A Research On The Impact Of Policy Overlap On Enterprise Technology Innovation

The report of the 20 th Party Congress once again pointed out that innovation is the first driving force leading development,and for a long time,enterprises,as an important subject of technological innovation process,have been the key object of attention of China’s progressive reform,and under the economic status quo facing multiple impacts such as the evolution of the world pattern,the new crown pneumonia epidemic and the domestic economic downturn,the status of enterprises as the main body of scientific and technological innovation has become increasingly prominent,and the existing policy experiments on enterprises’ technological innovation behavior.The incentive effect of existing policy experiments on enterprises’ technological innovation behaviors has triggered many scholars to explore in depth.With the gradual improvement of the layout of FTZ and development zone policies,the phenomenon of policy overlap between the two types of policies appears in some cities,and the specific impact and realization path of the policy overlap between FTZ and development zone on the technological innovation behavior of enterprises still needs to be analyzed.Can we make good use of the dividends of policy overlap by coordinating existing policies to effectively guide enterprises to increase technological innovation and create more scientific and technological achievements? The exploration of this issue requires the analysis of the relationship between policy overlay and technological innovation of listed enterprises from both theoretical and empirical perspectives.First,on the theoretical side,we summarize the theoretical basis,review the existing literature,analyze that policy overlay may give positive impact on enterprise technological innovation,and further propose hypotheses on the impact path between policy overlay and enterprise technological innovation.Secondly,in terms of empirical evidence,based on the data of listed enterprises from 2010-2019,the samples are firstly matched using PSM,and the matched sample group is benchmarked by multi-period DID model regression,and heterogeneity analysis is conducted according to enterprise ownership,and enterprise’s region,and the inner mechanism of the relationship between policy overlay and listed enterprises’ technological innovation is summarized.The empirical results show that(1)The policy overlay between the FTZ and the development zone in the same city will have a positive driving effect on the level of technological innovation of listed enterprises in the city where it is located,among which the incentive effect on high-quality technological innovation is relatively weak.(2)There is heterogeneity in the incentive effect of policy overlap on enterprise technological innovation,and policy overlap has a significant positive promotion effect on technological innovation activities of state-owned enterprises,non-frontier and non-coastal area enterprises.(3)Government subsidies play a positive partly mediating role in the above influence mechanism;industrial upgrading plays a negative partly mediating role in the above influence mechanism.Finally,according to the research findings,certain suggestions are made for the government to formulate and improve relevant policies.