Industrial Policy, Signal Effect and Enterprise Innovation——Based on the Quasi-natural Experiment of “China Manufacturing 2025”

Abstract

Abstract: Improving innovation capabilities is the core of China's response to global manufacturing competition, and industrial policies play a key guiding and leading role. Existing researches mostly focus on the innovative effects of industrial policy tools. Based on the overall perspective of industrial policy, this paper uses the data of China's A-share listed companies from 2012 to 2018 to carry out quasi-natural experiments with "China Manufacturing 2025", and uses DID model with "policy signals" as an intermediary variable to explore the mechanism of how industrial policies influence enterprise innovation. The results show that:the effect of industrial policy innovation has heterogeneous effects in terms of enterprise age, size, nature of property rights and the degree of regional marketization; the signal effect of industrial policy is manifested in the expansion of external financing of enterprises, thereby increasing enterprise innovation output; regional marketization degree is inversely related to the strength of the mediating effect of external financing.

Key words: China Manufacturing 2025, signal effect, enterprise innovation, institutional investors

Wei Xiangjie, Cheng Qi. Industrial Policy, Signal Effect and Enterprise Innovation——Based on the Quasi-natural Experiment of “China Manufacturing 2025”[J]. Management Review, 2023, 35(8): 117-130.

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