| In recent years,China’s economy has entered a new phase of development.The new economy has gradually become the driving force for China’s economic transformation and upgrading.The State Council issued the "Implementation Opinions on Building Demonstration Bases for Mass Entrepreneurship and Innovation" in 2016,proposing to build enterprises with strong resource integration capabilities into demonstration bases for dual-innovation enterprises,support enterprises in building dual-innovation service platforms,enhance their innovation and development capabilities,and improve their ability to adapt and compete in the capital market.Moreover,Xi Jinping proposed in his report of the 20 th National Congress to vigorously develop the real economy,emphasising the need to strengthen the main role of enterprises in scientific and technological innovation,to play the leading and supporting role of backbone enterprises,and to create an excellent environment for the development of small and medium-sized enterprises.After the construction in recent years,the effect of the dual-innovation policy on the financial performance of listed enterprises in the enterprise demonstration base has been demonstrated.In this context,how to accurately evaluate and understand the changes in the financial performance of main board and small and medium-sized board enterprises within the dual-innovation policy enterprise demonstration base is the current focus of attention.Based on this,the article uses 2016 as the implementation year of the dual-innovation policy,and selects the unbalanced panel data of 309 main board enterprises and 109 small and medium-sized board enterprises within the base from 2012-2021 of China’s SZSE A-shares as the research sample to explore the impact of the dual-innovation policy on the financial performance of listed enterprises within the base through the propensity score matching double difference method.The empirical results show that the policy has no significant impact on the main board enterprises with higher financial performance levels,and has a significant boosting effect on the SMB enterprises with lower financial performance levels,effectively narrowing the gap in financial performance between enterprises in the dual-innovation policy demonstration base.In the two-way fixed-effect model,the impact of the dual-innovation policy on the financial performance of the main board enterprises in the base is not significant,but the main board enterprises in the base are more resistant to economic shocks,and the dynamic effect of the policy has a lag period and continues after it becomes apparent in 2019.The financial performance of SMB enterprises in the base is significantly boosted by the dual-innovation policy,with a one-year lag and a significant reduction in 2020.Finally,the paper makes policy recommendations.The government should formulate a policy to build an innovation and entrepreneurship platform for the main board enterprises in the dual-innovation base,and encourage them to outsource technology and R&D services in the dual-innovation platform to stimulate internal innovation in the main board enterprises.At the same time,it should encourage main board enterprises to pass on their own advantages of resource integration and resistance to risk shocks.The government should gradually give an appropriate tilt to SMEs with poor initial resources in the base,and reasonably plan key SMEs into the dual-innovation base,providing them with the opportunity to receive resources from the main board market,fully utilising the dual-innovation service platform and using the advantageous resources of main board enterprises to supplement their own weaknesses and strengthen their own development,so as to reach a win-win cooperation situation.On the other hand,the government should start from an overall strategy,grasp the rules of experience in the construction process of listed enterprises in the dual-innovation policy base,reasonably plan the layout of enterprises in the dual-innovation policy base in the capital market,narrow the gap of enterprise profitability,not only have the development of listed enterprises using the capital market,but also provide the basis for the new growth of the national economy. |
