Does The "2011 Project" Improve Innovation Capacity Of Enterprises?

The problem of scientific and technological innovation has been mentioned many times in the Reports of the 19 th National Congress of the Communist Party of China.This is mainly because China's economy is changing from high speed to high quality,and it is urgent to rely on scientific and technological innovation to transform its development pattern,optimize its economic structure and form new growth drivers."2011 project" aims to strengthen applied basic research and provide strong support for breakthroughs in key technologies,building a strong aerospace power,a strong transportation power and a digital China,which is conducive to promoting scientific and technological innovation so as to promote high-quality economic development.Based on the above consideration,this article focuses on "2011 project",which launched in 2012.Then,we selected enterprises with R&D activities in Shanghai A-shares from 2011 to 2016 as the research objects,and adopted the difference-in-difference method to establish multiple regression model to explore the impact of "2011 project" on enterprise innovation ability.In order to satisfy the use premise of the difference-in-difference method,we performed random test and Parallel trend test respectively.After the basic empirical regression,the robustness of the test results was verified by PSM-DID,counterfactual test and single difference method.In addition,due to the special national conditions in our country,such as unbalanced regional development,large differences in industry development and state-owned enterprises,the sample is divided into the eastern provinces and non-eastern provinces,high-tech industry and non-high-tech industry,state-owned enterprises and private enterprises.Based on the different area,industry,enterprise attribute,the research conclusion will more targeted and guidance.This study found that the "2011 project" has a significant effect in promoting innovation capabilities of enterprises.For example,In the innovation investment,"2011 project" significantly promoted the increase in R&D investment of enterprise.In the innovation output,"2011 project" also significantly promote the increase in the number of invention patents.In addition,further empirical regression results show that from the regional perspective,the "2011 project" has a significant effect on the promotion of corporate innovation investment in the eastern provinces,and it has a significant positive impact on the innovation output of non-eastern provinces.From the industry perspective,the "2011 project" has a significant role in promoting the innovation capability of high-tech industries,and there may be a crowding-out effect on non-high-tech industry R&D investment;from the perspective of the nature of the enterprise,The performance of innovation output of the state-owned enterprises was significantly positive,and private enterprises were significantly positive in R&D investment.Therefore,this paper thinks that the implementation of the "2011 project" should be targeted.Specific measures can be taken,in the process of further implementation,government should enhance innovative resources for under-developed regions,improve the policy effect of the "2011 project",focus on non-technical industry and avoid enterprises from entering the inefficiency innovation of "finding and supporting",giving priority to pilots in state-owned enterprises and gradually promoting them to private enterprises.In addition,the regression results show that the effect of the policy is not significant after two years of implementation,so the government needs to strengthen management in the follow-up process.