产业政策促进企业创新的传递机制与情境条件OACHSSCD

In recent years,as Chinese enterprises are gradually approaching the frontier of technological innovation,the space for technological catch-up has been further compressed,and economic development and industrial policies are facing increasing challenges.This paper selects the data of China's Shanghai and Shenzhen A-share listed companies from 2008 to 2021,tests the impact of industrial policies on enterprise innovation,and analyzes its trans-mission mechanism and context conditions.The empirical results show that industrial policy has a"double positive"effect on the innovation activities of enterprises,which can simultaneously improve the innovation quantity and innovation quality of enterprises of the supported industries.The analysis of transmission mechanism shows that industrial policy mainly drives the improvement of enterprise innovation level through intermediary factors such as re-straining the degree of financialization of enterprises,increasing government subsidies,reducing debt financing costs,and attracting more attention from analysts.Context condition analysis found that product competition market governance,media governance,corporate governance,R&D investment,and the research and development experience of top management team will strengthen the positive effect of industrial policy on corporate innovation.Further re-search found that invention patents have a positive impact on enterprise value and the effect is sustainable to a certain extent,while non-invention patents have a negative impact on enterprise value and the effect is not sustainable.This study reveals the transmission mechanism and context conditions of indus-trial policy promoting enterprise innovation,and provides a micro basis for objectively evaluating the economic effects of China's industrial policy.