Research On The Influence Of Industrial Policy On Innovation Quality

As the economy enters a new normal,innovation-driven economic development has become a decisive factor for the future of the economy.After long-term development,China's overall innovation capacity has been significantly improved,but the quality of innovation has not been improved accordingly.Problems such as "strategic innovation" and "compensatory innovation" have restricted the efficiency level of China's innovation-driven economic development.How to improve the quality of China's innovation has become an important issue in China's current implementation of innovation-driven development strategies.As a policy tool for the government to adjust the economic structure and overcome market failures,industrial policies are widely used worldwide.But regarding the necessity and effectiveness of industrial policy,academia has not yet formed a unified understanding.At the same time,the implementation of China's industrial policies involves a large number of resource allocations,affecting various fields of the national economy.Under this background,it is particularly important to identify the effects of the implementation of industrial policies and correctly play them.Based on the micro samples of Chinese listed companies from 2006 to 2015,this paper uses the natural experiment of the national “Twelfth Five-Year Plan” change as a policy impact,and constructs a double differential model to analyze the effect of industrial policy on innovation quality.The study found that:(1)Industrial policies have significantly promoted the quantity and quality of innovation of enterprises.This incentive effect is realized through mechanisms such as resource effect,competition effect,intellectual property protection effect,knowledge spillover effect,and innovative talent effect;(2)industry Policy-supported enterprises do not have strategic innovations of “ finding support ”.Industrial policies can encourage enterprises to increase the number of non-invention patent applications and invention patent applications,but more enterprise resources are used in non-invention patent applications;(3)Further test the heterogeneity of industrial policy implementation effect from the perspective of political connection.Compared with non-political private enterprises,industrial policies have a greater role in promoting the innovation quality of privately owned political enterprises;the impact of industrial policies on the total number of enterprise patent applications and the number of non-invention patent applications among different groups of private enterprises There are differences but not significant.This shows that industrial policies can significantly affect the quantity and quality of innovation of enterprises,and have different policy effects on private enterprises with different political connections.Based on the empirical results,this article draws the following policy implications: The government should use financial support and fiscal and taxation support in a reasonable way to build a good market competition environment,strengthen intellectual property protection,and increase investment in basic scientific and technological research and development.At the same time,handle the relationship between the government and private enterprises,strengthen the interaction between the government and enterprises,create a good business environment,and promote enterprise innovation.