The Micro-Impact Mechanism of Specialized and Sophisticated Development Policies on Enterprise Performance——Based on the Dual Effects of Financial Support and Innovation Incentives
With the data of Chinese A-share listed firms from 2011 to 2021,this paper empirically examines the influence mechanism of policy on enterprise performance under the dual effects of financial support and innovation incentives.The study found that the imple-mentation of specialized and sophisticated development policies has a significant role in improving the enterprise performance.Furthermore,there are different impacts on the performance level of enterprises with different characteristics.Specifically,private enterprises and state-owned enterprises are more likely to be affected by the policies.The policy effect in the eastern and central regions is relatively good,while the western region and the northeast region have not yet generally enjoyed the policy dividend.The poli-cy implications of the research conclusion include to further improve the specialized and sophisticated development policy system.It is al-so necessary to strengthen the amplification effect of government financial support on enterprise production,operation and technological innovation.At the same time,an enterprise financing ecosystem and increasing policy support in particular regions are essential.
Specialized and sophisticated development policyEnterprise performanceFinancial supportInnovation incentivePSM-DID model
万方数据
