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Can national industrial investment funds enhance enterprise resilience?

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  • Wang, Jianbo
  • Niu, Dayong
  • Kang, Jing

Abstract

As a pivotal instrument of state capital aimed at supporting strategic technological sectors, the National Integrated Circuit Industry Investment Fund (NICIIF) has played a vital function in facilitating the survival and sustainable development of China's integrated circuit (IC) enterprises. This study empirically investigates the impact of NICIIF on enterprise resilience and explores its underlying mechanisms. The results reveal that NICIIF significantly enhances enterprise resilience, mediated by optimizing the financing relief effect and strengthening technological R&D capacity. Moreover, the positive effect of NICIIF is more pronounced among enterprises with weaker corporate governance levels, more intense market competition, and those located in regions with lower marketization levels. This study investigates the impact of NICIIF on enterprise resilience, aiming to advance theoretical understanding of how state capital strengthens enterprises’ adaptability and stability amid external shocks. The findings offer policy-relevant insights from Chinese experience for fostering a more resilient IC industry, particularly within the context of emerging economies.

Suggested Citation

  • Wang, Jianbo & Niu, Dayong & Kang, Jing, 2025. "Can national industrial investment funds enhance enterprise resilience?," Finance Research Letters, Elsevier, vol. 85(PC).
    • Handle: RePEc:eee:finlet:v:85:y:2025:i:pc:s1544612325013327
    DOI: 10.1016/j.frl.2025.108075
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