Abstract:

This paper explored the effect of public innovation policy on the innovation performance of enterprises at different life cycle stages, using 1694 A-share listed enterprises from 2012 to 2017, and further explored the moderating effect of state-owned holdings using group regression. The result shows that the public innovation policy has a significant incentive effect on the innovation performance of Chinese listed enterprises, but it does not have a synergistic incentive effect. The public innovation policy has a synergistic incentive effect on the innovation performance of enterprises in the growing stage and a statistically insignificant synergistic incentive effect on the innovation performance of enterprises in the mature stage, but it has a repulsion effect on the innovation performance of enterprises in the declining stage. The result also shows that state-controlling has a significant moderating effect between public innovation policy synergy and the innovation performance of enterprises in the growing and mature stage.

Key words:

policy mix, synergistic effect, moderating effect, life cycle, listed enterprises

摘要：

以2012~2017年1 694家A股上市企业为研究样本，分析了公共创新政策对处于不同生命周期阶段企业创新绩效的影响，并进一步利用分组回归的方法探讨了国有控股的调节效应。研究表明：公共创新政策对我国上市企业创新绩效具有显著激励效应，但并未形成协同激励效应；公共创新政策对成长期企业创新绩效具有协同激励效应，对成熟期企业创新绩效的协同激励效应不显著，但对衰退期企业创新绩效具有排斥效应。研究还发现，国有控股对公共创新政策组合与成长期、成熟期企业创新绩效关系具有显著调节作用。

关键词:

政策组合, 协同效应, 调节效应, 生命周期, 上市公司