政策关注度与企业创新——基于政府资助的传导机制

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Abstract This article uses the annual reports of China's A-share listed companies and Chinese government work report from 2010 to 2019,and uses machine learning methods to measure the company's policy attention.On this basis,using of the financial data and patent data of the company we have empirically tested the impact and the transmission mechanism of policy attention on innovation.The results are as follows.①The policy attention of enterprises has a positive effect on the improvement of government subsidies,tax preferences and financing constraints they received,and this effect has a certain lag;②Direct subsidies and tax refunds in government funding have positive impact on innovation behavior;③Direct subsidies stimulate corporate innovation in the current year and one year after the lag,while tax rebates only stimulate innovation in one year after the lag.This article provides a new perspective and measurement method for measuring the guiding effect of policies on enterprises,and provides an important basis for more reasonable evaluation of the effects of Chinese policies.

Key words： Policy attention Corporate innovation Machine learning

Received: 13 August 2020

PACS:

F272.3

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	Fu Liping
	Gao Ge

Cite this article:

Fu Liping,Gao Ge. Policy Attention and Enterprise Innovation——A Transmission Mechanism Based on Government Funding[J]. , 2021, 2(6): 19-27.

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http://www.zgkjlt.org.cn/EN/ OR http://www.zgkjlt.org.cn/EN/Y2021/V2/I6/19

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