The Impact Of Innovation Policies And Policy Mixes On Enterprises’ R&D Innovation

R&D and innovation activities have the characteristics of large investment,long cycle and high risk,which leads to the low willingness of enterprises to carry out R&D innovation.In this case,it is necessary for the government to adopt diversified policies to stimulate the willingness of enterprises’ R&D.In order to explore the effect of different types of policy tools on the R&D and innovation of enterprises,so as to realize the precise implementation of differentiated innovation policies,this paper selects government subsidy as the proxy variable of supply-side policy tools,tax preference as the proxy variable of environmental-side policy tools,and government procurement as a proxy variable of demand-side policy tools,to analyze the effect of the above three types of policy tools on enterprises’ R&D innovation,as well as the interaction between various types of policy tools.First of all,this paper understands the current situation of domestic and foreign innovation policy and innovation policy mix research through literature visualization analysis and literature review,and finds the shortcomings of current research.Then,taking my country’s A-share listed companies as the research object,using the interactive fixed-effect model to analyze the impact of various policy tools on enterprises’ R&D innovation from the perspectives of R&D investment and innovation output(including innovation level and innovation quality),using the mediation effect model to explore the mechanism of various policy tools.At the same time,the effect and mechanism of the three types of policy tools are compared horizontally.Finally,based on the CF estimation framework,three types of policy tools are incorporated into the same measurement equation to test the interaction between different types of policy tools.The research results of the effect and mechanism of various policy tools on enterprises’ R&D innovation show that government subsidy,tax preference and government procurement both can significantly promote the R&D innovation of enterprises.Government subsidy have more obvious effects on the R&D innovation of enterprises in eastern region,non-state-owned enterprises,and high-tech enterprises.Tax preferences and government procurement have more significant incentives to R&D innovation in eastern and central regions,and have no significant differences in research and development in state-owned enterprises and non-national enterprises,high-tech enterprises and non-high-tech enterprises.Furthermore,the professional division of labor and corporate personnel account for significant intermediary effect in the process of government subsidy affecting enterprises’ R&D innovation.Credit financing,risk assurance levels and R&D staff have a significant intermediary role in the process of tax preference affecting enterprises’ R&D innovation.The credit financing,risk assignment level,physical capital investment,professional division of labor and R&D staff have played a significant intermediary role in the process of government procurement affecting enterprises’ R&D innovation.The findings on the interaction between different types of policy instruments show that government subsidy and tax preference,government subsidy and government procurement all have significant mutual promotion in the process of influencing enterprises’ R&D,and government subsidy and government procurement have mutual offset when impacting the innovation level.Finally,the heterogeneous analysis of the interaction effect shows that in the process of influencing enterprises’ R&D in eastern region,non-state-owned enterprises,government subsidy and tax preference,government subsidy and government procurement exhibit each other.For non-high-tech corporate innovation,government subsidy and tax preference also have a mutual complementary effect.On the contrary,government subsidy and government procurement have a mutual offsetting effect in the process of affecting the innovation level of enterprises in the eastern region,the innovation level of non-state-owned enterprises,and the innovation level and innovation quality of high-tech enterprises.