Policy reinvention and regional innovation performance: from financial, fiscal, tax, and talent policy mix networks

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-26 DOI:10.1016/j.frl.2025.108570

Yu Zhao, Hongling Guan

引用次数: 0

Abstract

This study discusses central-subnational policy reinvention's impact on regional innovation performance. We employ Large Language Models (LLMs) and network analysis to large-scale data of policy documents, characterizing policy mix of financial and other policies through "policy instruments-policy targets" network, and measuring policy reinvention between subnational and central governments. The empirical results demonstrate that policy reinvention significantly enhances regional innovation performance. Mechanism analysis shows that this effect operates primarily through alleviating resource misallocation. Heterogeneity analysis shows that the positive effects of policy reinvention differ by location and are weakened under high fiscal decentralization and fiscal pressure.

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政策重塑与区域创新绩效：来自金融、财政、税收和人才政策组合网络

本研究探讨了中央-地方政策重塑对区域创新绩效的影响。我们使用大型语言模型（llm）和网络分析来分析政策文件的大规模数据，通过“政策工具-政策目标”网络来表征金融和其他政策的政策组合，并衡量地方政府和中央政府之间的政策重塑。实证结果表明，政策再造显著提高了区域创新绩效。机制分析表明，这种效应主要通过缓解资源错配来实现。异质性分析表明，政策再造的积极效应因地区而异，且在财政分权程度高、财政压力大的情况下被削弱。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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