Abstract Taking the data of China's A-share listed companies from 2011 to 2020 as the research samples and taking the industrial policy support embodied in the five-year national plan as the starting point, this paper explores the influence of its industrial policy support on enterprise innovation strategy. It is found that industrial policy support in the national “ Five-Year plan ” can promote enterprise innovation, and its promotion effect is mainly transmitted through government subsidies and tax incentives rather than bank credit. Further research shows that enterprise innovation under the path of government subsidies and tax incentives has a short-term negative impact on enterprise performance, but tax incentives and bank credit paths help enterprise innovation to enhance the long-term value of enterprises. Heterogeneity test indicates that the promotion effect of industrial policy support on enterprise innovation is stronger in state-owned enterprises and environments with low marketization. This paper expands the research on the influence of industrial policy on micro-enterprise innovation strategy, and also provides a policy basis for China's “ promising government ” to improve the external environment for the implementation of industrial policy.
2023, Vol. 40 
