Abstract：Based on the panel data of 3850 A-share listed companies in China from 2012 to 2020,this paper empirically tests the impact of National Key R&D Programs on enterprise innovation by using the PSM-DID method.The results show that the National Key R&D Program has a significant increase in the number of firm innovation,radical innovation and incremental innovation.The impact of National Key R&D Program policy on the number of firm innovation and incremental innovation lags behind by two years,but the impact on the breakthrough innovation begins to appear in the year of the project launch.From the second phase after the treatment,the National Key R&D Program plays a more and more important role in encouraging the radical innovation of enterprises.In addition,the mediation effect model was introduced to test the influence mechanism,and it was found that“talent effect”and“technology development effect”are the important transmission mechanism of National Key R&D Programs affecting enterprise breakthrough innovation.The conclusions of this paper have important guiding significance for improving the implementation effect of National Key R&D Program and promoting enterprise innovation.
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