Research on the mechanism of selective industrial policies on enterprises' innovation performance --Evidence from China's photovoltaic industry

Can selective industrial policies promote the innovation performance of enterprises? Through what paths do they act on micro-enterprises? These are core issues of current academia and policymakers. This paper explores the influence of selective industrial policies on the innovation performance of PV enterprises and its mechanism of action by constructing a moderated mediation model using the stepwise regression method based on systematically sorting and quantifying data of 243 PV industrial policies issued by ministries and above during the same period, taking 147 PV listed companies from 2009 to 2019 as the research objects. The results show that selective industrial policies have a positive effect on the innovation performance of photovoltaic enterprises in general; corporate R & D investment plays a partial mediating role in the relationship between PV enterprises' innovation performance and industrial policies; the degree of marketization plays a moderating role in the influence mentioned above process, and the effect is different in different paths. Further dividing the enterprises into stateowned and non-state-owned subsamples, we found that there is no difference in the moderating influence of the degree of marketization in the direct path. But there is heterogeneity in the mediating effect in the indirect way. The article concludes with relevant policy recommendations.