培育类产业政策对中小企业技术创新的影响

通过手工收集地方政府培育类政策并与2007—2019年中国中小板和创业板上市企业数据进行匹配，利用多期DID模型检验其对中小企业创新的影响。结果表明，培育类政策对中小企业创新起长期显著促进作用，但政府认定次数增加并不能推动中小企业创新由量转质的飞跃。进一步地，培育类政策可通过激发创新意愿、加速人才聚集、提升市场关注度促进中小企业创新。异质性分析表明，该类政策对国有中小企业创新促进作用更为显著，且仅对低集中度行业企业起到促进作用，知识产权保护水平较低地区政策激励与创新补偿效应更强。结论可丰富产业政策对中小企业创新影响的经验证据，为完善扶持中小企业创新政策提供决策参考。

The Influence of Industry Cultivation Polices on Technological Innovation of Small and Medium-sized Enterprises

In recent years, it has become the focus of social attention and an important direction of policymaking of how to ensure fair competition and accelerate the improvement of the small and medium-sized enterprises (SMEs) innovation ability and professional level. Guided by the innovation-driven development strategy, China is accelerating the transformation and upgrading of its traditional industrial policies with transition from selective industrial policies to competitive and universal policies. It has become the key to cultivating new driving forces and new growth points in China's economy by creating a series of high-quality demonstration enterprises with growth potential and competitive advantages under the guidance of the new industrial policy .#br#In this background, China's local government introduced a series of industrial cultivation policies for SMEs' innovation ability, such as the Gazelle Enterprises Developing Plan, the Identification of Technology-based SMEs and the Identification of Little Giant of Science and Technology Enterprise . Different from traditional industrial policies, cultivation policies are mostly directly related to the innovation process of enterprises, and their advantages are mainly reflected in the following three aspects. First, based on the phased characteristics of technological innovation, targeted measures are taken to reduce direct intervention in the market and stress the role of the market by focusing on the basic research process, pilot test process of achievements, and market application at the front, the middle and back end of the value chain. Second, it accelerated the transition of small and medium-sized enterprises from the initial stage to the growth and maturity stage with the explosive growth of market players by promoting the concentration of innovation factor resources to SMEs. Third, under the modern industrial system, the government has continuously guided large enterprises and SMEs to make joint innovations, expanded open and competitive cooperation, encouraged SMEs to expand their business areas, narrowed the technological gap with cutting-edge enterprises, and promoted ecological development of innovation.#br#With policy incentives, the government effectively guides SMEs to shift their strategic centers. The SMEs focus on industry segments, specializing in technology and market development, and actively carry out innovation cooperation with the world, which can give full play to the multiplication effect of the division of labor and cooperation. Subsequently a large number of innovative forces have emerged in China, playing a positive role in phasing out outdated production capacity, building regional brands, seizing international markets, and making breakthroughs in core technologies.#br#In this paper, we manually collected and sorted out the list of cultivation polices issued by Chinese local governments, matched them with the data of listed enterprises in China's SMEs Board and Gem from 2007 to 2019, and tested the polices impact on the innovation of SMEs by using the multi-period DID model. The results show that the cultivation polices play a significant role in promoting the growth of SMEs' innovation quantity in the long run, and the conclusion still holds after a series of robustness tests. At the same time,the industrial cultivation polices also show positive incentives for enterprise innovation quality. However, with the increasing times of polices recognition, we find that the polices still has a significant effect on the quantity of enterprise innovation, but no longer have a significant effect on the quality of innovation. The possible reasons lie in the mismatch caused by excessive concentration of resources, and the speculative behavior of enterprises in filing a large number of low-quality patents to obtain government subsides and rewards.#br#Further, the industrial cultivation polices promote enterprise innovation mainly through the following three paths: guiding SMEs to increase R&D investment, attracting talents, and enhancing external attention. Although the industrial cultivation polices alleviate financing constraints, the transmission mechanism of innovation output failed the significance test. The heterogeneity results showed that industrial cultivation polices have a more significant effect on state-owned SMEs compared with non-state-owned enterprises, and it only shows a significant effect in promoting enterprises in low-concentration industries. In areas with a low level of intellectual property protection, the incentive and compensation effects of policies on enterprise innovation output are stronger. The research results can enrich the empirical evidence of the impact of industrial policies on SMEs innovation, and provide a reference for improving the policies supporting SMEs innovation.#br#