Does Industrial Policy Promote Corporate Innovation ——Quasi Experiments from Ten Major Industrial Revitalization Plans
Chen Yian1, Xiao Min2, Li Guiping3
1. School of Economics, Southwest University of Political Science and Law, Chong Qing 401120, China; 2. Ya'an Development Investment Co. , Ltd, Yaan 625000, China; 3. School of Management, Chongqing Institute of Engineering, Chong Qing 401320, China
Abstract：In recent years, how to effectively enhance corporate innovation to promote high-quality economic development has become the focus of society in all sectors.By taking the introduction of China's top ten industrial revitalization plans as a natural experiment, we use the difference in difference method to study the impact and mechanism of industrial policies on corporate innovation.We found that industrial policy has significantly enhanced enterprises innovation with a tendency toward gradual growth.Through heterogeneity analysis, we conclude that industrial policy has stronger effects on private enterprise, enterprises with strong intervention by the local government and non-high-tech enterprise.The mechanism test shows that the industrial policy promotes the technological innovation of enterprises, especially the private enterprises, through the taxation mechanisms, government subsidies mechanisms and market competition mechanisms.
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