Abstract: Using a longitudinal datasets of Chinese manufacturing firms (2011~2013), this paper divide innovation policies into R&D subsidies、R&D deduction policy、high-tech tax incentives policy according to the process of innovation (ex-ante、interim、ex-post) and assess whether innovation policies promote or inhibit innovation based on resource theory and signal theory. Further, This paper further analyses the incentive differences between state-owned enterprises and private enterprises in terms of resource acquisition and resource utilization. The research shows that the tax incentives have greater incentives for corporate innovation than R&D subsidies. Compared with state-owned enterprises, innovation policies have more obvious incentives for private enterprises' innovation performance. Further, for state-owned enterprises, R&D subsidies are only a short-term incentive for innovation, while two types of tax incentives are more conducive to the medium- and long-term innovation performance of state-owned enterprises,. Therefore, the future policy adjustment should gradually strengthen the innovation policy that follows the market logic, and the focus is different for enterprises with different property rights.

Key words: R&D subsidies, tax incentives, innovation performance, ownership