Industrial Policy,Equity Financing And Enterprise Innovation

The academic circles define a series of macro-industrial control policies formulated by the government to achieve specific economic goals as industrial policies.There are many industrial policies implemented in China,and the impact of the implementation of industrial policies also involves all walks of life.Therefore,it is necessary for us to study the implementation effect of industrial policies.At present,China's economic development has entered the "new normal",and the contradictions accumulated in the previous extensive and investment-led development model have gradually become the bottleneck of economic development.It is imperative to promote the transformation of economic growth into an innovation-driven model.Therefore,this paper will make an empirical study on the implementation effect of industrial policy from the perspective of enterprise innovation and based on the innovation level of enterprises.Firstly,this paper reviews the domestic and foreign scholars' research on the influencing factors of enterprise innovation,the effectiveness of industrial policy,the impact of industrial policy on micro enterprises and the relationship between equity financing and enterprise innovation,and summarizes and comments on the above-mentioned literature.Then,the definition of industrial policy,enterprise innovation and equity financing is sorted out,and the theoretical basis of industrial organization theory,government intervention theory,signal transmission theory and innovation theory are introduced.Combined with the current research situation and the economic situation,taking equity financing as an intermediary variable,this paper analyzes the relationship between macro-market industrial policy and micro-enterprise innovation.In this paper,the data of a-share listed companies in China during the 11 th five-year plan period(2006-2010)and the 12 th five-year plan period(2011-2015)are selected as samples,and the industrial support policies sorted by hand are used for multiple regression analysis.According to the results of theoretical analysis and empirical research,industrial policy can indeed influence the economic behavior of enterprises.Enterprises supported by industrial policy can provide higher enterprise innovation compared with unsupported enterprises.The mediating effect of equity financing is also proved that industrial policy can influence the financing behavior of enterprises,and enterprises supported by industrial policy can obtain more equity financing from the capital market,so as to improve the innovation of enterprises.On this basis,this paper makes further research on the influence mechanism of industrial policy,and constructs a model including industrial policy and government subsidies,industrial policy and tax incentives to carry out multiple regression analysis.According to the results of theoretical analysis and empirical research,in the current economic environment of China,government subsidies and tax incentives are effective policy tools,which disperse the r&d risks of enterprises to a large extent.Further grouping regression shows that the incentive effect of government subsidies and tax incentives on innovation of manufacturing enterprises is more obvious.Subsequently,the robustness test was carried out by means of measures such as substitution variables,changing data range and limiting industry,and the results were all robust.The control variables with one lag period were added to regression test the influence of endogeneity,and the results showed that the influence of endogeneity was small.According to the results of empirical research,this paper puts forward the following policy Suggestions: first,establish a capital market with equity financing as the main body,and give full play to the positive role of equity financing in promoting enterprise innovation;Second,give full play to the leverage of government subsidies to disperse enterprise risks.This article possible innovation points are: first,further enrich the explore on the impact of industrial policy on enterprise innovation literature,studies of the macro perspective of national industrial policy study of enterprise innovation output of the literature is relatively small,more equity financing as the "bridge",little literature from the perspective of financing,the industrial policy impact on enterprise innovation;Second,this article from government subsidies and tax breaks two common means of industry policy support,the study of the influence of industrial policy mechanism,under the new economic environment,to verify the predecessors' point of view,and innovative in the divisions of the industry,refine the sample for the study of the manufacturing and non-manufacturing two group to group,enrich the research of industrial policy effectiveness;Thirdly,when studying the impact of industrial policy on enterprise innovation,the measurement indicators of enterprise innovation are not consistent.However,enterprise innovation is rarely classified in detail.Patent applications are divided into invention patent,utility model and appearance design.Most literatures regard all patent applications as enterprise innovation.However,in this paper,only "high-quality" invention patents are selected to measure the level of enterprise innovation,and considering the lag in patent application,the lagging term is adopted to enrich the research method of enterprise innovation.