产业政策、个股情绪与企业创新

Industrial Policy, Individual Stock Sentiment and Corporate Innovation

基于2006-2020年中国A股上市公司数据,本文考察了产业政策如何影响企业创新,并深入剖析了产业政策对企业创新的具体影响机制。研究发现,产业政策对企业创新具有正向促进效应,且个股情绪在产业政策提升企业创新能力的过程中起到部分中介作用。进一步分析表明,产业政策对企业创新的促进效应在高技术企业和非国有企业中表现更为显著。

Based on the data of Chinese A-share listed companies from 2006 to 2020,this paper examines how industrial policy influence enterprise innovation and delves into the specific mechanisms through which industrial policy impact enterprise innovation.The study finds that industrial policies have a positive promoting effect on enterprise innovation,and stock market sentiment plays a partially mediating role in enhancing enterprise innovation capabilities under industrial policies.Further analysis indicates that the promoting effect of industrial policy on enterprise innovation is more significant in high-tech enterprises and non-state-owned enterprises.