2025新疆制造行动方案对制造企业创新活力的影响——来自新疆上市公司的经验证据

Impacts of the 2025‘Xinjiang Development Plan’on the Innovation Vitality of Manufacturing Enterprises:Empirical Evidences from Listed Companies in Xinjiang

探讨《新疆行动方案》的发布对企业研发创新的影响,为理解外生的政策因素对企业创新的作用提供新的视角。基于2012~2022年新疆上市公司的面板数据,采用双重差分模型实证检验了《新疆行动方案》对企业研发创新的影响效应及内在机制。经研究发现,一是《新疆行动方案》的发布能够显著促进企业研发投入强度的提升,进而有效提高企业的创新活力;二是《新疆行动方案》的创新促进效应主要通过缓解融资约束、增加政府补贴以及提升人力资本三方面渠道实现;三是《新疆行动方案》对主动转型企业和民营企业研发创新的促进作用更加突出。

This paper investigates how the release of‘Xinjiang Development Plan’affects the innovation of enter-prises,offering new insights into the impact of external policies on corporate innovation.Based on the panel data from listed companies in Xinjiang between the year of 2012 and 2022,the effects and mechanisms on R&D innovation in enterprises are tested by a double-difference method.The study reveals three main conclusions.First,the publication of‘Xinjiang Development Plan’significantly spurs an increase in R&D investment intensity within enterprises,effectively enhancing their innovation.Second,the Plan mainly promotes innovation through easing financing constraints,augmenting government subsides and improving human capital.Third,it has a more pronounced effect on boosting R&D innovation in proactive transitioning enterprises and private enterprises.