Innovation And Entrepreneurship Policy:Innovation-driven Or Policy Traps?

At present,China's economy has entered a period of speed change,and in order to achieve economic growth from medium to high-speed growth to highquality growth,China has timely put forward strategic decisions of ‘supply-side structural reform' and ‘popular entrepreneurial innovation'.The state and provinces have successively issued a series of With innovation and entrepreneurship policies,the nation's innovation and entrepreneurship have ushered in a new upsurge.After several years of practice,the performance of entrepreneurial policies and how to accurately evaluate innovation and entrepreneurship policies have certain theoretical and practical significance for policy formulation and revision.In order to accurately identify the effects of innovation and entrepreneurship policies in various regions,this paper uses the data of 254 prefecture-level cities in China to learn from the relevant research.First,it uses the seven variables of the three dimensions of innovation and entrepreneurship,dual-creating environment,and double-creating performance.Perform dimensionality reduction analysis and use factor analysis to calculate the comprehensive scores of 254 prefecture-level cities as proxy variables for innovation and entrepreneurship;secondly,establish a PSM-DID measurement model based on the average treatment effect and use the aforementioned The indicators of innovation and entrepreneurship and economic development were taken as the explanatory variables respectively,and propensity scores-double differential estimations were carried out,and the robustness of innovation and entrepreneurial output was tested and the innovation and entrepreneurship policy mechanism was tested.The preliminary test results show that the innovation and entrepreneurship policies have significantly improved the level of innovation and entrepreneurship before and after the implementation of the policy,but the impact on the level of economic development is negative;the lagging variables of the innovation and entrepreneurship policy are added,the dynamic effect of the policy is identified,and the innovation and entrepreneurship policy is found in the regions.The role of economic growth has changed from negative to positive.This shows that there is a time lag in the impact of innovation and entrepreneurial policies on regional economies;research on the mechanisms of innovation and entrepreneurship policies shows that factors such as housing prices,education expenditures,and innovative education expenditures play a significant role in driving innovations.effect.Based on this,this paper proposes that local cities should appropriately formulate their own innovation and entrepreneurship policies according to their own characteristics and stages of economic development,reduce their reliance on “land finance”,and give play to the macro-regulatory role of the government in the real estate market;increase education.Financial expenditures rely on human capital to promote economic growth and enhance the economic growth effect of innovation and entrepreneurship policies.