Abstract:

Strategic emerging industries are an important force in guiding the future development of science and technology and industrial innovation, which is of strategic importance in promoting the modernisation of China. This paper uses the decision on the development of strategic emerging industries, which has been implemented since 2010, as a quasi-natural experiment to test the impact of strategic emerging industry policies on the innovation performance of enterprises and the mechanism of action based on the panel data of non-financial listed companies in Shanghai and Shenzhen from 2007 to 2019 using the propensity score multiplicative difference (PSM-DID) method. The results show that the strategic emerging industry policy plays a significant role in promoting the innovation performance of enterprises. From the perspective of influence mechanism, industrial policy can significantly promote the improvement of the innovation performance of enterprises by reducing debt financing cost. At the same time, a good business environment can positively regulate the relationship between industrial policy and the innovation performance of enterprises, and can positively regulate the effective reduction of debt financing cost of enterprises by industrial policy.

Key words:

strategic emerging industry policy, innovation performance, debt financing cost, business environment, propensity score multiplicative difference (PSM-DID)

摘要： 战略性新兴产业是引导未来科技和产业创新发展的重要力量，对推进我国现代化建设具有重要战略意义。以2010年开始实施的关于发展战略性新兴产业的决定为准自然实验，基于2007～2019年沪深两市非金融类上市公司面板数据，采用倾向得分倍差法（PSM-DID）检验战略性新兴产业政策对企业创新绩效的影响及作用机制。结果表明：战略性新兴产业政策对企业创新绩效的提升具有显著促进作用；从影响机制来看，产业政策可以通过降低债务融资成本显著促进企业创新绩效的提升；同时，良好的营商环境能够正向调节产业政策与企业创新绩效的关系，且对产业政策有效降低企业债务融资成本具有正向调节作用。

关键词:

战略性新兴产业政策, 创新绩效, 债务融资成本, 营商环境, PSM-DID