Abstract
This study uses China’s Growth Enterprises Market (GEM) listed companies from 2011 to 2017 as samples to examine the impact of industrial policies on innovation in startups from three dimensions, namely, selective industrial policies, government subsidies, and financial support. The results show that selective industrial policies have no effect on the innovation output of startups. Financial support can significantly promote the innovation output of entrepreneurial enterprises; structural differences exist in the impact of government subsidies on the innovation of entrepreneurial enterprises. The influence of industrial policy on the innovation of entrepreneurial enterprises depends on the research and development intensity of enterprises, the level of regional economic development, the leadership structure of enterprises, and other factors. This study’s findings have significant practical significance for the implementation of a national innovation-driven development strategy and to guide industrial policies that better promote enterprise innovation.
Highlights
One possible reason is that, compared with the generally encouraged industries, the key encouragement industries are largely emerging industries at the stage of cultivation and development, and the demand market and technology level are not mature and perfect. is indicates that enterprise innovation is in urgent need of government support and guidance
It is difficult for the government to obtain complete information on the growth and technical level of the enterprise, as well as the government. e limitations of professionals in professional knowledge and practice make it difficult to foresee the technological prospects of enterprises and the right antidote [6], which makes industrial policies unable to meet the innovation needs of the most sensitive small- and medium-sized enterprises (SMEs) in the market, affecting the industry to some extent. is is the support effect of the policy
Based on the patent application and financial data of China’s Growth Enterprises Market (GEM) listed companies from 2011 to 2017, as well as the adjustment of the “11th and 12th FiveYear Plans” to encourage industry planning, this paper examined the impact of industrial policies on the innovation output of entrepreneurial enterprises. is impact was examined from three perspectives: empirical observation, theoretical induction and empirical testing, and specific research. e main conclusions are as follows: (1) Selective industrial policies have no obvious effect on the innovation output of entrepreneurial enterprises
Summary
As an external incentive for enterprise innovation, FS has a positive impact on corporate innovation, mainly by improving the financing environment and playing a signal role. Based on the above analysis, the following hypothesis is proposed: H4: financial support can improve innovation output level in entrepreneurial enterprises. E following hypothesis is proposed: H5: the promotion effect of industrial policies on the innovation output of entrepreneurial enterprises is stronger in enterprises with high R&D intensity than those with low R&D intensity. The positive impacts of government subsidies and FS mean they may be better absorbed, the enthusiasm for technological innovation is higher, and the external effects are timelier. Erefore, the following hypothesis is proposed: H6: the promotion of industrial policies to entrepreneurial innovation is more pronounced in developed regions than in economically backward regions. When the two are positions are held separately, they can avoid the excessive concentration of power, overcome the rigidity of decision-making and cognitive limitations, and improve the correctness of innovation decisions, which may be more conducive to the innovative growth of the company. e hypothesis is as follows: H7: when the structure of corporate leadership is dispersed, industrial policies have a more significant effect on the innovation of entrepreneurial enterprises
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