The Influence Of The Science And Technology Business Incubator Certification Policy On The Innovation Ability Of The Incubating Enterprises

Since the Chinese government began promulgating and implementing the science and technology business incubator certification policy in 2006,the certification policy has played an important role in guiding the high-quality development of China's science and technology business incubators and supporting the rapid growth of technology-based small,medium and micro enterprises.In theory,the government's certification may be a signal transmission.The government's certification can help the identified object to be labeled by the government and release a positive signal about the quality of the identified object to the outside world,which can alleviate the market failure caused by asymmetric information.However,most of the indicators currently recognized by the government for all levels of incubators cannot be certified by a third party,and may not necessarily satisfy the premise of market signaling.At the same time,the government's financial support for incubators is linked to the incubator certification level,which also leads to the possibility that the incubator artificially fills in and manipulate the certification evaluation index in order to obtain financial support from the government,thereby weakening the authority of the government certification.The prerequisites for effective signal display may not be met.Therefore,the government's certification policy for incubators may also deviate from the original intention of the certification policy due to the opportunistic behavior of incubators.Based on this,this paper focuses on the research question: whether the certification of a national-level technology business incubator can be used as a certification signal to convey the positive information of the incubator to the market,thereby helping the incubator obtain more external resources to enhance the innovation ability of incubating enterprises,And what's the internal mechanism of the signaling effect of the science and technology business incubator certification policy?Firstly,This paper based on the theory of signal transmission and resource dependence,this paper discusses the influence path of the signal transmission effect of the science and technology business incubator certification policy on the innovation of incubating enterprises and puts forward the research hypothesis.Secondly,this paper takes Guangdong science and technology business incubator as the research sample,and systematically evaluates thesignaling effect of science and technology business incubator certification policy and its impact on the innovation ability of incubated enterprises by using the method of propensity score matching(PSM).Finally,according to the empirical results,the conclusion is drawn.The main conclusions are as follows:(1)The science and technology business incubator certification policy has the signaling transmission effect.The science and technology business incubator certification policy can release the positive signals of the identified incubator to the outside world through the signal transmission mechanism,reduce the information asymmetry between the resource owner and the incubator,and attract more external innovation resources.(2)The increase of human resources,capital resources and social network resources brought by the signal transmission effect of the science and technology business incubator certification policy has different impact on the innovation ability of incubated enterprises: the increase of human resources and social network resources can improve the innovation ability of incubating enterprises,and the increase of capital resources has no significant impact on the innovation ability of incubated enterprises.(3)The signaling transmission effect of science and technology business incubator certification policy can significantly promote the increase of human resources and social network resources of government-led and non-government-led incubators,as well as the improvement of incubating enterprises' innovation capabilities.However,the signaling transmission effect of the certification policy has a different effect on these two incubators with the amount of venture capital that reflects capital resources: the signaling transmission effect of the policy can promote government-led incubators to obtain more venture capital,but it does not promote non-governmental-led incubators increase in the amount of venture capital investment.Compared with non-government-led incubators,government-led incubators can better promote the innovation ability of incubating enterprises.