Research on the Impact of Independent Innovation on Value Creation of Export-Oriented Chip Manufacturing Enterprises

芯片作为现代电子产品的核心组件，在当今数字化时代扮演着至关重要的角色。我国作为全球最大的电子产品生产和出口国之一，其芯片产业的发展和出口情况直接关系到国家的经济发展和技术竞争力。自主创新是出口型芯片制造企业在全球市场中立足的关键。文章以2011~2022年沪深A股出口型芯片制造企业为研究对象，对自主创新与企业价值创造之间的关系进行了实证研究。结果表明：企业进行自主创新能够显著提升价值创造；自主创新通过提高无形资产占比和国际化程度影响企业价值创造。经过更换被解释变量和工具变量法进行稳健性检验后，结论依然稳健。As a core component of modern electronic products, chips play a crucial role in today’s digital age. As one of the world’s largest producers and exporters of electronic products, China’s development and export situation of the chip industry directly relate to the country’s economic development and technological competitiveness. Independent innovation is the key for export-oriented chip manufacturing enterprises to establish a foothold in the global market. This article takes the export-oriented chip manufacturing enterprises listed on the Shanghai and Shenzhen A-share markets from 2011 to 2022 as the research object and conducts an empirical study on the relationship between independent innovation and enterprise value creation. The results show that independent innovation by enterprises can significantly enhance value creation; independent innovation affects enterprise value creation by increasing the proportion of intangible assets and the degree of internationalization. After conducting robustness tests by replacing the explained variable and using the instrumental variable method, the conclusion remains stable.