Bridging the regional innovation policy and entrepreneurship: the role of intellectual capital.

Purpose: This study examines whether the national innovative city pilot policy (NICP) influences urban entrepreneurship (UE). To examine the underlying causal mechanism, this study modeled the city-level intellectual capital index and financing capacity (FC) in the relationship between NICP and UE. Design/methodology/approach: An empirical model of NICP, intellectual capital, FC and entrepreneurship is conceptualized based on theoretical analysis. Using a quasi-natural experiment of China's NICP, with a sample of 280 prefecture-level cities in China from 2003 to 2018, propensity score matching with difference-in-differences (PSM-DID) is used to empirically test the NICP's impact on UE, mediating effects of intellectual capital and moderation effects of FC. Findings: The results show that the NICP can significantly motivate UE. Intellectual capital plays mediating effects on the relationship between NICP and UE. Moreover, the NICP and intellectual capital's effects on UE are moderated by FC. Practical implications: This study provides an important reference for promoting UE through intellectual capital and FC in the construction of the NICP. Originality/value: This is a pioneering study that develops a theoretical model to incorporate NICP, intellectual capital, FC and UE. This paper applies experimental governance theory in innovative urban scenarios, and verifies its applicability and particularity in the Chinese context. [ABSTRACT FROM AUTHOR]