Abstract: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.