Heterogeneous effects of SRDI policy on asset valuation

Utilizing a sample of Chinese listed Specialized, Refined, Distinctive, and Innovative (SRDI) enterprises from 2013 to 2023, this study empirically investigates the heterogeneous impact of SRDI policy support on corporate asset valuation. The results indicate that SRDI policy support significantly enhances the asset valuation of technology innovation enterprises on average. However, this effect exhibits substantial heterogeneity: it is more pronounced in firms with higher profitability and those operating in technology-intensive industries. Furthermore, this study identify industrial chain finance as a critical mediator in this relationship. Importantly, the mediating effect of industrial chain finance is significantly stronger in enterprises with high R&D investment, underscoring the role of internal innovation capacity in leveraging policy and financial resources. These findings offer nuanced insights for refining targeted industrial policies and optimizing financial resource allocation to foster innovation-driven enterprise growth.