The impact of industrial policy and its combinations on the innovation quality of wind power enterprises: A study from the perspective of financing modes

The promotion of wind power is an important strategic measure to promote energy transformation and achieve carbon neutralization in China. Driven by a series of industrial policies, China's wind power industry is still faced with the dilemma of “large quantity yet poor quality”. Therefore, the paper considers as research object the wind power industry policies issued by the government of China between 2008 and 2019, and evaluates their impact on the innovation quality of enterprises from the perspective of financing modes. The results show that different categories of industry innovation policies and their combination have an important positive influence on enterprise innovation quality. There are differences in the regulatory effects of different financing modes on wind power industrial policy and enterprise innovation quality: internal financing inhibits the effect of industrial policy on enterprise innovation quality, while external financing promotes the impact of industrial policy on enterprise innovation quality. Further analysis shows that different categories of innovation policies and their combinations have impacts on the innovation quality of both private and state-owned enterprises, and in many regions. Finally, based on the research results, there are recommendations for policy managers and micro enterprises to stimulate the innovation quality of wind power plants.