Policy Incentives, Financial Development and Technological Innovation Quality

doi:10.11885/j.issn.1674-5094.2021.03.05.01

Abstract

Abstract: Based on 37 data from a manufacturing industry in 2008-2018, using a fixed-effect model to examine the impact of policy incentives and financial support on the quality of technological innovation under different ownership properties, the study found that the impact of policy incentives and financial development on the quality of technological innovation has heterogeneity in the nature of ownership. The existence of state-owned "attribute suppression" makes the influence of policy incentives and financial support on the quality of technological innovation ineffective in state-owned industries; in non-state-owned industries, due to the low intensity of competition between the manager's market and the product market, policy incentives have an impact on the quality of technological innovation. The negative effect of passive implementation has been achieved, but further research has found that the government's active screening mechanism can neutralize the negative incentives of policies to the quality of technological innovation; finance has always had a positive support effect on the improvement of technological innovation quality, and financial development and technological innovation. The degree of interaction and coordination continues to rise. We believe that non-state-owned enterprises are the main body of innovation activities. In the case of insufficient market system construction, the improvement of innovation quality is usually hindered by excessive government intervention to disrupt market expectations. Policy incentives must be coordinated with market construction to achieve innovation quality. The "curve overtaking" in China is inseparable from the cooperation between "promising government" and "effective market".

Key words: nature of ownership, policy incentives, financial development, quality of technological innovation, market construction

CLC Number:

F812

FANG Likai, QIAN Shuitu. Policy Incentives, Financial Development and Technological Innovation Quality[J]. Journal of Southwest Petroleum University(Social Sciences Edition), 2022, 24(5): 19-33.

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URL: http://journal15.magtechjournal.com/Jwk_xnsk/EN/10.11885/j.issn.1674-5094.2021.03.05.01

http://journal15.magtechjournal.com/Jwk_xnsk/EN/Y2022/V24/I5/19

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