Civil-Military Integration and Technical Innovation of Private Listed Companies

摘要

Civil-military integration policy has been raised to a national strategy. The Four Military Qualification Certificates are used to measure the level of civil-military integration. Using the data of listed firms from 2001 to 2018 based on difference-in-difference method, we find that civil-military integration significantly increases the R&D investment and substantially improves the innovation level of private enterprises, thereby promoting enterprises' technological innovation. Moreover, the R&D investment of enterprises is affected by the "civil-military integration" policies, and the promotion effect of substantial innovation of enterprises will appear "crowding out effect", but this effect will be diluted over time. Furthermore, policy suggestions and implications for civil-military integration are given.