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| A Research on the Impact of Industrial Policy on Enterprise Performance and Its Mechanism：Empirical Data from China's Photovoltaic Industry |
| Chen Yan1,2,Zhou Yuanyuan1,Ji Yaxing1 |
| (1. School of Economics and Management, China University of Geosciences; 2.Research Center of Mineral Resources Strategy and Policy, China University of Geosciences, Wuhan 430074, China) |
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Abstract This paper selects the panel data of 60 photovoltaic enterprises listed in Shanghai and Shenzhen stock exchanges from 2009 to 2019, and takes 243 photovoltaic industrial policies issued by ministries and departments in China from 2009 to 2019 as the research object. It uses stata15 to build a fixed effect model to test the impact of industrial policies on enterprise innovation performance and economic performance, And the differences in different regional innovation environment and different enterprise nature. The results show that: industrial policy can effectively promote the innovation performance of enterprises, but industrial policy can inhibit the economic performance of enterprises; The economic performance of enterprises plays a part of intermediary effect between photovoltaic industry policy and enterprise innovation performance. On the one hand, it is inhibition in state-owned enterprises, on the other hand, it is promotion in non-state-owned enterprises; Regional innovation environment plays a restraining role in the role of industrial policy and enterprise innovation performance. After further dividing the ownership of enterprises, it is found that: under the influence of photovoltaic industry policy, the innovation performance of state-owned enterprises is not affected by the regional innovation environment, while the innovation performance of non-state-owned enterprises is negatively affected by the regional innovation environment; The regional innovation environment can positively improve the economic performance of non-state-owned enterprises, but has no impact on the economic performance of state-owned enterprises. The research conclusions provide suggestions for Chinese government to formulate reasonable photovoltaic industry policies and photovoltaic enterprises to improve innovation performance.
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Received: 17 May 2021
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