| The manufacturing industry is the foundation of the country,the instrument of rejuvenating the country and the foundation of a strong country,which fundamentally determines the comprehensive strength and international competitiveness of a country.After 40 years of rapid development of Reform and Opening Up,the manufacturing industry has become an important support for China’s economic development,but it is still "big but not strong".It is in the middle and low end of the global manufacturing value chain,and it is urgent to speed up the pace of transformation and upgrade to achieve high-quality development from big to strong.Technological innovation is the "bull’s nose" for the high-quality development of the manufacturing industry.However,the unique attributes of technological innovation,such as high input,high risk,long period and non-monopoly of income,lead to an attempt to entrust the market with the important task of promoting the high-quality development of the manufacturing industry through technological innovation.It may produce results that are quite different from the expected results,so it is important and necessary for the government to take some remedial measures to make up for the possible mistakes caused by the market mechanism in the field of "market failure".However,there has been controversy in the academic and practical circles about the effectiveness of industrial policy.In particular,China is one of the countries that carry out more industrial policies,and there are many kinds of technology-biased industrial policy documents and a wide range of coverage,but whether it can achieve the expected role of promoting technological innovation has not yet reached a unified conclusion.Therefore,f from the perspective of technology-biased industrial policy,this dissertation clarifies the influence mechanism of China’s industrial policy on enterprise technological innovation,and examines the effect and path of China’s industrial policy on enterprise technological innovation.It is of great significance for optimizing industrial policies to improve the level of technological innovation of enterprises,promoting the high-quality development of manufacturing,building manufacturing power and even science and technology power.On the basis of existing research,supported by industrial policy theory,industrial technological innovation theory and industrial organization theory,and from the perspective of technology-biased industrial policy,starting from the tools and implementation methods of industrial policy,this dissertation constructs the theoretical framework of macro-industrial policy on micro-enterprise technological innovation,and tries to theoretically explore the influence mechanism of industrial policy on technological innovation of manufacturing enterprises.At the same time,using the data of Chinese manufacturing A-share listed companies from 2006 to 2015,this dissertation empirically tests the influence effect and path of Chinese industrial policy on technological innovation of manufacturing enterprises by constructing double difference model.This dissertation focuses on the analysis of whether industrial policy will affect the technological innovation of manufacturing enterprises,which industrial policy tools are more effective,what kind of industrial policy implementation mode can give better play to the policy incentive effect,and whether there is heterogeneity in the effect of policy implementation,in order to provide some reference for the government to optimize industrial policy,give better play to the role of industrial policy innovation promotion,and then promote the high-quality development of manufacturing industry.Specifically,it mainly includes the following aspects:The effect of industrial policy on technological innovation of manufacturing enterprises.This dissertation theoretically analyzes the relationship between the incentive-oriented function of industrial policy and the non-monopoly of innovation income,the optimal allocation function of industrial policy and the scarcity of innovation resources,and the information transmission function and information asymmetry of industrial policy.It is found that the impact of industrial policy on technological innovation of manufacturing enterprises is realized through a variety of functions.At the same time,the existence of the impact effect of industrial policy innovation is empirically tested by using the double difference model(DID),and it is found that industrial policy has a significant promoting effect on both substantive innovation and progressive innovation,but it is more manifested in promoting the level of progressive innovation of manufacturing enterprises.Furthermore,by testing the dynamic effect of industrial policy,it is found that the promoting effect of industrial policy on technological innovation of manufacturing enterprises is weak in the first year,and begins to appear in the second year.Then the incentive effect gradually increased to the maximum in the fourth year,and then gradually weakened in the fifth year,showing an inverted "U" curve.The influence of industrial policy tools on technological innovation of manufacturing enterprises.In theory,starting from the three industrial policy tools of credit,financial subsidy and tax preference,this dissertation constructs the theoretical framework of the impact of industrial policy on technological innovation of manufacturing enterprises.Credit financing mainly relieves the financing constraints faced by innovation,which enables enterprises to carry out more technological innovation activities;fiscal and tax incentives mainly enhance the motivation of enterprises to carry out technological innovation activities by reducing the marginal cost of technological innovation activities and sharing some of their risks.Through the empirical test,it is found that China’s industrial policy can promote the technological innovation level of encouraged manufacturing enterprises by strengthening credit support,increasing financial subsidies and increasing tax incentives.At the same time,by comparing the influence effects of the three policy tools,it is found that the innovation incentive effect of financial subsidies > tax preference > credit financing,indicating that the three policy tools are conducive to promoting technological innovation of manufacturing enterprises.However,financial subsidy is a more widely used and more effective industrial policy tool.The influence of the implementation of industrial policy on the technological innovation of manufacturing enterprises.This dissertation theoretically analyzes the mechanism of different types of industrial policy implementation ways affecting technological innovation of manufacturing enterprises.Firstly,based on the unique situation of China,through the expanded Bertrand model,there is a positive relationship between market competition and enterprise technological innovation.Then,from the point of view of the limitation of industrial policy,this dissertation analyzes the disadvantages of industrial policy implementation mode of direct allocation of resources.Finally,on this basis,it is further demonstrated that the allocation of policy resources in a competitive and compatible way can achieve the complementary advantages of the government and the market,so as to better play the role of innovation incentives in industrial policies.Taking the discrete degree of credit,financial subsidy and tax preference of enterprises in the same industry as the measurement index of the implementation of industrial policy,it is found that the more scattered the way of allocating resources of industrial policy is,the more competitive compatibility is reflected,that is,the more uniform the distribution of various policy resources among different enterprises in the same industry,the more able to promote competition,the stronger the role of industrial policy in promoting technological innovation of manufacturing enterprises.At the same time,it is found that the path of industrial policy to promote technological innovation of manufacturing enterprises through credit financing,financial subsidies and tax incentives is only established under the decentralized resource allocation mode,while the adoption of centralized resource allocation mode will only lead to the increase of strategic innovation with relatively low technological requirements,and even restrain the substantive innovation with higher technological requirements.The heterogeneity of the promoting effect of industrial policy innovation.This dissertation theoretically discusses the heterogeneity of enterprises’ attitude towards industrial policy from three dimensions: the nature of enterprise property rights,industry and regional characteristics,the significant impact of industrial policy on technological innovation only exists in private enterprises,high-tech enterprises and enterprises in areas with low degree of marketization.Through the empirical test,it is found that:(1)The industrial policy has a positive incentive effect on the technological innovation of private enterprises,especially the substantive innovation,but the industrial policy promotes the substantial innovation of private enterprises only through financial subsidies and tax incentives.Credit financing is more likely to lead to the gradual innovation of private enterprises;(2)The industrial policy does not form a positive incentive effect on the technological innovation of high-tech enterprises,but promotes the gradual technological innovation of non-high-tech enterprises,among which,the industrial policy promotes the substantial innovation of non-high-tech enterprises through credit financing and promotes the substantial innovation of hightech enterprises through financial subsidies and tax incentives;(3)The industrial policy has a positive incentive effect on the substantive innovation of enterprises in areas with a lower degree of marketization,but it is mainly realized through financial subsidies and tax preferences.Credit financing can better promote the level of technological innovation,especially the substantive innovation level of enterprises in areas with a higher degree of marketization.On the basis of theoretical and empirical analysis,this dissertation puts forward the policy enlightenment of further optimizing industrial policy in order to better promote technological innovation of manufacturing enterprises and promote highquality development of manufacturing industry.First,it is necessary to deepen the reform of the financial and fiscal and taxation systems,improve industrial policy tools,and improve the effectiveness of industrial policies;second,it is necessary to optimize the implementation of industrial policies and seek the optimal combination of "effective market" and "effective government" to create a good environment for innovation;the third is to scientifically study and judge the policy needs of technological innovation of manufacturing enterprises and promote the accurate implementation of industrial policies. |
PDF Full Text Request