Author(s)

Yuning Wu

Corresponding Author

Yuning Wu

Abstract

Macro-industrial policy is an important background and foundation for micro-enterprise behavior and enterprise value creation. Industrial policies can change the decision-making environment and future expectations of enterprises through their own transmission mechanism, thus affecting corporate behavior. By referring to the research results of industrial policies, this paper analyzes the micro-transmission mechanism of industrial policies, and analyzes the impact of industrial policies on micro-enterprise behaviors and economic consequences from the perspective of investment and financing that enterprises supported by industrial policies will face more investment opportunities. There is a stronger incentive to expand the scale of investment of enterprises, and it is more likely to obtain investment from potential investors; companies with policy support have lower external financing costs and are more likely to obtain loans. However, because the enterprises supported by the policy face more investment opportunities, this will increase the demand for funds. However, it is difficult for bank credit to fully meet the capital needs of enterprises, which will intensify the financing constraints of enterprises.

Keywords

Macro-Industrial Policy, Enterprise Innovation, Influence and Effects