关键词: 创新型城市, 试点政策, 企业创新, “准自然实验”

Abstract: Based on the theoretical analysis, this paper takes the establishment of national innovative city pilot as a quasi-natural experiment, and using the A-share listed companies in Shanghai and Shenzhen from 2005 to 2016 as samples, builds a difference-in-difference model to empirically analyze the influence of national innovative city pilot policy on enterprise innovation. The results show that the pilot policy has significantly improves the level of enterprise innovation, and the conclusion is still true after a series of robust tests. There is no time lag effect in the pilot policy effect, and it has a sustained promotion effect, but there are significant differences due to the size, technological level, holding nature of the enterprise and city size. To be specific,the innovation pilot policy plays a significant role in promoting the innovation of small and medium-sized enterprises, high-tech enterprises, privately held enterprises and enterprises in big cities. The test of the mechanism shows that the innovation pilot policy mainly affects enterprise innovation through government financial subsidies, increasing the degree of enterprise agglomeration, and reducing institutional transaction costs. The above findings provide micro-evidence for the rational evaluation of the effect of the national innovative city pilot policy and has great significance in the further promotion of enterprise innovation.

Key words: Innovative City, Pilot Policy, Enterprise Innovation, Quasi-Natural Experiment