Based on the Empirical evidence of the panel of listed companies in Shanghai and Shenzhen A-shares from 2007 to 2019,this paper tests the static and dynamic effects of the"13th Five Year Plan"through double difference test,and the results show that the introduction of the"13th Five Year Plan"can significantly improve the level of enterprise innovation.For the positive correlation between industrial policy and enterprise innovation level,the nature of property rights plays a negative regulatory role,while the degree of market competition and marketization process respectively play a positive regulatory role.Industrial policies mainly enhance enterprise innovation through two paths:easing financing constraints by expanding bank loans,commercial credit,reducing equity financing costs,and improving corporate information transparency.
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