| Innovation is the internal power to maintain a country's sustained and healthy economic growth,so countries have been focusing on the improvement of innovation level.At present,China is in an important node of transformation from factor driven mode to innovation driven mode,so the improvement of innovation qualit y is crucial.The research on enterprise innovation should not only analyze the innovation ability of enterprises,but also analyze the innovation quality of enterprises.The improvement of innovation quality can improve the performance management of enterprises,further enhance the core competitiveness of enterprises,so that enterprises can better adapt to the needs of economic and social development.If the innovation activities only rely on the guidance of the market,it is easy to cause the problem of resource mismatch.So the guidance of the government is needed to improve the innovation quality of enterprises.Industrial policy includes various policies on industrial production and development issued by a country to achieve the goal of economic and social development.China has always paid attention to the use of industrial policies to make up for market failures,realize the adjustment and transformation of major economic structures,and make industrial policies play an important guiding and supporting role in promoting economic system reform.The adjustment and revitalization plan of the ten major industries have been a systematic and comprehensive industrial policy in recent years.It is about the adjustment and planning of the ten major industries such as automobile,logistics and electronic information.It is not only to deal with the international financial crisis,but also to solve the deep-seated structural problems in the industrial development.Patent is an important index to measure the innovation output.Under the guidance of relevant industrial policies,the number of patents in China has increased rapidly,but it has also raised questions about the quality of innovation.Compared with non-invention patents,invention patents have higher technology content and greater economic application value,so many scholars study the innovation quality of enterprises from the level of invention patents.In this paper,ten major industrial revitalization plans are taken as natural experiments,and invention patents are taken as a measure of innovation quality to study the impact of industrial policies on enterprise innovation quality,which enriches the relevant research on the effectiveness and innovation of industrial policies.First of all,this paper reviews the relevant research of industrial policy,including the connotation of industrial policy and the effectiveness of industrial policy;combs the relevant literature of innovation and patent,including the relevant concepts of innovation and the influencing factors of innovation;combs the relevant literature of the impact of industrial policy on enterprise innovation,including the promotion effect and inhibition effect of industrial policy.On the basis of combing the relevant literature,this paper finds the starting point of the research.Secondly,this paper reviews the market failure theory,industrial cluster theory,structural transformation theory,comparative advantage theory and scale economy theory,and analyzes the innovation related theory,and then puts forward the hypothesis of the impact of industrial policy on enterprise invention patents.Thirdly,this paper analyzes the macro and micro factors that affect the invention patent of enterprises,and from the macro perspective,puts forward the hypothesis of the role of credit factors in the process of industrial policy affecting the invention patent of enterprises;from the micro perspective,it analyzes the theory of agency and labor cost of enterprises,and puts forward the hypothesis that the agency cost and labor cost play a moderating effect in the process of industrial policy affecting the invention patent authorization of enterprises.Finally,this paper selects 1024 A-share listed companies,collects and collates the panel data of these companies in 2006-2013,and uses the Difference-in-Differences method to conduct empirical test.Through parallel trend test,counterfactual test,exclusion of other events interference test and regulatory effect test,this paper finds out that the implementation of the ten major industrial revitalization planning policy increases the number of invention patents authorized by enterprises,and improves the innovation quality of enterprises.After further research,this paper finds that credit,agency cost and labor cost all affect the effect of industrial policy.Among them,credit factors strengthen the positive role of industrial policies in promoting invention patents.Agency cost plays a negative role in the process of the influence of industrial policy on invention patents,that is,the increase of agency cost will weaken the positive role of industrial policy.The labor cost of enterprises plays a positive role in adjusting the impact of industrial policies on invention patents,that is,the rising labor cost of enterprises will "force" enterprises to use the support of industrial policies to improve the quality of innovation.This paper analyzes the impact of industrial policy on the quality of enterprise innovation,adopts the Difference-in-Differences method to effectively avoid endogenous problems,and enriches the relevant research on industrial policy and innovation.At last,the paper puts forward some practical policy suggestions from three aspects.The government should formulate reasonable industrial policies,guide enterprises to improve innovation quality,and pay attention to the influence of credit factors,agency costs and labor costs. |
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