投资基金能显著提升集成电路的企业价值；机制检验发现，此次政府支持行为通过直接或间接地缓解企业融资约束并通过提振市场信心助力行业长足发展。本文的研究为政府与市场结合支持高新技术产业发展提供实证依据。也为后续进一步优化产业政策提供参考。

Abstract: To solve the "technological blockade" problem in the integrated circuit industry, Chinese government established the National IC Industry Investment Fund in 2014.In this paper, we examined the impact of market-oriented government support on the value of "key core technology" enterprises by using this scenario as an example and treating the enterprises invested by the fund as a treatment group. The study found that government-led corporate industry investment funds can significantly enhance the enterprise value of ICs; the mechanism test found that the government's support behavior helps the industry to alleviate the enterprise financing constraints and strengthen the market confidence. The research provided an empirical basis for the combination of government and market to support the development of high-tech industries and a reference for further optimization of industrial policies in the follow-up.