Local Government Innovation Targets and Enterprise Innovation:Evidence from "FYPs" of Chinese Prefecture-level Cities
The core feature of new quality productivity is scientific and technological innovation,and it is of great theoretical and practical significance to study the leading role of government planning in scientific and technological innovation.As an important government target management policy,the local government economic growth target has been paid more attention,but the innovation target of the same target management policy has been ignored.Based on the matching data of innovation goals proposed by prefecture-level governments in their five-year plans and listed companies,this paper uses the difference-in-difference method to find that the number of patent applications of enterprises increases significantly after the local governments put forward innovation targets.It is further found that:(1)the micro-innovation promotion effect of innovation objectives is achieved by increasing the financial subsidies and external investment received by enterprises;(2)innovation objectives increase the number of patent applications for inventions,but not the number of patent applications for designs and utility models;(3)Innovation targets play a greater role in promoting enterprise innovation in large-scale enterprises,non-politically connected enterprises,enterprises with good educational background of senior managers and high-tech industries.This paper provides theoretical support for further understanding the leading effect of government planning on scientific and technological innovation and giving full play to the key role of innovation objectives in the development of new quality productivity.
government planninginnovation targetsventure capitalinvention patent
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