Abstract：There are two types of market failures in the private innovation market,namely innovation-driven market failures and financing-constrained market failures,and different innovation policies make different effects in correcting the failure.This paper uses the data of China's A-share listed companies from 2008 to 2017 to explore the policy effects of R&D subsidies and intellectual property protection in correcting the innovation market failure and promoting technological innovation.The results show that R&D subsidy policies can promote innovation by alleviating innovation-driven market failures and financing-constrained market failures;Policies for intellectual property protection can promote technological innovation by reducing innovation-driven market failures,but it is difficult to alleviate the constraints caused by financing constraints.This paper provides some new ideas for understanding the role of innovation policies in promoting technological innovation.
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