| At present,China has put forward the development path of leading the transformation of the real economy by innovation,and the report of the Nineteenth National Congress of the Communist Party of China also clearly states that "we should strengthen the construction of the national innovation system and strengthen the strategic scientific and technological strength".We should deepen the reform of science and technology system,establish a technology innovation system with enterprises as the main body,market as the guide and deep integration of industry,education and research,strengthen support for innovation of small and medium-sized enterprises,and promote the transformation of scientific and technological achievements.Therefore,innovation is extremely important for enterprises which are in the leading position in various industries in China's economic development.As early as January 2006,at the National Conference on Science and Technology,China set its strategic development goal as 2020 to become an innovative country.In the same year,the Ministry of Science and Technology,SASASAC of the State Council and the All-China Federation of Trade Unions(hereinafter referred to as the "three departments")jointly launched the pilot work of innovative enterprises.The implementation of pilot policies for innovative enterprises is an important part of the "Technology Innovation Guidance Project".The government hopes that through the pilot work of innovative enterprises,enterprises' innovative ability and international competitiveness will be greatly enhanced.At the same time,innovative pilot enterprises will play an exemplary role in promoting the improvement of enterprises' innovative ability in their regions or provinces,so as to promote them over time.Improvement of enterprise innovation level nationwide.Therefore,it is necessary to make a thorough and comprehensive analysis of the pilot policies for innovative enterprises.On the one hand,we can evaluate the effectiveness of the pilot policies for innovative enterprises.On the other hand,we can provide some references for the future study of the impact of government actions and policies on enterprise innovation performance and the expansion of enterprise technological innovation path.Based on the above background,this paper combs the domestic and foreign literature related to the definition of innovation performance connotation,the ways and methods of innovation performance measurement,the important factors affecting enterprise innovation and the implementation effect of innovation policy,which provides a rich theoretical basis for the study of this paper.By sorting out the research literature at home and abroad,we find the following shortcomings: firstly,most scholars choose panel regression model to study innovation policy,which can not fully guarantee the accuracy of the results;secondly,most of the studies focus on macro or meso levels,and lack of empirical data at micro level.Therefore,combined with the similarities and shortcomings of domestic and foreign scholars' research,this paper chooses listed companies in innovative pilot enterprises as the research object,focusing on the analysis of the implementation effect of innovative enterprise pilot policy.The main contents and conclusions of this paper are as follows:Firstly,through combing the existing literature and interpreting the relevant policy documents,this paper comprehensively defines the key research objects of this paper,namely "innovative enterprise pilot policy" and "innovative pilot enterprise",and deeply analyses the process of the effect of innovative enterprise pilot policy on enterprise innovation,which provides theoretical model basis for the empirical analysis in the following chapters.Secondly,this paper uses PSM-DID to quantitatively analyze the impact of pilot policies on innovation performance of innovative enterprises.The list of innovative pilot enterprises published by the Ministry of Science and Technology of China is sorted out and listed companies are selected as the research objects.The relevant economic and financial data of 168 enterprises in the treatment group and the control group from 2008 to 2017 are collected and sorted out.Firstly,the non-innovative pilot enterprises in listed companies are compared with the non-innovative pilot enterprises through matching variables such as enterprise size,financial leverage and profitability.The innovative pilot enterprises are matched to determine the control group,and then the DID model is used to compare the changes of innovative performance of pilot enterprises and non-pilot enterprises before and after the implementation of the pilot policies,so as to explore the net impact of the pilot policies of innovative enterprises,that is,to eliminate other factors affecting the innovative performance,and only to study the impact of the pilot policies of innovative enterprises on the innovative performance of enterprises.The research finds that the pilot policies of innovative enterprises have a significant positive impact on the innovation performance of enterprises.Finally,the placebo test method is used to verify the robustness of the empirical results.The results show that the empirical results of PSM-DID are robust.In addition,in view of the differences in the nature of enterprises and the unbalanced development of regional economy in China,in order to make the conclusion more pertinent and instructive,this paper uses the property right attributes and regional structure of enterprises as grouping indicators to regress the total sample,and further explores the impact of pilot policies on the state-owned nature and innovation performance of enterprises located in the eastern region.Through empirical research,the following conclusions are drawn: the pilot policy of innovative enterprises has no significant impact on the innovation performance of state-owned enterprises and enterprises in eastern region.Finally,according to the results of empirical research,this paper puts forward the following suggestions: First,the implementation of pilot policies for innovative enterprises should be tailored to local conditions,but also different from enterprises.Secondly,the government should optimize the environment for policy implementation and intensify policy implementation.At the same time,it should not only actively guide and promote the construction of enterprise innovation culture,but also make efforts to integrate resources conducive to the improvement of innovation ability.Thirdly,innovative pilot enterprises should pay attention to the creation,transformation,protection,management and application of intellectual property rights,so as to ultimately enhance the overall innovation ability of Chinese enterprises,so that China can step into the ranks of innovative countries with a faster pace and a higher attitude. |
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