Industrial Policy,Capital Market Pricing And Enterprise R&D Investment

Since the reform and opening up,industrial policy has been widely used in all walks of life as one of the macro-control means for our government to participate in the allocation of resources,adjust and optimize the industrial structure and promote the steady development of the national economy.China's industrial policy supports and encourages the development of specific industries by means of market access,directory guidance,government subsidies and tax preferences.Can government-led industrial policies really promote industrial restructuring and upgrading,revitalize the real economy and promote sustainable development of national economy? From the enterprise level,the decision-making of R&D investment not only affects the growth of enterprise value,but also decides the change of enterprise's future production capacity and development direction.Therefore,from the micro perspective of enterprise R&D investment,we can well examine the effect of industrial policy on the adjustment and optimization of industrial structure in China.Existing literatures mainly discuss the impact of industrial policy on R&D investment through bank credit mechanism,government subsidy mechanism,tax incentive mechanism and market competition mechanism.Few literatures discuss the relationship between information value of industrial policy,capital market pricing and R&D investment of enterprises.Industrial policy not only represents the future direction of national industrial development,but also contains important information about the future growth opportunities of enterprises.The information value of industrial policy can be released through the pricing of capital market,which affects the financing environment of enterprises,and then affects their R&D investment decisions.Starting from the enterprise level,this paper focuses on the intermediary effect of capital market pricing between industrial policy and R&D investment of enterprises,and examines the impact of heterogeneous characteristics such as the degree of financing constraints,the nature of equity and whether the enterprises are high-tech enterprises on the intermediary effect mentioned above.On this basis,this paper examines the impact of industrial policy on the intermediary effect by participating in capital market determination.The influence of price on the financing mode of enterprises is further tested to examine the role of intermediary effect.Empirical results show that capital market pricing is an intermediary variable between industrial policy and R&D investment of enterprises,and industrial policy can influence R&D investment of enterprises by participating in capital market pricing;compared with enterprises with lower financing constraints,the intermediary effect of capital market pricing is more significant in enterprises with higher financing constraints;compared with non-high-tech enterprises,it is higher in enterprises with higher financing constraints.In new technology enterprises,the intermediary effect of capital market pricing is more significant;compared with state-owned enterprises,the intermediary effect of capital market pricing is more significant in non-state-owned enterprises.Under the realistic background of China's pursuit of transformation of economic growth mode and optimization and upgrading of industrial structure,it is of great practical significance and practical significance to examine the implementation effect of China's industrial policy from different perspectives.