Abstract: Based on the data of China's A-share listed companies from 2003 to 2017, this paper uses the progressive double differential model of intervention effect under the tendency matching score to evaluate The effect of national innovative enterprise policies on enterprise innovation. The results of the study are as follows: After the implementation of the national innovation enterprise policy, the R&D input and innovation output have been significantly improved, and the policy has shown a long-term growth effect; the policy has a growth effect on both the substantive and the strategic innovation from the perspective of innovation strategy selection, but the substantive innovation growth effect is greater. Further research finds that both the financing structure and government subsidies play an intermediary role, but government subsidies have greater effect on promoting substantive innovation, while the financing structure is more of a strategic innovation growth effect.

Key words: National Innovative Enterprise, Business Innovation, Financing Structure, Government Subsidy

摘要： 手工搜集科技部等2006~2012年国家创新型企业名单,利用2003~2017年我国A股上市公司样本,采用PSM下的干预效应渐进双重差分模型,评估国家创新型企业政策对企业创新的作用。研究发现:国家创新型企业政策提升了企业研发投入和创新产出,且表现出增长趋势效应;创新策略视角下,政策对实质创新和策略创新均呈现增长效应,但实质创新增长效应更大。进一步研究发现,融资结构和政府补助均起到中介作用,但政府补助对实质创新的促进作用更强,而融资结构对策略创新的增长效应更大。

关键词: 国家创新型企业, 企业创新, 融资结构, 政府补助