Is a Policy Mix More Effective?The Effect of Innovation Policy Mix on High Quality Innovation in China and the Mechanism Underlying the Effect
Based on the data of listed companies in China from 2008 to 2018 and the findings regarding the effect of the R&D subsidy policies on the supply side and the government procurement policies on the demand side,this paper uses a fixed-effect model to examine the impact that each of the policies and their combination have on companies'innovation quality and builds a mediating effect model to verify the process mechanism underlying the impact.After eliminating the hidden treatment effect between the two kinds of policies,it is found that neither of the policies alone are able to improve companies'innovation quality,but their combination proves to be effective.This result is supportive of the hypothesis of Policy Synergy Effect.Furthermore,the policy mix can improve firms'innovation quality not only by encouraging them to increase input and conduct more exploratory activities,but also by improving their ability of risk-taking and eye-catching.Theoretical and practical implications are finally discussed.
NETL
NSTL
万方数据
