Effect Mechanism Of Industrial Policy On The Innovation Quality Of Wind Power Enterprises: Research From The Perspective Of Enterprise Credit Financing And Managerial Equity Incentive

At present,China faces dual challenges of economic development and environmental governance.The economic and social benefit of the wind power industry is increasingly highlighted,which has been highly emphasized by the government in the process of energy conservation and emission reduction,optimization and upgrade of energy structure.Supported by package industrial policies released by the central government,the wind power industry has obtained rapid development.However,severe financing restriction and low innovation quality are still main obstacles for the development of wind power enterprises.The contradiction between continuous input of policy and difficulty for wind power enterprises to break through innovation of core technologies urgently require theoretical research.The research about policy effect of wind power industry was just started,which still lacks scientific research logic and analysis framework.However,there has been controversy in the academic world about the necessity and effectiveness of industry policy to promote enterprise innovation.And few researches study the influence of industrial policy on enterprise innovation from the perspective of innovation quality.Does industrial policy have any significant role in innovation quality of wind power enterprises? How about its mechanism of action? Do different types of policies have the same mechanism of action and policy effect?By combining related theories,based on the data of listed companies in the Shanghai and Shenzhen A-share wind power industry from 2004 to 2017,and systematically carding the quantization of 262 wind power industrial policies issued by departments of Chinese ministries and commissions and above.Then conducts empirical research of industrial policy's influence and mechanism of action on innovation quality of wind power enterprises,systematically studies the difference influences of different types of policies,brings in the important governance mechanism of managerial equity incentive as the moderating variable,discloses the microscopic reasons that influence the industrial policy's effect of enterprise innovation quality and credit financing role from the perspective of internal governance mechanism,and finally studies the heterogeneity role and influence of industrial policy on wind power enterprises of different locations and links of industry chain.Results of empirical research indicate:(1)Industrial comprehensive policy,incentive policy and regulatory policy have a significantly promoting role in innovation quality of wind power enterprises.(2)Enterprise credit financing plays a partially mediating effect in industrial comprehensive policy and enterprise innovation quality,but the mediating effect in different types of policy are also different: enterprise credit financing plays a partially mediating effect in incentive policy and enterprise innovation quality,but its mediating role in regulatory policy and enterprise innovation quality is not significant.(3)Managerial equity incentive plays a significantly positive moderating effect in industrial comprehensive policy and different types of policies and enterprise innovation quality and credit financing.It may effectively impair unfavorable influence of regulatory policy on enterprise credit financing,which significantly magnifies industrial policies' leverage in enterprise innovation quality and credit financing.(4)Roles of industrial comprehensive policy and different types of policies in innovation quality and credit financing of wind power enterprises in different locations and links of industry chain are obviously different.This paper expands the research framework of macro industrial policy and innovation quality of micro enterprises,which is of great significance to clarifying the acting path and key influence factors of domestic wind power industrial policy on enterprise innovation quality,and further disclosing the “black box” of policy effect.Finally,this paper proposes according policy suggestions from the perspective of government and enterprise,so as to provide salutary ideas for the policy reform of domestic wind power industry and construction of enterprises' managerial equity incentive system,further promote the improvement of innovation quality of wind power enterprises and help them realize great-leap-forward development.