Research on the Synergistic Effect of National Innovative Policy

Chen Chen, Li Ping, Wang Hongwei

Journal of Finance and Economics Vol. 48, Issue 05, pp. 80 - 94 (2022)  DOI:10.16538/j.cnki.jfe.20220317.101

Summary

Innovation is the core power of driving high-quality economic development. Under the construction goal of high-level scientific and technological self-improvement, different scientific and technological innovation policies overlap. With the goal of building an innovative country, the national innovative enterprise pilot policy and the national innovative city pilot policy were launched in 2006, as well as the earlier high-tech enterprise policy, which has become the key to promote the improvement of the national level of scientific and technological innovation. Based on the analysis of the mechanism of policy innovation effect, through manual collection and sorting of the list of listed companies in national innovative enterprises, taking A-share listed companies from 2003 to 2017 as the sample, the DID model of process effect is used to analyze the synergistic innovation effect and influence mechanism of policy. The study finds that: (1) National innovative enterprise policy, national innovative city policy and high-tech enterprise policy all promote enterprise innovation performance, and the policy shows a synergistic innovation effect. (2) With the construction of innovation platform, the improvement of government enterprise relationship, the improvement of factor market and the optimization of service environment, city policy has strengthened the innovation effect of innovative enterprise policy. High-tech enterprise policy and national innovative enterprise policy present a synergistic innovation effect by providing government subsidies, increasing tax incentives and alleviating financing constraints. (3) With the help of their own resource base, the synergistic innovation effect of the policy of state-owned enterprises is stronger than that of non-state-owned enterprises. Compared with the west, the policy synergy and innovation in the central and eastern regions are higher, and the welfare effect of the policy is stronger. From the perspective of differentiated policy, this paper analyzes the promotion effect of policy on enterprise innovation and its synergistic innovation effect, so as to provide reference and guidance for the design of innovative policy combination, the formulation of means and measures and the exertion of effect in the future.

Keywords

national innovative enterprise policy; high-tech enterprise policy; national innovative city policy; collaborative innovation