Research On The Impact Of Industrial Policy On Technological Innovation Of Strategic Emerging Industry Enterprises

Three years ago,a debate broke out between the economist Lin Yifu and Zhang Weiying,which opened up a fierce and lasting debate in the Chinese economics community on "necessity of industrial policy and its effective conditions."In fact,the usefulness of industrial policies and how they are implemented are also global issues.Although industrial policies are controversial in the theoretical circle,they are widespread in all parts of the world,regardless of whether these economies are developing or developed countries,regardless of whether their economic models are government-led or market-driven,and regardless of the effects of industrial policy implementation.From the 17th century,the Netherlands became a sea coachman.By the middle of the 19th century,the United States,Germany,and France overtook the United Kingdom.After the Second World War,the economic growth of Japan and Asia's four dragons took off quickly,and industrial policies played an important role.For a long time,the Chinese government has been actively pursuing various industrial policies,and all aspects of the national economy have been affected by industrial policies.Therefore,it is of great practical significance to use Chinese data to verify whether industrial policies are effective in empirical research.In the context of the "new normal" of the economy,China's economic growth model needs to shift from a factor-driven to an innovation-driven one.Since 2010,in order to achieve a more efficient way of economic development,the Chinese government has formulated and implemented a series of industrial policies centered on "improving the independent innovation capability of enterprises" and vigorously supported strategic emerging industries.Therefore,based on the perspective of enterprise technology innovation,this paper conducts an empirical study on the effects of industrial policies based on 5,908 observations of strategic emerging industry listed companies from 2011 to 2017.This study mainly examines the direct impact of industrial policies on technological innovation,the continuity of impact,the regulatory role of property rights,and the impact mechanism of industrial policies.The results confirm that:(1)Industrial policy promotes the technological innovation of strategic emerging industrial enterprises as a whole,among the three types of patents,the most inspiring effect on substantive innovation(invention patent);(2)the incentive effect of industrial policy It has continuity and the impact period lasts at least 4 years.(3)Industrial policy has more significant incentives for private enterprise technology innovation,which is reflected in the fact that the substantive innovation(invention patent)in private enterprises has a larger regression coefficient;(4)R&D investment It plays a partial intermediary role between industrial policy and technological innovation.This study enriches empirical research on the impact of industrial policies on technological innovation.