Evaluation Of National Innovation Policy:an Empirical Analysis Listed Company

Our national innovation policy system is gradually forming with the implementation of financial policy, human resource policy, science and technology program and laws and regulations. However, the whole technology competitive falls for years, especially the innovation activity of our enterprises. Therefore, it is imperative to set up an evaluation system for the innovation policies and thus establish an achievement linked management and budget system, which has a realistic impact on the construction of innovation country.This paper evaluates the impact of national innovation policy on small and medium enterprises with the sample of companies listed on Shenzhen Stock Exchange. The empirical analysis is based on the research of policy evaluation in western countries, mainly about the impact of R&D subsidy and tax policy on the innovation and performance of enterprises. Here, Heckman two step methods are used to correct the biased estimation resulted from sample selection bias. It comes to conclude: (1) the longer enterprises benefit from innovation policy, the more obvious it is to innovation and performance and the larger performance gap between benefited and non-benefited ones; (2) tax policy is significant to three industries while subsidy policy prefers the first industry and tertiary industry and financial policy only for the second industry; (3) only subsidy policy significant on value added index shows that this policy has the most direct impact on innovation activities. And financial policy shows higher inclination to the listed companies longer.