Abstract Based on the sample data of A-share listed companies in Shanghai and Shenzhen from 2013 to 2020, this paper constructs econometric model, intermediary model and regulation model to study the impact effect and mechanism of financial support on enterprise innovation. There are following findings: (1) Financial support can promote enterprise innovation, and the promotion effect on endogenous innovation is stronger than that of the exogenous innovation; (2) Financial support plays a more significant role in promoting enterprise innovation in smaller enterprises, non-state-owned enterprises, non high-tech enterprises and the central and western regions; (3) With the help of human capital agglomeration and financing constraints, financial support can greatly stimulate the innovation vitality of enterprises; (4) Tax incentives play a regulatory role in financial support to promote enterprise innovation. Based on these conclusions, the relevant departments should consolidate the policy synergy of financial support and tax incentives for enterprise innovation, fully consider the heterogeneous impact of financial and tax support at the enterprise and regional levels, pay high attention to the mechanism role of human capital agglomeration and financing constraints, and promote the high-quality innovation development of enterprises.
2023, Vol. 40 
