Research On The Impact Of Innovation Policy Response On Enterprise Innovation Performance

With the implementation of China’s innovation-driven development strategy,the central and local governments have issued a large number of innovation policies to encourage enterprises to carry out innovation activities.as the micro main body to promote the development of national innovation,enterprises play the role of "main force".However,in innovation practice,enterprises have some problems,such as weak innovation will,limited innovation ability and insufficient innovation vitality,which need government intervention,so innovation policy has become an important starting point to encourage enterprise innovation.However,how to effectively measure the effectiveness of innovation policies and the impact of innovation policies on enterprise innovation activities need to be further studied and analyzed.The findings can not only provide a new research perspective for innovation policy measurement,but also add new results to the research on the influence mechanism of innovation policy on enterprise innovation performance.Based on the institutional logic theory and resource dependence theory,this thesis completes the research on the two dimensions of innovation policy response measurement and empirical analysis by collecting 270innovation policy texts and 6480 listed enterprise annual reports from the perspective of enterprises.In the aspect of measuring the response of innovation policy,in order to ensure the objectivity and comprehensiveness of the measure,the thesis introduces the LDA theme model to construct the innovation index system of innovation policy,and uses the entropy method to measure the index according to the word frequency of enterprise annual report.In the aspect of empirical analysis,the panel data econometric analysis method is used to analyze the relationship between innovation policy response and enterprise dual innovation performance,so as to determine the impact of innovation policy response on enterprise innovation activities.and through the further mechanism test to analyze the internal transmission mechanism of the two.The result shows that:(1)The innovation policies issued by the government from 2012 to 2020 mainly focus on eight themes:technology support,talent training,resource support,direction guidance,standards and norms,incentives,demonstration guidance and collaborative innovation.(2)The response degree of enterprises to innovation policy has increased year by year from 2012 to 2020.(3)Innovation policy responsiveness can effectively promote enterprises to carry out exploratory innovation and utilization innovation,the response of innovation policy can promote the exploratory innovation performance of state-owned enterprises,the utilization innovation performance of private enterprises,the exploratory innovation performance of large enterprises and the utilization innovation performance of large enterprises.(4)The enterprise’s response to the policy can bring more resource advantages for the enterprise,help the enterprise obtain more government subsidies and tax incentives,improve the financing constraint environment,and promote the innovation performance of the enterprise.