专精特新政策与创新质量：基于发明专利文本的经验证据

Abstract

In the context of fostering new growth drivers through scientific and technological innovation and steadily advancing high-quality development, enterprises are the main agents of such innovation, and their innovative activity is key to achieving this development. Numerous studies have confirmed the significant impact of market factors on enterprise-level innovation. However, there is no consensus in the literature regarding the influence of government policies on this innovation, and its quality has received scant attention. To address the above deficiencies, this paper employs machine learning methods to conduct a text analysis of the technical details in the full texts of 4.03 million granted invention patents in China, thereby evaluating their originality and influence. On this basis, a more scientific quality index for enterprise innovation is constructed. Taking A-share listed enterprises from 2007 to 2021 as an example, a staggered difference-in-differences (DID) model is used to systematically evaluate the actual impact of the "Little Giants" policy – which fosters specialised, refined, distinctive and innovative enterprises – on enterprise innovation quality. It also examines the internal pathways through which government innovation incentive policies affect innovation quality from the perspectives of specialisation development and adjustments in enterprise innovation strategies. Empirical analysis shows that, first, the implementation of the "Little Giants" policy significantly enhances enterprise innovation quality. This paper employs the Heckman two-stage method and propensity score matching (PSM) to control for potential endogeneity. It then conducts robustness checks by altering the measurement of the dependent and independent variables, selecting samples of small and medium-sized enterprises, controlling for the potential influence of other innovation policies, and changing the estimation model. After endogeneity concerns are addressed and robustness checks are performed, this positive effect remains valid. Second, the "Little Giants" policy significantly enhances enterprise innovation quality through three mechanisms: alleviating enterprise financing constraints, encouraging enterprises to explore unknown technological fields, and promoting their specialisation. Third, heterogeneity analysis reveals that the positive effect of the "Little Giants" policy on innovation quality is more pronounced in enterprises with higher research and development (R&D) intensity and fewer strategic innovation behaviours. Further analysis confirms that improvements in enterprise innovation quality lead to increased operating income and market value. These findings offer important implications for refining relevant policies, fostering technological innovation, and enhancing innovation quality.