利用2018年9月商务部等8部门联合启动的“全国供应链创新与应用试点”为准自然实验场景，采用双重差分倾向得分匹配法（PSM-DID）探究供应链政策对企业技术创新的影响。研究发现：供应链创新试点项目实施后的第二年，试点企业的技术创新水平显著提升；进一步研究发现对于非国有企业、成熟期企业、冗余资源较多以及供应链集中度高的企业，这种提升作用更为显著。此外，采用事件研究法和Heckman两阶段模型，从资本市场反应的视角证实了供应链创新试点影响企业技术创新过程中的信号传递机制，且这种信号的有效性受企业生命周期和供应链集中度影响。

Using the national pilot program called Supply Chain Innovation and Application, launched by the Ministry of Commerce and other 8 national departments in September 2018, as a quasi-natural experimental scenario, this study constructs the PSM-DID model to explore the impact of supply chain policies on enterprise technological innovation. We provide robust evidence that: the second year after the implementation of the supply chain innovation pilot policy, the technological innovation level of the pilot enterprises was significantly improved; More importantly, this study further finds that for non-state-owned enterprises, mature enterprises, enterprises with more Slack resources, and enterprises with high supply chain concentration, this effect is more significant. In addition, this study adopts the event study method and Heckman two-stage model to verify the signal transmission mechanism of the supply chain innovation policy affecting enterprise technological innovation from the perspective of capital market reaction, and that the effectiveness of such signal is affected by enterprise life cycle and supply chain concentration.

F274; F832.5

国家社科基金重点项目“基于市场导向的中国制造业动态绿色政府补贴机制研究”(18AGL003)；NSFC-广东联合“以科技产业为导向的粤港澳大湾区国际科技创新中心形成机制研究”(U1901222)