Industrial Policy And Entrepreneurial Enterprise Innovation

With the mild recovery of the global economy,the core position of technology innovation in the economic and social development is more prominent.Every country takes innovation as the inexhaustible power for its economic development.As an emerging economy,China,along with the deepening of economic transformation,has entered the"new normal" stage of development.China's economic growth needs to transform from the element-driven and investment-drive to the innovation actuation.One of the important driving forces of economic growth in China in the past thirty years of reform and opening up is the key role which our government plays in economic reform and innovation policies,and industrial policy plays an important role in this process.However,the impact of industrial policy on enterprise innovation output has not been systematically interpreted.This paper will make research on its impact mechanism,path and degree.First,this paper makes an observation on the industrial policies of China,the United States,Japan and Germany.Then,combining with the background of China's transformation economy and the experience observation,this paper constructs the theoretical mechanism of the impact of industrial policy on enterprise innovation,which is discussed in three dimensions from selective industry policy,government subsidy and financial support.Finally,the article takes 2009-2015 GEM listed companies as samples to test the theoretical proposition.The results show that:Selective industry policy has no effect on innovative output of venture enterprises.Financial support policies can obviously promote the innovative output.And there are structural differences in the impact of government subsidies.Specifically,general government subsidies have no substantial impact on innovation output of start-ups.But compared with non-technology subsidy policies,specific subsidies can significantly improve the level of innovation output of enterprises.At the same time,further research shows that the impact of industrial policy on entrepreneurial innovation depends on some factors such as the level of regional economic development,the corporate leadership structure and R&D strength.Compared with the enterprises which have lower R&D intensity,government subsidies and financial support can make better effect on entrepreneurial innovation in enterprises which have higher R&D intensity.The level of economic development doesn't affect the effect of industrial policy on the entrepreneurial innovation output.When the chairman and the general manager are appointed,government subsidies and financial support can play a better role in promoting entrepreneurial innovation output.In this regard,this paper suggests that the government should carefully evaluate the impact of selective industrial policy on different scale enterprises,optimize the incentive system of government subsidies,and build a financial support system which is better to innovate.Around the strength of R&D,we should also optimize the recognition mechanism and the property rights structure of venture enterprises,which can effectively improve the innovative output of entrepreneurial enterprises.Following are the innovative points:first,the paper take two kind of means of industrial polity into a unified research framework,and use a new way which is more targeted to divide government subsidies.Second,it contains empirical test,theoretical mechanism,and experiencial observation,which makes a relatively complete research framework.In addition,compared with previous research,this paper focuses on the study of "ChiNext".