Research On The Effect Of Science And Technology Policy Mix On Enterprise Innovation Performance

Under the background of innovation driven development strategy,China's R&D investment is growing rapidly,and the intensity of R&D investment is increasing year by year.In 2019,the R&D investment is 2214.36 billion yuan,and the R&D investment intensity is2.23%,which has reached the level of the developed countries.The technological content of economic growth continues to increase,and the contribution rate of technological progress reached 59.5% in 2019.As the "new engine" of economic development,innovation plays an increasingly prominent role in promoting the transformation of new and old kinetic energy,industrial transformation and upgrading,and high-quality economic development.At the same time,it is also necessary to realize that the key technologies,key components and materials of industries are still monopolized in the hands of foreign "hidden champion" companies.There are few independent intellectual property rights and patents,and core technologies are still controlled by others,which seriously restricts industrial development and hinders the process of internationalization.Therefore,the independent innovation of China still has a long way to go.As the main body of technological innovation,the technological innovation activities of enterprises affect the innovation development of the country.However,in the technological innovation activities of enterprises,the "invisible hand" of the market is not omnipotent and the market mechanisms sometimes fail.New products and services are likely to be imitated and copied by imitators,and put similar products on the market at a lower cost,which will affect the expected income of the enterprise and result in insufficient innovation.Therefore,it is necessary for government to support the technological innovation of enterprises through a series of policies,so as to improve the innovation power of enterprises with its "visible hand" and obtain long-term economic development.In fact,governments around the world are currently striving to build and improve their own innovation system.As the world's largest emerging economy,China also attaches great importance to the role of technological innovation in promoting economic development,and has successively issued a series of policies to build a relatively complete policy support system and incentives mechanisms to synergistically stimulating enterprise innovation,including subsidies,tax incentives,discounted loans,intellectual property protection,government procurement,etc.In practice,due to government departments' inaccurate understanding of the impact of policies,lack of coordination mechanisms for policy effectiveness,deviations in implementation,and superposition of the effects of strong regulatory policies,the policies have deviated from their original intentions,formed fragments,and even negatively affected each other during the implementation,resulting in the implementation of the science and technology policy mix failing to achieve the expected results and deviating from the original goal.Therefore,this requires policymakers to coordinate science and technology policies to produce a good mix effect at the policy level.However,how to deal with the synergy between the science and technology policies mix in the process of technological innovation has become an important challenge in the process of policy making.Based on the above practical background,the academic field began to investigate the relationship between science and technology policies and enterprises innovation performance.The focus of research is mainly on the evaluation of the “incentive” or “crowding out” effect of a single policy such as government subsidies on enterprise innovation.However,there are various forms of government support,and only analyzing the impact of a single policy on enterprise innovation will lead to biased results.Therefore,relevant research should consider the interaction between policies and pay attention to multiple science and technology policy mix.At present,there is relatively little attention to science and technology policy mix.Secondly,in the research on the impact of science and technology policies on innovation performance,most of them are measured by quantitative indicators such as the number of patent applications and R&D investment.The effect of policy implementation includes not only the increase in the number of innovations,but also the improvement of quality.Any research from a single perspective only evaluates part of the effects of science and technology policies,and lacks the scientific nature of policy evaluation.Finally,based on organizational boundaries and knowledge sources,corporate R&D models include independent R&D and cooperative R&D.However,there are few literatures on the impact of technology policy mix on R&D investment in different models and the role of R&D investment in different models in the relationship between technology policy mix and innovation performance.Therefore,the impact of science and technology policies mix on the innovation performance of enterprises needs more in-depth and thorough research.Based on the above,this paper takes government subsidies,tax incentives,and government procurement as the research objects,and divides science and technology policies into seven policy mix: government subsidies,tax incentives,government procurement,government subsidies?tax incentives,government subsidies?government procurement,tax incentives?government procurement,government subsidies?tax incentives?government procurement,etc.From the two-dimensional perspective of innovation quantity and quality,the effect of the science and technology policy mix on innovation performance is studied,and the mediating role of different R&D inputs is further explored.The main contents are as follows:First,a theoretical analysis framework for the science and technology policies mix—R&D investment—innovation performance has been constructed.Based on the resource-based view,signal theory,and complex adaptive system theory,the science and technology policies mix will stimulate enterprises to increase R&D investment,thereby improving the response of innovation performance,which lays the theoretical foundation of this paper.Second,the impact of science and technology policy mix on innovation performance.Based on the existing research and China's actual development situation,this paper divides science and technology policy into seven mix forms,uses the propensity score matching method to analyze the impact of science and technology policy mix on innovation performance from two dimensions of innovation quantity and innovation quality,and further studies the differences in the impact of science and technology policy mix on innovation performance under the background of different enterprise scales,market competition and economic fluctuations.Third,the impact of science and technology policy mix on R&D investment.According to organizational boundaries and knowledge sources,R&D is divided into independent R&D and cooperative R&D.This paper empirically analyzes the impact of seven science and technology policy mix on R&D investment of different modes,and further analyzes the differences of the impact of science and technology policy mix on R&D investment of different modes under the background of different enterprise scales,market competition and economic fluctuations.Fourth,the combination of science and technology policies,R&D investment and innovation performance.This paper further studies the role of different models of R&D investment in the relationship between science and technology policy mix and innovation performance.The main conclusions of this paper are as follows:(1)The efect of technology policy mix on innovation performance.(1)Science and technology policy mix and innovation performance.Government subsidies,tax incentives,government procurement,government subsidies?tax incentives,government subsidies?government procurement,tax incentives?government procurement,government subsidies?tax incentives?government procurement all have significant positive correlation with innovation quantity and innovation quality,that is,science and technology policy mix have an incentive effect on the increase of enterprise innovation quantity and the improvement of innovation quality.(2)The effect of different enterprise size.Among the seven science and technology policy mixes,the government subsidies?tax incentives?government procurement has an insignificant average treatment effect on the quantity of innovation of small-scale enterprises,while other policy mixes have significant results;only the single form of tax incentives and government procurement has a significant positive effect on the innovation quality of small-scale enterprises,and the results of other forms of policy mix are not significant.Therefore,the effect of policy mix on the innovation performance of small-scale enterprises is not obvious,and a single form of policy can stimulate the innovation of small-scale enterprises more effective.The science and technology policies mix has a significant incentive effect on the quantity and quality of innovation of large-scale enterprises.Therefore,the incentive effect of science and technology policy mix on innovation quantity and quality of large-scale enterprises is more significant.(3)The effect of different market competition.In the context of low market competition,the technology policy mix has a significant effect on the quantity and quality of innovation;in the context of high market competition,the science and technology policy mix can promote the quantity of enterprise innovations,but only the single form of tax incentives and government procurement can promote the quality of enterprise innovations,and the role of the policy mix is not obvious.Therefore,in a low market competition environment,the positive effect of the science and technology policy mix on innovation performance is more obvious.(4)The effect of economic fluctuations.Whether it is a period of economic upswing or economic downturn,the science and technology policy mix has a positive effect on the quantity and quality of innovation.(2)The effect of science and technology policy mix on R&D input is as follows:(1)Science and technology policy mix and R&D input.The seven science and technology policy mix have a significant positive correlation with independent R&D input and cooperative R&D input,that is,the science and technology policy mix encourages enterprises to increase independent R&D input and cooperative R&D input.(2)The effect of different enterprise size.The science and technology policy mix has a positive effect on the independent R&D input and cooperative R&D input of large-scale enterprises.For small-scale enterprises,only government subsidies,tax incentives and government subsidies?tax incentives has a significant positive correlation with the independent R&D input of small-scale enterprises,while the other forms of science and technology policy mix is not significant,indicating that only government subsidies,tax incentives and government subsidies?tax incentives has an incentive effect on the promotion of small-scale enterprises' independent R&D input.The empirical results of government subsidies,tax incentives,government subsidies?tax incentives,government subsidies?tax incentives?government procurement and small-scale enterprises cooperative R&D input are significantly positive.While the mix of government procurement,government subsidies?government procurement,tax incentives?government procurement has no significant effect on cooperative R&D input,therefore,government subsidies and tax incentives have an incentive effect on small-scale enterprises' independent R&D input and cooperative R&D input,but the role of government procurement is not obvious.The science and technology policy mix has a stronger positive effect on large-scale enterprises' independent R&D input and cooperative R&D input.(3)The effect of different market competition.In the context of low market competition,the seven forms of policy mix have an incentive effect on enterprises' independent R&D input and cooperative R&D input.In the context of high market competition,tax incentives,government subsidies?tax incentives,tax incentives?government procurement,government subsidies?tax incentives?government procurement have an incentive effect on independent R&D input,and the results of other policy mix are not significant,that is,in a highly competitive environment,tax incentives and their mix with other policies can effectively encourage enterprises to increase their independent R&D input.The government subsidies,tax incentives,government procurement,government subsidies?tax incentives,government subsidies?tax incentives?government procurement have an incentive effect on enterprises' cooperative R&D input,and the results of other policy mix are not significant.Therefore,in the context of low market competition,the technology policy mix has a more significant effect on independent R&D input and cooperative R&D input.(4)The effect of economic fluctuations.Whether it is a period of economic upswing or economic downturn,the seven science and technology policy mix have a significant positive correlation with independent R&D input and cooperative R&D input,that is,regardless of macroeconomic fluctuations,the science and technology policy mix has an incentive effect on the increase of enterprises' independent R&D input and cooperative R&D input.(3)Science and technology policy mix,R&D input and innovation performance.independent R&D input,cooperative R&D input all play partial intermediary roles in the relationship between technology policy mix and innovation performance.The science and technology policies mix promotes enterprises to increase the input in independent R&D and cooperative R&D,thereby increasing the quantity and quality of innovation.The innovations of this paper are as follows:First,the innovation of research perspective and conclusion.Based on the perspective of science and technology policy mix,this paper taking government subsidies,tax incentives and government procurement as the objects,and divides science and technology policy into seven policy mix forms to study its effect on innovation performance from the dimensions of innovation quantity and innovation quality.The research results of this paper find that the science and technology policy mix is conducive to the improvement of the quantity and quality of innovation.However,unlike existing research,this paper finds that the implementation effects of different policy mix are not completely consistent.Moreover,under certain circumstances,the science and technology policy mix is not as effective as a single form of policy,which further enriches and expands related research.Second,based on the stimulus response model of CAS theory,this paper construct a research framework of science and technology policy mix—R&D input—innovation performance,and thinks that science and technology policies stimulate the innovation behavior of enterprises in the form of mix,encourage enterprises to increase independent R&D and cooperative R&D input,thereby increasing the quantity and quality of innovation,and verify the framework through empirical analysis methods,enriching and perfecting the application of the theory in the relationship between policy and innovation,and expanding the application of the theory.Third,this paper enriches and deepens the research on the mechanism of science and technology policy promoting enterprise technological innovation.Some studies have proposed that science and technology policies encourage enterprises to increase R&D input,thereby promote enterprises to improve innovation performance.However,current related research does not distinguish between R&D models.Based on the existing research,this paper distinguishes different R&D models,and divides R&D input into independent R&D input and cooperative R&D input,empirically analyzes the effect of science and technology policy mix on different models of R&D input and the role of different models of R&D input in science and technology policy mix and innovation performance,which enriches and improves the research on the mechanism of science and technology policy supporting enterprise technology innovation.In addition,this paper studies the effect of science and technology policy mix on innovation performance from the perspective of micro enterprise scale,meso market competition and macroeconomic fluctuations,which expands the relevant research.Fourth,considering the endogeneity of government-supported enterprise technology innovation research,this paper uses the propensity score matching method for empirical analysis,and uses instrumental variables,substitution variables and other methods for robustness test.Considering the long-term nature of technology innovation,it also lags behind the enterprise innovation performance,which increases the robustness of this study and gets more convincing conclusions.