Innovative Incentive Mechanisms Research Articles

The Development of China's Digital Economy: Challenges and Countermeasures

With the rapid development of digital technology, China's digital economy is facing unprecedented opportunities and challenges for growth. This paper explores the challenges in four key areas of data security, digital divide, market monopoly and innovation, technology dependence and talent gap in China, and puts forward corresponding countermeasures and suggestions. In terms of data security and privacy protection, the importance of improving the legal system, enhancing technological protection capabilities, enhancing public awareness and corporate responsibility was emphasized. To address the digital divide, a comprehensive solution was proposed to strengthen infrastructure construction, provide customized education and training, and encourage public-private cooperation. In response to the challenges of market monopoly and innovation, it is suggested to strengthen market supervision, support the development of small and medium-sized enterprises and establish an innovation incentive mechanism. In terms of technology independent research and development and personnel training, it puts forward strategies to increase investment in key technologies, improve the education system, attract international talents and promote industry-university-research cooperation. The paper concludes that by implementing these countermeasures, China can not only solve the current problems it faces, but also occupy a more important position in the global digital economic landscape. These analyses and recommendations provide valuable insights for policymakers and have important practical significance for promoting the healthy development of China's digital economy.

A Review on the Incentive Mechanism for Green Innovation in Supply Chain

As economic development has shifted from high-speed development to high-quality development stage, environmental green development is closely related to the future of mankind, and the call of society to solve environmental problems and vigorously develop green economy is getting higher and higher. By combing and analyzing the current research progress on the incentive mechanism of green innovation in the supply chain, it is found that the current research direction mainly focuses on product pricing, strategy selection and performance evaluation in the green supply chain, and most of the research methods adopt game theory, but there are still diverse mathematical modeling details and specific research perspectives. On this basis, the research direction of supply chain green innovation incentive mechanism can be further expanded and extended.

Research on Management Innovation in Colleges and Universities Based on the Concept of Knowledge Management

Abstract In the era of the knowledge economy, colleges and universities, as knowledge-intensive units, urgently need to seek a new management model that meets the requirements of the times, supports the high quality of teaching, and helps colleges and universities to realize sustainable development. Based on this demand, this paper focuses on the concept of knowledge management to innovate the existing management mode and takes the construction of a knowledge-sharing system, the establishment of a knowledge innovation incentive mechanism, the development of organizational learning, and the creation of knowledge alliance as the specific implementation strategies. Using the multi-level gray correlation evaluation method and fuzzy comprehensive evaluation method, we evaluate the actual effects of the knowledge management strategy of colleges and universities in this paper. The multi-level gray correlation evaluation method is used to assess the knowledge management level of 60 colleges and universities, and the results of their scoring order are compared with the reference order. The order-preserving test parameter δ=0.0446<0.1 indicates that the basic trend of this paper’s sorting is consistent with the reference sorting, which verifies the practicality of the knowledge management evaluation system for colleges and universities constructed in this paper. Taking the university H, which implements the knowledge management strategy of this paper as an example, the five levels of the evaluation set V={excellent, good, medium, poor, very poor} are assigned a value of 5~1 respectively, and the final evaluation score of university H is 3.9394, and its knowledge management level tends to be excellent. This paper’s knowledge management strategy has a positive implementation effect and can be a valuable reference for knowledge management innovation in colleges and universities.

Induced green innovation of suppliers: The “green power” from major customers

In the context of green development, the major challenge is to incentivize companies as key players to participate in green innovation. This paper focuses on the market incentive mechanism for green innovation to investigate whether major customers with green development concepts can enhance the green innovation of upstream suppliers, which means the “green power” from major customers. The research is based on paired data of Chinese A-share listed companies and their major clients from 2009 to 2018. The findings show that: (1) Major customers with green development concepts can enhance the green innovation of upstream suppliers, and this conclusion remains robust after a series of tests. (2) The study also identifies the influence mechanisms, which include: (a increasing the purchase amount to green suppliers, and (b providing green innovation-related resource support to upstream suppliers. (3) Heterogeneity analysis shows that major customers with green development concepts can significantly drive the green innovation of private and smaller suppliers to a greater extent. (4) The induced green innovation of suppliers from major accounts is more significant in samples with high customer concentration. This research identifies the “green power” from major customers as an important market mechanism for incentivizing green innovation. The conclusions of this paper will lead to some policy implications for the promotion of green innovation and the construction of green supply chains.

A new biform game-based investment incentive mechanism for eco-efficient innovation in supply chain

In supply chain, when a visionary focal firm makes direct investment in his partners’ upfront cost of eco-efficient innovation, he would want more innovation efforts without sacrificing too many self-interests. To this end, we use a new biform-game model to develop an investment incentive mechanism for eco-efficient innovation in a supply chain consisting of two competing manufactures who are accountable for their respective eco-efficient innovations and a supplier who provides them with investments. Our proposed biform-game model can be regarded as a nested combination of noncooperative and cooperative games: In the noncooperative part, we construct a noncooperative game between the two manufacturers under their profit maximizing strategies, defining the competitive environment in the cooperative part. For three players in the cooperative part, we use Minimax and Maximin principles to construct their cooperative game of the investment cooperation strategy, which is proven to be convex. Subsequently, Shapley value is employed to derive the solution (profits) of the cooperative game, which is used to deduce the pay-off functions of the noncooperative part, thereby obtaining the optimal profit-maximizing strategies and investment cooperation strategies of the biform game. Next, we conduct analytical and numerical studies to verify the validity of our developed model by comparing with the model without applying the biform coordination mechanism.

The Influence of Innovation Consciousness of Top Management Team on Innovation Performance

Based on the high-level echelon theory, principal-agent theory, and technological innovation theory, this paper starts from the perspective of corporate culture and refined management, takes "the innovation consciousness of the TMT (Top Management Team) affects innovation performance" as the research idea, and stimulates the innovation consciousness of the TMT through the incentive mechanism. It leads to improving innovation performance and optimizing the incentive mechanism, so that it can play a more effective role in innovation performance, putting forward conceptual models and research hypotheses. This paper is quantitative research. First, according to literature research, it is found that the innovation awareness of the TMT is composed of the degree of emphasis and support, and then explores the relationship among the four dimensions of innovation awareness of the TMT, employee innovation behavior, incentive mechanism and corporate performance. Mature scales and questionnaires were compiled; the research objects were senior managers of high-tech enterprises, which were distributed through institutions and individuals; finally, the collected 135 sample data were analyzed with SPSS software and hypothesis testing. The empirical results of this study show that: (1) The innovation consciousness of the TMT has a positive impact on innovation performance; (2) The innovation behavior of employees has a positive impact on innovation performance; (4) Employee innovation behavior plays a mediating role between the relationship between top management team innovation consciousness and innovation performance; (5) Incentive mechanism plays a moderating role between top management team innovation consciousness and employee innovation behavior.

Retracted: The Construction of Innovation and Entrepreneurship Incentive Mechanism for College Students Based on Hierarchical Analysis

Retracted: The Construction of Innovation and Entrepreneurship Incentive Mechanism for College Students Based on Hierarchical Analysis

The monopoly dilemma of digital platform economy from the perspective of economic law and the influence of innovation incentive mechanism

The monopoly dilemma of digital platform economy from the perspective of economic law and the influence of innovation incentive mechanism

The Monopoly Dilemma of Digital Platform Economy from The Perspective of Economic Law and The Influence of Innovation Incentive Mechanism

The Monopoly Dilemma of Digital Platform Economy from The Perspective of Economic Law and The Influence of Innovation Incentive Mechanism

The impact of FDI technology spillover on the innovation quality of Chinese enterprises: a microperspective based on geographic proximity

PurposePrevious studies have reached inconsistent conclusions on foreign direct investment (FDI) technology spillovers and corporate innovation. The main purpose of this paper is to explore the technological spillover effects of FDI from the microperspective of firm linkages induced by geographic distance. Further analysis is conducted on the impact and mechanism of this spillover on the innovation quality of Chinese enterprises. The conclusions drawn from this paper can guide Chinese enterprises' foreign capital utilization and innovation strategy choices.Design/methodology/approachUsing the data of China's A-share listed companies from 2009 to 2019, this paper explores the role of FDI technology spillover in enterprise innovation quality through a two-way fixed-effect model. The robustness of the results is proven by substituting variables, adding industry fixed effects and excluding high-profit groups, and further using the two-stage least squares (2SLS) method to alleviate the empirical endogeneity problem.FindingsThese findings indicate that FDI technology spillover based on geographic proximity has a positive impact on the innovation quality of Chinese enterprises. However, there are different impacts for different types of enterprises. FDI technology spillover has a positive impact on the innovation quality of non-state-owned enterprises (non-SOEs) and small- and medium-sized enterprises (SMEs), while it has no effect on state-owned enterprises (SOEs) and large enterprises. The authors also find that the degree of financing constraints and R&D investment are important transmission mechanisms between FDI technology spillover and enterprise innovation quality.Research limitations/implicationsThis study ignores industry characteristics when considering foreign enterprises around Chinese enterprises. In fact, technology spillover effects differ across industries. When the authors matched microdata to regions, only the provincial level was considered. Therefore, there is still room for further research. In future research, the authors should consider industry characteristics and group foreign enterprises and Chinese enterprises in the same industry and in different industries to explore industry differences in technology spillover. In addition, when matching corporate data to regions, the authors can match to the city level and draw city-level conclusions.Practical implicationsThis study is different from previous studies that focus on the quantity of enterprise innovation or innovation output. The authors focus on the role of technological spillovers in the quality of Chinese enterprise innovation, enriching research in the field of enterprise innovation quality. In addition, the current FDI technology spillover indicators are technically difficult to measure at the micro level. The authors draw inspiration from the theory of the geographical structure of financial supply and combine the creation methods of macro and micro indicators in existing articles in other fields. The authors ingeniously construct a new FDI technical spillover indicator. This indicator combines the commonly used regional FDI technology spillover with the geographic proximity of enterprises at the microlevel by constructing an interaction term between the two. This indicator not only alleviates the endogeneity problem to a certain extent but also has implications for future research in the field of FDI technology spillovers at the micro level.Social implications(1) FDI technology spillovers are an effective way to improve the innovation quality of local enterprises, especially for non-SOEs and SMEs. Therefore, The authors suggest that in the context of dual circulation, the Chinese government should continue to open wider to the outside world and encourage foreign enterprises to invest in China. (2) In future development, managers of SOEs and large enterprises should create an innovation incentive mechanism. Moreover, they should change their vertical management structure and make full use of their policy advantages and budget advantages to increase innovation activities. In the process of acquiring technology spillovers, enterprises need to solve their own financing constraints.Originality/valueFirst, this study solves a technical problem. It is technically difficult to measure the current FDI technical spillover indicators at the micro level. This study innovatively constructs a new FDI technology spillover indicator that combines regional FDI technology spillovers with the microperspective of the geographical proximity of enterprises. This approach not only alleviates certain endogeneity problems in the empirical evidence but also enriches relevant research in the field of technology spillover. In addition, this study focuses on the impact and mechanism of this spillover, which addresses the current research gap among previous studies that mainly focus on innovation quantity and ignore innovation quality.

The Construction of Innovation and Entrepreneurship Incentive Mechanism for College Students Based on Hierarchical Analysis

Innovation and entrepreneurship (I&E) are of great significance to China’s modern economic development, and college students are the most innovative and entrepreneurial potential group. I&E requires college students through the effective combination of various incentive methods on the basis of the individual differences and diversity of college students, so that the I&E enthusiasm of college students can be continuously and optimally exercised. Based on the theory of hierarchical analysis, this paper establishes the evaluation system of the implementation effect of college students’ I&E incentive mechanism by setting the evaluation indexes of the effect of college students’ I&E incentive mechanism, calculates and obtains the weights of each evaluation index, and provides a reference basis for the design of college students’ I&E incentive mechanism. Our experiment demonstrate that the CR values of the judgment matrices calculated are less than 0.1, so the consistency test of the judgment matrix is passed.

Construction of Incentive Mechanism for College Students’ Innovation and Entrepreneurship Based on Analytic Hierarchy Process

In order to solve the current problem of low willingness of college students to innovate and start a business, this paper puts forward the method of college students’ innovation and entrepreneurship incentive mechanism based on analytic hierarchy process, improves the innovation and entrepreneurship incentive system for college students, optimizes the evaluation index of innovation and entrepreneurship of college students through the analytic hierarchy process, combines the triangular fuzzy number to express the weight evaluation value of the enterprise environmental behavior index, uses the binary semantics to express the evaluation value of the evaluation subcriteria to the enterprise environmental behavior, optimizes the evaluation algorithm, and selects a reasonable college students’ innovation and entrepreneurship incentive scheme. The experimental verification results show that the data of innovation and entrepreneurship activities of the proposed method based on analytic hierarchy process for the construction of incentive mechanism for innovation and entrepreneurship of college students are more than 70%, and the highest is 84.5%. The rationality of the method is more than 90%, and the highest is 96.1%. It has high practicability in practical application process and can better encourage college students to participate in innovation and entrepreneurship activities.

Research on dual innovation incentive mechanism in terms of organizations' differential knowledge absorptive capacity.

Differences in the capacity for absorption between different organizations will have an important impact on an organization’s choices of innovation exploration and exploitive innovation strategies. Organizations need to explore correct strategic decisions under different policies for long-term development. This study with limited rational first-mover and late-mover organizations as the research object, based on the evolutionary game theory model, using visualization system deduced first-mover and late-mover organizations in the knowledge absorptive capacity differences and incentive policies under the condition of different strategies selection process. The research shows that the rationality of policy incentive setting has a direct impact on the choice of organizational dual innovation strategy with different knowledge absorption capacities. The market pattern is stable and organizational knowledge absorption capacity is different. The higher the policy incentive level is, the more the organization is inclined to carry out exploratory innovation activities. Under the environment of stable market structure, different organizational knowledge absorption capacity, and no policy incentive, late-mover cannot adopt exploratory innovation strategy alone. When the market pattern is stable and the absorptive capacity of the organization is different, whether the late-mover can adopt the exploratory innovation strategy depends on the policy incentive level. In this case, the optimal situation is to have the opportunity to change to exploratory innovation at the same time as the first-movers.

The Effect and Mechanism of Innovation Incentives of NEV Heterogeneous Demands：By Comparing the Market Demands of “Government Procurement” “Commercial Operation” and “Private Purchase”

It is of great strategic significance for the NEV industry to stimulate technological innovation according to market demands. China’s NEV market demand is mainly composed of “government procurement” “commercial operation” and “private purchase”. The demand formed by the government and other organs due to official affairs is the “government procurement”, characterized by directional, batch purchase and small demand scale. The demand formed by market entities due to commercial operation is the “commercial operation”, characterized by bulk purchase and large demand scale. The demand formed by individual consumers for daily use is the “private purchase”, characterized by single purchase and constant updating of demand. In order to explore how to effectively foster the demands for “government procurement”“commercial operation” and “private purchase”, this study applies the PSM method to analyze the incentive effect and mechanism of the “government procurement” “commercial operation” and “private purchase” markets on NEV companies’ technological innovation, as well as introduces the business-government relationship to reflect the influence of policy resource allocation on the innovation incentive effect of NEV market demands.The results show that: NEV market demands have an incentive effect on technological innovation, among which the demand of “government procurement” is larger than the other two demands; the incentive effect of the three demands is characterized by phased alternation. The innovation incentive mechanism of NEV market demands is as follows: The market demands of “government procurement” and “commercial operation” mainly promote the technological innovation level of NEV companies through the competitive effect, and the three demands, especially the demand of “private purchase”, mainly promote the technological innovation level of NEV companies through the agglomeration effect. Reasonable government-business relationship can effectively promote the innovation incentive effect of NEV market demands, but the regulatory effect of different government-business relationship is also different according to the innovation incentive mechanism of NEV market demands: A higher relationship promotes the agglomeration effect, but inhibits the competitive effect of NEV market demands, especially the demands of “government procurement” and “commercial operation”; a lower relationship promotes the competitive effect of NEV market demands.Based on the above results, this study puts forward the following policy suggestions: Coordinate the demands of “government procurement” “commercial operation” and “private purchase”, give full play to the competitive and agglomeration effects of innovation incentives in NEV market demands, and realize the organic combination of market dominance and government regulation.

A Brief analysis of compulsory license of drug patent under public Health Crisis

In the face of the new crown epidemic, the implementation of the drug patent compulsory licensing system is one of the problems that needs to be solved urgently. At present, my country has established a relatively complete patent compulsory licensing system, but the system still presents a "zero implementation" status in my country. my country should learn from foreign experience, improve the system design of my country's pharmaceutical patent compulsory licensing by conditionally liberalizing the scope of application subjects, raising patent license fees and other measures; at the policy level, preferentially adopt negotiation methods to weaken the trade frictions caused by the implementation of patent compulsory licensing , To balance the incentive mechanism for pharmaceutical patent innovation, and actively promote the implementation of the pharmaceutical patent compulsory licensing system in my country.

Research on the Incentive Mechanism of Innovation and Entrepreneurship in Higher Vocational Colleges

This paper analyzes the problems existing in the incentive mechanism of innovation and entrepreneurship now. Faced with the opportunities and challenges in the development of vocational education, and combined with the concept of "teaching factory" in Singapore, it puts forward the principles and ideas of the design of incentive mechanism for innovation and entrepreneurship education in higher vocational colleges. In order to improve students, enterises and teachers` enthusiasm, the incentive mechanism measures are put forward from three aspects: optimizing the allocation of resources, strengthening the mode of school-enterprise cooperation and standardizing the evaluation system of teachers, so as to ensure that students can realize their innovation and entrepreneurship ideals in a favorable environment.

Innovation incentive mechanism in the construction industry

The construction industry carries out effective innovation activities and is characterized by dynamic creation and implementation of construction technologies. In current economic conditions, the most acute problem is intensification of innovation activities of enterprises and restoration of the investment potential of the construction industry. The author developed an organizational economic mechanism for implementing innovative technologies into the construction industry. The mechanism covers the full cycle of the innovation process, determines the list of its main participants, their functions, and is based on the principles of consistency and integrity. This integral approach makes it possible to plan the innovation process due to the shared information space which has to be created by the government. The article describes a method for assessing the economic efficiency of the innovation process in the construction industry, calculating the economic effect of an economic entity for a certain period and identifying the level of innovation activities of enterprises. Innovation activity indicators are used to evaluate achievements of development and implementation of advanced construction technologies.

Regulation in the Upstream Sector and Chinese Firm Export：The Position in the Vertical Production Supply Chain Matters

With the increasing export scale, the distribution of Chinese export industries has changed significantly. The overall export scale expansion is mainly led by the middle and downstream industries, while the upstream industry lacks obvious export advantages. At the same time, China’s overall market structure has also undergone significant changes, showing an asymmetric state of administrative monopoly in the upstream industry, market competition in the downstream industry”. Given the importance of input-output linkages between industries, China’s current market structure has motivated this study, namely, as market competition intensifies in the middle and downstream industries, does maintaining the administrative control in the upstream industry hinder the Chinese firm export? Based on the data of micro-enterprises from 1998 to 2013, this paper first estimates the production location of each industry from the perspective of vertical production supply chain, and defines the upstream administrative control based on the proportion of state-owned enterprises in the industry and the evolution trend. On this basis, based on the input-output relationship between industries, we measure the degree of the upstream administrative control that each industry faces, and then identify the impact on China’s firm export. In addition, this paper also tests the differences of its effects based on the enterprise ownership, trade pattern, industry competition degree and regional development. This paper finds that: Firstly, the upstream administrative control with state-owned enterprises does not include every industry, mainly referring to the capital-intensive industries such as coal mining washing and dressing industry, oil and natural gas mining industry, and the production and supply of electric power and heat. Secondly, with the continuous deepening of China’s market-oriented reform, the degree of the upstream administrative control decreased significantly from 1998 to 2007, but it was reversed and strengthened year by year from 2007 to 2013. Finally, since 2007, the enhancement of the upstream administrative control has significantly inhibited the export of Chinese manufacturing enterprises, and this negative impact is mainly reflected in private enterprises, ordinary trading firms, highly competitive industries and eastern regions. This paper has important policy implications: Firstly, we should lower the market entry regulation of the upstream regulated industry and the loan discrimination against non-state-owned enterprises, so as to enhance the market competition of the upstream administrative control industry. Secondly, the innovation incentive mechanism of the upstream regulated industry should be established to improve the technical content and product quality of upstream intermediate inputs, and the growth effect of export trade should be continued to exert. This paper contributes to the existing research mainly from two aspects: Firstly, the perspective based on the vertical production supply chain defines the scope of the administrative control in the upstream industry, and the indirect effects of input-output relation between industries are considered, which improves the measuring errors of the issue. Secondly, the evolution of the upstream administrative control degree is described by the Chinese industrial enterprise database from 1998 to 2013, which can evaluate the policy effects more accurately and make up for the deficiencies of the existing research.

Industrial low carbon futures: A regional marginal abatement cost curve for Sao Paulo, Brazil

Sub-national and regional greenhouse gas (GHG) mitigation policies are being stimulated by the Paris Agreement. Several low carbon studies have been conducted for important emitters such as California State in the US and Chinese provinces. At the same time, carbon mitigation studies have focused on the industrial sector, especially in developing countries. In comparison to the national scenario, the Sao Paulo state in Brazil shows a distinct emission profile. The industry in Sao Paulo is responsible for 14.7% of the total emissions, and this share increases to 31.5% considering energy indirect emissions. Therefore, Sao Paulo mitigation efforts depend on industry’s leadership such as in other parts of the world. The present study has evaluated the Sao Paulo state’s industry mitigation potential between 2014 and 2030 based on a Marginal Abatement Cost (MAC) curve. In contrast to previous MAC studies, the MAC-SP study has also considered cement related emissions released outside its jurisdictions but that are driven by industrial choices within its boundary. Nine out of seventeen technologies show a negative MAC value, and energy efficiency technologies yield the lowest cost with a weighted average value of -$122/metric ton of CO2. Considering only the territorial based approach, the Sao Paulo state’s Industry would avoid 78.4 million metric ton of CO2 until 2030. Although emissions under Sao Paulo’s responsibility increase 27%, if the consumption-based approach is adopted, the assessed mitigation potential enhances 83% and entails US$ 2.3 billion savings until 2030. In conclusion, the mitigation potential for São Paulo state’s industry is sizeable and consumption-based strategies are worthwhile, especially when regional policies are considered. Results can assist in formulating climate change policies and innovative incentive mechanisms to maximize the regional mitigation potential.

Does Technological Innovation Advance Enterprise Deleveraging? Transmission Channel and Acceleration Mechanism

Nowadays, Chinese economy is switching from resource-dependent economic development mode to mode since growth driven by investment has further aggravated capital dependence and has resulted in a twisted financial market. While the demand for total investment in fixed assets continues to slope down, the speed of financial expansion does not weaken, resulting in a rise in leverage ratio from 98.1 percent to 170.8 percent and serious deviation of supply and demand between finance and the real economy. Under this circumstance, to develop an innovation-driven economy has been highlighted as a national strategy. Nevertheless, there is still little literature of how technical adjusts micro structure of assets and liabilities and corrects macro financial distortion. This paper tries to make up the research gap above by answering the following questions:(1) can technical help corporate de-leveraging? what is its mechanism? (2) can the catalysis (spillover) effect of industry level on corporate technical corporate leverage governance? does heterogeneity exist in the acceleration? (3) as policy incentive mechanism for innovation, do tax preference and subsidies corporate leverage governance? does heterogeneity exist in the acceleration?On the basis of a literature review of dynamic adjustment to capital structure, this paper firstly points out that the introduction of technical into micro finance analytical framework is a necessary trend resulting from the transformation from random technical to routine technical innovation. Secondly, by introducing the impacts of technical on market competition ability and capacity governance ability of enterprises, this paper reveals micro logic of realizing enterprise leverage governance by technological and proves that technical has significant de-leveraging effects on over leveraged enterprises, and some cover-leveraging effects on less leveraged enterprises. Thirdly, by measuring subsidies at firm level and estimating tax preference at exponential level, this paper examines how subsidies and R&D expenses plus pre-tax deductions accelerate enterprise leverage governance through catalyzing technical innovation, and proves that subsidies play an acceleration role only in private enterprise deleveraging and tax preference accelerates only profit-making enterprise deleveraging. Finally, by measuring the whole levels of exploratory innovation and exploitative innovation of each high-tech industry, we prove that higher levels of industry exploratory innovation and exploitative innovation give rise to stronger knowledge spillover effect, more stimulated enterprise innovation, and more prominent deleveraging effect of technical & acceleration effect of exploratory innovation.As for empirical approach, following Flannery and Rangan (2006), this paper introduces target leverage rate into the dynamic adjustment process and employs SYS-GMM to solve the adjustment speed and optimal leverage rate, thereby verifying differentiated governance effect of technical on static leverage rate. Furthermore, we also regard subsidies, tax preference and industry environment as determinants of adjustment speed of leverage rate, and incorporate them into the empirical model to make a cross-term analysis, proving the differentiated effect of environmental factors on leverage governance speed.The potential contributions of this paper are:(1) it analyses the governance effect of technical on leverage rate, investigates the disturbance (acceleration) role of policy and industry as two boosters in governance effect, and reveals micro finance connotation of enhancing ability and improving environment (innovation driven). (2) By using the technical as the transmission channel, this paper constructs a new relationship study between macro-economic environment (policy & industry environment) and micro-enterprise behavior, and provides reference for the analysis and evaluation of effects and shortcomings of incentive policy.