How Industrial Policy Can Stimulate the Innovation of IC Enterprises——Based on the Perspective of Innovation Willingness and Policy Coordination
This paper takes the"Outline of National IC Industry Development and Promotion"as the natural experiment,and uses the data of listed companies from 2009 to 2021 to investigate the innovation incentive effect of national industrial policy on IC enterprises through DID model.Research shows that industrial policies significantly encourage IC enterprises to increase R&D investment.These effects are more pronounced in large enterprises,capital-intensive industries,and regions with higher levels of human capital and intellectual property protection.The mechanism analysis shows that the key mechanism of industrial policy to achieve innovation incentive effect is to stimulate the independent innovation willingness of IC enterprises,and improv-ing the level of equity financing,reducing the cost of debt financing and exerting the competition effect are the potential channels for this policy to stimulate the innovation willingness of enterprises.This study proves that future policies need to fully consider how to stimulate the willingness of enterprises to innovate,and further build an industrial policy system with effective coordina-tion among policy tools.
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