Innovation-driven is essentially talent-driven.How to improve the incentive system and create a good envi-ronment to fully stimulate the innovation vitality of talents is an important practical topic for the in-depth implementation of talents strategy for powerful nation in the new era.In the practice of China's innovation-driven development,the government has successively introduced a package of incentives for technological innovation with financial and tax sup-port as the core.Among these,there is still a lack of sufficient empirical evidence on the effectiveness of talent policy as a dedicated government investment in human capital,directly targeting the most scarce factor of talent production for firm innovation,to stimulate quality innovation in firms.At the same time,the upper echelon theories and time-oriented theo-ries point out that enterprise managers subjectively pay more attention to the short term and prefer the present,and gener-ally produce managerial myopia,distort and worsen the internal innovation environment of enterprises,which in turn may inhibit the effective functioning of government incentives.However,at present,there is a lack of direct empirical evidence from academia on whether managerial myopia negatively moderates the innovation incentive effect of government incen-tive policies,especially talent policies,which provides room for a marginal contribution to this paper,which will help ex-plore feasible paths and powerful grips for strengthening talent incentives and optimizing the talent environment from the micro level of enterprises.Based on signal theory,upper echelon and time-oriented theory,this paper takes China's A-share listed companies from 2008 to 2020 as a sample.Talent subsidies are separated from the disclosed government subsidy details and machine learning techniques are used to construct managerial short-termism indicators to empirically test the innovation incentive effect of talent policies and the moderating effect of managerial short-termism on the innovation incentive effect of talent policies.The results show that the talent policy has a strong innovation incentive effect and can effectively promote high-quality innovation of enterprises.However,at the same time,the more short-sighted the manager,the more prominent the inhibitory effect on the innovation incentive effect of talent policy,which means that the enterprise managerial myopia significantly inhibits the innovation incentive effect of talent policy.The above conclusion is still valid after a series of robustness tests,which establishes a theoretical link between macro industrial policy and micro enterprise characteristics,and provides enterprise-level evidence for the optimization and improvement of talent policy;Further heterogeneity analy-sis from the two dimensions of equity structure and management governance shows that increasing the shareholding ratio and equity balance of supervisory institutional investors,hiring senior executives with financial background and increasing the shareholding ratio of management can effectively alleviate the inhibitory effect of managerial myopia on the innova-tion incentive effect of talent policy,and provide a path reference for establishing effective self-discipline and external su-pervision mechanisms from the enterprise level to create a good innovation atmosphere.This paper enriches the research on the relationship between talent policy,managerial myopia and high-quality in-novation of enterprises,and has certain practical implications for improving the incentive system and creating a good envi-ronment to fully stimulate the vitality of talent innovation,such as continuously increasing talent support,effectively creating a good enterprise innovation environment,and optimizing and improving the level of corporate governance.However,there are still certain shortcomings and limitations in this paper,such as the lack of detailed observation and accurate portrayal of the perception and response of innovative talents to managerial myopia in enterprises,and field research and interviews with innovative talents can be strengthened in the future to enrich the study of the interaction be-tween innovative talents and managers in enterprises.At the same time,in the future,we may try to discuss the support and influence of employee support and organizational atmosphere on innovative talents from a bottom-up perspective,so as to improve and optimize the corporate innovation environment to fully stimulate talents.
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