The transmission effect of industrial policies on the quality of innovation of micro-enterprises is a central concern that attracts current academics and policy makers. Using the 2004-2019 data of A-shares of listed companies in Shanghai and Shenzhen, as well as the policies issued by Chinese ministries and departments at the ministry level and above, this paper empirically investigates the impact and mechanism of industrial policies on the innovation quality of wind power companies. The research results demonstrate that policies all play a significant role in promoting the quality of enterprise innovation of wind power. The intermediary role of credit financing of enterprises between different types of industrial guidelines and the quality of corporate innovation is different. Executive equity incentives positively moderate the relationship between different types of industrial policies and corporate credit financing and effectively weaken the adverse effects of regulatory policies, and it can also significantly enhance the role of policies in promoting the quality of corporate innovation. Finally, this paper gives targeted policy recommendations for the development of new energy industry innovation in China and similar countries and regions from the perspective of government and enterprise.
Keywords: Credit financing of enterprises; Executive equity-based incentive; Industrial development policies; Quality of enterprise innovation; Wind power enterprise.
© 2022. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.