随着百年未有之大变局的演进和中华民族加速向伟大复兴迈进，我国发展面临着新的战略机遇。在复杂多变的国际形势面前，唯有遵循中国特色社会主义理论，打破发展中国家依附发展理论的教条，才能开创发展中国家实现真正意义上的高质量发展的新路径。长期以来，作为政府调控经济的重要手段，产业政策通过刺激投资与优化资源配置等方式在我国经济增长进程中发挥了不可替代的作用，是有为政府与有效市场深度融合的体现。然而，随着经济全球化持续逆流，国际竞争日趋激烈，依靠增加物质资源消耗和人口红利的粗放式经济发展方式已经难以为继。新质生产力的发展需求推动着理论界与实务界不断探寻产业政策在新发展阶段所面临的新问题的解决之道。一方面，在国际贸易摩擦加剧的背景下，产业政策应如何助力企业突破发达国家的“低端锁定”？另一方面，产业政策在实施过程中如何破解企业机会主义行为的难题，实现真正的关键技术突破？基于此，本文立足于“专精特新”这一解决“卡脖子”问题的重要政策制度安排，探究“专精特新”政策对中小企业创新行为的影响机制及经济后果。

本文回顾了既有关于产业政策有效性与企业创新的相关理论与文献，分析了“专精特新”政策演化历程与发展现状。在此基础上，本文以认知转变和路径锁定为主干构建本文的逻辑分析框架。在认知转变视角中，本文结合国际贸易摩擦的宏观背景，刻画“专精特新”政策对市场主体的认知转变作用，这种认知包含了对中小企业在产业链中所扮演角色的理解、对企业创新的风险收益认知以及对宏微观经济运行的感知。在路径锁定视角中，本文基于“破除低端锁定-重塑创新路径”的逻辑链条，探究“专精特新”政策下专业化、精细化和特色化路径引导的具体作用机制。具体而言，本文以企业创新为核心，沿着“政府政策支持-创新资源撬动-核心技术突破-创新价值创造”的研究路线，向前追溯“专精特新”政策对企业研发资金转化与人力资本升级的影响，向后考察企业关键核心技术突破与市场价值反应的影响机制。

其一，本文从研发投入转化与研发产出转化两个层面，探究“专精特新”政策是否能够通过扭转资本市场主体认知与创新路径锁定，提高财政资金向企业研发投入与产出转化的效率。研究发现，与其他企业相比，在被评定为“专精特新”企业后，企业研发投入转化效率大幅提升，但研发产出转化效率有所降低，说明企业在短时间内难以有效吸纳过度膨胀的研发投入。通过机制检验，本文发现资本市场注意力聚焦是“专精特新”政策促进企业研发投入转化的重要机制，而专业化、精细化和特色化的发展路径则能够促使企业将创新作为长期发展战略，缓解研发产出效率降低的问题。在拓展研究中，本文区分了“专精特新”中小企业的评定时长和批次，发现随着“专精特新”政策的深入开展，企业研发投入转化效率提高，而研发产出转化效率并没有进一步降低，说明企业研发投资吸纳能力在政策引导下逐步提高，而这种影响并非来源于“专精特新”资质的复核压力。此外，本文发现企业信息不对称程度是阻碍企业研发资金使用效率提升的重要影响因素。

其二，本文从人力资本结构与技术-资本互补性两个层面探究了“专精特新”政策对企业人力资本升级的影响。研究发现，与其他企业相比，被评定为“专精特新”企业后，企业的高技术员工占比显著提升，单位新增投资所匹配的高技术员工比例更高。机制检验中，本文发现融资约束的缓解和企业创新声誉与环境的优化是“专精特新”政策促进企业人力资本升级的主要机制，专业化、精细化与特色化路径锁定是改善企业融资环境、提升企业创新氛围的关键举措。最后，研究发现“专精特新”政策对企业人力资本升级的作用效果在所在地区政府人才关注度高的企业以及一线城市企业更加显著，说明“专精特新”政策的实施效果依赖于地方政府重视程度与地区产业链基础。

其三，本文沿着“破除低端锁定-重塑创新路径”的逻辑链条剖析了“专精特新”政策对企业关键核心技术突破的引导性影响。具体而言，本文基于专业性、独特性、新颖性三个维度构建企业关键核心技术突破指标，进而展开实证检验。研究发现，与其他企业相比，在被评定为“专精特新”企业后，企业申请专利的核心领域集中度、专利独特性以及技术新颖度均有较大幅度的提升，但同时泡沫式创新也有所增加。进一步，本文验证了“专精特新”政策在资源支持方面的基础性功能，以及专业化、精细化和特色化路径锁定在推动关键核心技术突破过程中的资源聚焦作用。这一结果表明，政策对于企业创新的影响不仅在于创新资源的供给，更在于创新路径的引导与锁定。最后研究发现，“专精特新”政策对企业关键核心技术突破的影响在所在地区政府创新关注度高的企业以及信息不对称程度较低的企业中更为显著。

其四，本文以企业市场价值作为切入点，探究资本市场对“专精特新”中小企业创新行为的价值响应机制。研究发现，创新专利申请显著提升了中小企业市场价值，同时，“专精特新”企业的评定对于这一关系具有正向促进作用。在进一步区分专利类型与质量后，本文发现相比于实用新型专利和外观设计专利，资本市场对于“专精特新”企业申请的发明专利具有更加积极的价值反馈，但发明专利的独特性以及技术新颖度并未对企业价值产生显著的差异化影响，说明目前投资者对企业创新的深层信息缺乏足够的关注。通过异质性分析，本文发现较高的机构投资者持股比例和媒体关注度对于专利申请的价值提升效应具有显著的促进作用，而“专精特新”政策的作用效果在机构投资者与个体投资者之间并没有显著差异。最后本文发现，资本市场具有成长性与修正性，随着“专精特新”政策的不断推进，创新专利质量对企业市场价值的影响逐步增强。

总体而言，“专精特新”政策的实施扭转了市场中各类主体对中小企业及其创新行为的认知，促使更多的财务与人力资源投向中小企业创新活动。在这一过程中，虽不可避免地出现盲目投入与机会主义行为的现象，但从创新成果质量的角度“专精特新”政策在破除发达国家低端锁定，重塑中小企业创新路径方面取得了积极的成效，激励了中小企业踊跃投身于关键核心技术突破。随着“专精特新”政策的深入推进，相关配套措施与资本市场支撑体系也在日渐走向成熟。本文研究在验证了“专精特新”政策有效性的同时，深入探讨了“专精特新”政策的作用机理，并从政府重视程度、外部环境与企业特征等多个角度分析了“专精特新”政策效果的影响因素，不仅拓展了产业政策与企业创新领域的相关研究，也为“专精特新”政策的进一步实施、多层次资本市场体系的建设与中小企业创新发展提供了有益启示。

With the evolution of unprecedented changes and the accelerated march of the Chinese nation towards great rejuvenation over the past century, China's development faces new strategic opportunities. In the face of a complex and ever-changing international situation, only by adhering to the theory of socialism with Chinese characteristics and breaking away from the dogma of development theories dependent on developed countries can we create a new path for developing countries to achieve high-quality development in the true sense. For a long time, as an important means of government regulation of the economy, industrial policy has played an irreplaceable role in China's economic growth process through stimulating investment and optimizing resource allocation, embodying the integration of proactive government and effective market. However, with the sustained backlash of economic globalization and increasingly fierce international competition, the extensive economic development model relying on increasing material resource consumption and population dividends has become unsustainable. The demand for the development of new productive forces drives the theoretical and practical exploration of new problems faced by industrial policy in the new development stage. On the one hand, against the backdrop of intensified international trade friction, how can industrial policy help enterprises break through the "low-end lock" imposed by developed countries? On the other hand, how can industrial policy address the challenge of opportunistic behavior among enterprises in the implementation process and achieve genuine breakthroughs in key technologies? Based on this, this paper focuses on the important policy institutional arrangement of "Specialization, Refinement, Uniqueness, and Novelty" (SUNN) to address the "bottleneck" problem, exploring the impact mechanism of SUNN policy on innovation behavior of small and medium-sized enterprises (SMEs) and its economic consequences.

This paper reviews existing theories and literature on the effectiveness of industrial policy and enterprise innovation, and analyzes the evolutionary process and current situation of SUNN policy. Based on this, the paper constructs a logical analytical framework with cognitive transformation and path lock-in as the main threads. From the perspective of cognitive transformation, combined with the macro background of international trade friction, this paper delineates the cognitive transformation role of SUNN policy on market entities. This cognition includes understanding the role of SMEs in the industrial chain, the perception of risk and return of enterprise innovation, and the perception of macro and microeconomic operation. From the perspective of path lock-in, based on the logical chain of "breaking the low-end lock-in - reshaping the innovation path," this paper explores the specific mechanism of SUNN policy in guiding the paths of specialization, refinement, and uniqueness. Specifically, focusing on enterprise innovation, along the research route of "government policy support - leveraging innovation resources - breakthrough in core technology - creation of innovation value," this paper retraces the impact of SUNN policy on the transformation of enterprise R&D funds and the upgrading of human capital, and examines the mechanism of the impact of enterprise key core technology breakthroughs on market value.

Firstly, this paper explores whether the SUNN policy can improve the efficiency of capital market participants' cognition and innovation path lock-in by reversing the transformation of R&D input and output at two levels: R&D input transformation and R&D output transformation. The study found that compared with other enterprises, after being identified as "specialized, refined, unique, and novel" (SUNN) enterprises, the efficiency of R&D input transformation of enterprises has increased significantly, but the efficiency of R&D output transformation has decreased, indicating that enterprises are unable to effectively absorb excessive R&D input in the short term. Through mechanism testing, this paper found that the attention of the capital market is a crucial mechanism for SUNN policy to promote the transformation of enterprise R&D input, while the development paths of specialization, refinement, and uniqueness can promote enterprises to regard innovation as a long-term development strategy, alleviating the problem of reduced efficiency in R&D output. In expanding the research, this paper distinguishes the length and batches of the evaluation of SUNN SMEs and finds that with the deepening of SUNN policy, the efficiency of enterprise R&D input transformation has increased, while the efficiency of R&D output transformation has not further decreased, indicating that the absorptive capacity of enterprise R&D investment has gradually improved under policy guidance, and this influence does not originate from the pressure of SUNN qualification review. In addition, this paper finds that the degree of asymmetry of enterprise information is an important factor hindering the improvement of the efficiency of enterprise R&D fund utilization.

Secondly, this paper explores the impact of SUNN policy on the upgrading of enterprise human capital from two levels: human capital structure and technology-capital complementarity. The study found that compared with other enterprises, after being identified as SUNN enterprises, the proportion of high-tech employees in enterprises has significantly increased, and the proportion of high-tech employees matched by unit new investment is higher. In the mechanism test, this paper found that the alleviation of financing constraints and the optimization of enterprise innovation reputation and environment are the main mechanisms for SUNN policy to promote the upgrading of enterprise human capital, and the lock-in of specialization, refinement, and uniqueness paths is a key measure to improve the financing environment and enhance the innovation atmosphere of enterprises. Finally, the study found that the effect of SUNN policy on the upgrading of enterprise human capital is more significant in enterprises with high government attention to talent and in first-tier cities, indicating that the implementation effect of SUNN policy depends on the degree of attention from local governments and the industrial chain foundation of the region.

Thirdly, this paper analyzes the guiding influence of SUNN policy on the breakthrough of enterprise key core technology along the logical chain of "breaking the low-end lock-in - reshaping the innovation path." Specifically, based on the dimensions of professionalism, uniqueness, and novelty, this paper constructs indicators for the breakthrough of enterprise key core technology and then conducts empirical tests. The study found that compared with other enterprises, after being identified as SUNN enterprises, there was a significant increase in the concentration of core areas of patents applied by enterprises, the uniqueness of patents, and the novelty of technology, but at the same time, there was also an increase in bubble-like innovation. Furthermore, this paper verified the fundamental function of SUNN policy in supporting resources and the focus role of the lock-in of specialization, refinement, and uniqueness paths in promoting the breakthrough of key core technology. This result indicates that the impact of policy on enterprise innovation lies not only in the supply of innovative resources but also in the guidance and lock-in of innovation paths. Finally, the study found that the impact of SUNN policy on the breakthrough of enterprise key core technology is more significant in enterprises with high government attention to innovation and in enterprises with a lower degree of information asymmetry.

Fourthly, this paper explores the value response mechanism of capital markets to the innovation behavior of SUNN SMEs from the perspective of enterprise market value. The study found that innovation patent applications significantly increased the market value of SMEs, and the evaluation of SUNN enterprises positively promoted this relationship. After further distinguishing patent types and quality, this paper found that compared with utility model patents and design patents, the capital market has a more positive value feedback on the invention patents applied by SUNN enterprises, but the uniqueness and novelty of invention patents did not significantly affect enterprise value, indicating that investors currently lack sufficient attention to the deep information of enterprise innovation. Through heterogeneity analysis, this paper found that a higher proportion of institutional investors and media attention significantly promote the value enhancement effect of patent applications, and the effect of SUNN policy does not significantly differ between institutional investors and individual investors. Finally, this paper found that the capital market has growth and corrective features, and with the continuous advancement of SUNN policy, the influence of innovative patent quality on enterprise market value gradually strengthens.

Overall, the implementation of SUNN policy has reversed the cognition of various entities in the market regarding SMEs and their innovation behavior, prompting more financial and human resources to be invested in SME innovation activities. In this process, phenomena of blind investment and opportunistic behavior inevitably occur, but from the perspective of the quality of innovation outcomes, SUNN policy has achieved positive results in breaking the low-end lock-in of developed countries and reshaping the innovation path of SMEs, encouraging SMEs to actively engage in breakthroughs in key core technology. With the deepening of SUNN policy, related supporting measures and the capital market support system are gradually maturing. This study not only verifies the effectiveness of SUNN policy but also explores the mechanism of SUNN policy, and analyzes the influencing factors of the effect of SUNN policy from the perspectives of government attention, external environment, and enterprise characteristics, expanding the research in the fields of industrial policy and enterprise innovation, and providing beneficial insights for the further implementation of SUNN policy, the construction of a multi-level capital market system, and the innovation development of SMEs.