军民融合发展是我国国家战略，目前正处于发展期向军民融合深度发展加速迈进的阶段。民参军激励政策是基于宏观的军民融合政策细化的政策，自2012年在北京市、吉林省长春市等地开始实施后，为民参军企业带来了较多的经济支持。本文系统梳理了我国民参军激励政策的发展历程，发现政策发展具有扩大政策适用主体，持续简化审批程序；逐步覆盖民参军过程的全部环节；不断增加激励类别，提高激励的额度等三个显著特点。 本文将2012年开始国家及各省市出台的民参军激励政策视为外部冲击，选取2010-2020年A股上市公司数据，利用多时点PSM-DID模型，进行民参军激励政策对企业创新的基准回归分析，通过稳健性检验、机制检验和异质性检验进行进一步实证研究。 研究结果表明，第一，民参军激励政策显著促进了企业创新。结合稳健性检验，激励政策对企业创新的促进作用相对可靠。第二，民参军激励政策通过增加研发投入、降低交易成本、提高政府补贴等可能渠道促进企业创新。第三，在政策类型、经济区域、区域市场化水平、行业、企业规模及企业所有权性质的异质性条件下，民参军激励政策对企业创新的促进效果存在差异。资质奖励或补贴、减免类优惠政策更能显著促进企业创新；政策更能显著促进中西部地区企业、低市场化水平地区企业、综合电子、系统研发、集成等综合集成类行业企业、小规模企业及非国有企业创新。基于研究成果，针对民参军激励政策方面提出增加对高精尖技术创新成果的激励、重视对武器装备基础性预研的补偿等改进建议，针对政策研究方面提出鼓励和支持对民参军激励政策研究的建议。 随着我国国防事业的不断发展，大力发展民参军是我国国防发展大势所趋，是科技强军的重要措施之一。如何通过政策激励更多的民参军企业创新，打造科技融合引擎，打破军工垄断的“壁垒”从而全面助推我国国防科技创新协同发展已经成为国家关注的重点。本次研究为国家推进军民融合战略进行关于民参军激励政策研究的科研积累，为评价、修订政策提供切实的参考依据，并使企业管理者得到借鉴，更好地实施创新。

The development of civil-military integration(CMI) is China‘s national strategy, which is now in the stage of accelerating the in-depth development of CMI. As detailed policies based on the macro CMI policy, the incentive policies for civilian military participation(CMP) have been implemented in Beijing, Changchun, and other regions since 2012 and have brought more economic support to civilian enterprises participating in military initiatives. This paper systematically sorts out the development process of China‘s incentive policies for CMP and finds that policy development has three notable features: expanding policy applicable subjects and continuously simplifying approval procedures, gradually covering all links in the CMP process, and keep increasing incentive category and amount. This paper regards the incentive policies for CMP issued by China and various provinces and cities since 2012 as exogenous shocks, selects the data of A-share listed companies from 2010 to 2020, uses the time-varying PSM-DID model to do a baseline regression analysis of the effect of CMP incentive policies on enterprise innovation, and conducts further empirical research through robustness tests, mechanism tests, and heterogeneity tests. The research results show that, first, the incentive policies for CMP significantly promote enterprise innovation. Combined with robustness tests, the promotion effect of incentive policies on enterprise innovation is relatively reliable. Second, the incentive policies for CMP promote enterprise innovation through possible channels such as increasing R&D investment, reducing transaction costs, and increasing government subsidies. Third, under the heterogeneity of policy types, economic regions, regional marketization levels, industries, enterprise scales, and enterprise ownership, the promotion effect of incentive policies on enterprise innovation differs. Qualification reward or subsidy policies and preferential policies for reduction and exemption have a more significant promotion effect on enterprise innovation. Policies can more significantly promote innovation of enterprises in the central and western regions, enterprises in areas with low marketization levels, comprehensive electronics, system research and development, integration and other comprehensive integration industry enterprises, small-scale enterprises, and non-state-owned enterprises. Based on the research results, in terms of CMP incentive policies, this paper recommends increasing the incentives for high-tech innovation achievements and attaching importance to the compensation for the basic pre-research of weapons and equipment, and in terms of policy research, this paper recommends encouraging and supporting the research on CMP incentive policies. With the continuous development of China‘s national defense, vigorously promoting civilian participation in military initiatives is the general trend of China‘s national defense development, and is one of the significant measures to strengthen the military through science and technology. It has become the focus of national attention that how to encourage more CMP enterprises to innovate through policies, build a technology fusion engine, and break the "barriers" of military industry monopoly to comprehensively promote the coordinated development of China‘s national defense technology and innovation. This study contributes to the accumulation of scientific research on CMP incentive policies for the national promotion of CMI strategy, provides a solid reference for evaluating and revising policies, and helps enterprise managers draw on it for better implementation of innovation.