Research On Several Innovation Policies Influencing The Enterprise Innovation Capability In China

Innovation is the first driving force for sustainable competitive advantage and economic growth.The rise of emerging economies has drawn increasing attention to how macroeconomic policies affect corporate innovation and development.Since the 19 th Communist Party of China National Congress,the innovation-driven development strategy has been further elevated to the national strategic level.For enterprises,continuous innovation capability enables them to effectively cope with the uncertainty in the business environment.In a number of policies issued by the central government and the state council,various policies have repeatedly mentioned the necessity of promoting enterprise innovation,but whether the actual effect is to promote or restrain enterprise innovation is still a huge controversy in the academic circle.At the same time,most existing researches focus on innovation investment or innovation performance,which is generally measured by R & D expenditure,the number of patents or new product output,while insufficient attention is paid to innovation efficiency and innovation sustainability.Based on this,this paper attempts to explore the impact of China's innovation policy on the innovation capability of enterprises and the mechanism.First of all,from the perspective of enterprise innovation motivation,innovation policy is divided into active type,passive type and push type.We select stock incentive schemes in the active type,intellectual property protection(IPR)in the passive type,and government subsidy in the push type to examine the impact of these three types of policies on corporate innovation capability and their mechanisms.Then,the machine learning method is used to predict the combined effects and effects of multiple policies on the innovation capability of listed companies in the current Chinese context.Then three questions are answered: first,do stock incentive schemes,IPR and government subsidy promote or inhibit the innovation capability of enterprises? Second,whether entrepreneurship and corporate social responsibility(CSR)strengthen or weaken the relationship between the above three policies and enterprise innovation capability? Third,can machine learning algorithm accurately predict the effect of multiple policies of driving forces in different directions,different external environment and internal characteristics of enterprises on the innovation capability of enterprises? The answers to these three questions are of great theoretical and practical significance.This article establishes hypotheses and uses mathematical models to test the hypotheses based on the data of non-financial Shanghai and Shenzhen A-share listed companies from 2010 to 2018.The following valuable research conclusions are obtained:First,based on the perspective of corporate innovation capability,we test the actual impact of stock incentive schemes.The empirical results show that companies implementing stock incentive schemes have significantly improved their innovation capability,specifically by improving the quality of corporate innovation,upgrading the efficiency of corporate innovation,and enhance the sustainability of corporate innovation;this conclusion is still valid after changing matching methods and key variables.Further,we test the regulatory effects of entrepreneurship and CSR based on the perspectives of the national innovation system and sustainable development,and find that entrepreneurship positively moderates the impact of stock incentive schemes on the quality and sustainability of enterprise innovation.The positive regulation effect of the relationship with innovation efficiency is not obvious.Innovation efficiency is determined by the number of patents and R & D investment.This may be because the regulating effect of entrepreneurship on these two aspects is too consistent,or it may be because entrepreneurship has no regulating effect on these two aspects,so it cannot show the overall significance.In addition,CSR positively regulates the impact of stock incentive schemes on corporate innovation capability(including the three aspects of innovation quality,innovation efficiency,and innovation sustainability),and is specific to each dimension: the shareholder-related CSR negatively moderates the impact of stock incentive schemes on innovation quality and innovation sustainability,while the employee,business and environment-related CSR positively moderates the impact of stock incentive schemes on innovation capability.Second,IPR has a U-shaped impact on innovation quality and innovation sustainability,while its impact on innovation efficiency is uncertain.The conclusion is still valid after the robustness test by changing the measurement methods of independent variables and dependent variables.Further research,based on the perspectives of national innovation system and sustainable development,we examine the moderators of this impact and find that entrepreneurship and CSR are positively regulating the U-shaped relationship between IPR and the quality of corporate innovation.There is no moderating role between the sustainability of corporate innovation.It shows that the promoting effect of entrepreneurship and CSR on enterprise innovation quality is stronger than the weakening effect of IPR on both,so it presents a positive regulating effect on the whole.However,both of them have the same promoting effect on innovation sustainability as the weakening effect of IPR on both of them,so there is no significant moderating effect on the whole.Third,government subsidy has significantly improved innovation capability of enterprises in general,specifically by improving the quality of corporate innovation,upgrading the efficiency of corporate innovation,and enhance the sustainability of corporate innovation.This research conclusion is still valid after the replacement of key variables.Further,we test the regulatory effects of entrepreneurship and CSR based on the perspectives of the national innovation system and sustainable development,and find that entrepreneurship positively moderates the impact of government subsidy on the enterprise innovation capability.In addition,CSR positively regulates the impact of government subsidy on corporate innovation quality and efficiency,but the positive moderating effect between government subsidy and innovation sustainability is not obvious.This may be because in practice,CSR still focuses on short-term benefits,so it has no interactive effect on long-term innovation sustainability.It is found that: except that social-related CSR cannot enhance the positive correlation between government subsidy and innovation quality,all the other dimensions have positive adjustment effect.Fourth,based on the selected policies and samples in this paper,it can be seen that the active and push policies have better effects,and are more likely to interact with the external innovation environment(entrepreneurship)of enterprises and CSR to further promote enterprise innovation.The impact of passive policies is relatively complex.This different impact can be explained from our standards or definitions of policy classification.Active policies enable the management and employees of enterprises to carry out active innovation and give play to the subjective initiative of enterprises.Push policies are the government's direct assistance to enterprise innovation.Passive policies force enterprises to rely on innovative competition through market competition and other mechanisms.It can be seen that both the active type and the push type have a single direction for the incentive of enterprise innovation,while the passive type has two directions: the retreat of enterprises and the drive of policies,so its influence is more complex.To some extent,this verifies the rationality of the innovation policy classification based on the perspective of enterprise innovation motivation,and makes a certain contribution to the expansion of policy tool theory.Other policies can be selected for further verification.Fifth,four machine learning algorithms,namely,decision tree,random forest,integrated algorithm and artificial neural network,are adopted to predict the joint effect and effect of multiple policies on the innovation capability of listed companies in the current Chinese context.The results show that the prediction of artificial neural network is the most accurate,while the effect of decision tree is the worst,which is consistent with the theoretical expectation.According to the weight analysis of the characteristic value,the active policy has the largest influence,the push policy is the second,and the passive policy is the weakest.It can also from our defined criteria or the classification of policy to explain.Active policies enable the management and employees of enterprises to carry out active innovation and give play to the subjective initiative of enterprises.It can be seen from the weight analysis that such subjective initiative is very important for all aspects of enterprises' innovation capability,which is in line with the theoretical expectation.This conclusion further verifies the rationality of the innovation policy classification based on the perspective of enterprise innovation motivation,and makes a certain contribution to the expansion of policy tool theory.Other policies can be further tested in the future.In addition,entrepreneurship plays an important role in the sustainability of innovation.CSR has a certain degree of influence on the three dimensions of corporate innovation capability.Corporate financial leverage has a greater impact on innovation efficiency.Enterprise sales revenue,ROA,ROE,industry and enterprise age have a greater impact on innovation quality and efficiency.Enterprise assets and capital expenditure have a greater impact on innovation sustainability,and product market competition has the greatest impact on innovation quality.However,the weight can only explain the size of the impact,but not whether to promote or inhibit it.With the development of machine learning algorithms,it remains to be further studied whether appropriate algorithms will emerge in the future.Finally,on the basis of the above research results,the possible practical implications,research limitations and research prospects are discussed.Future research can choose other policies or use different samples and research methods to make further investigations on this research.