Abstract: Based on the background of the promulgation of the National Measures for the Recognition of High-tech Enterprises in 2008 and the introduction of the Top Ten Industrial Policies in 2009 in China, this paper identifies and classifies the beneficiary policies of enterprises into high-tech recognition policies, the Top Ten Industrial Policies, and the mix of the first two categories. It employs a difference-in-differences method and find that all three types of policies significantly promote the invention patent output of enterprises, and the policy mix has the greatest effect on the enhancement of high-quality innovation output. Mechanism analysis indicates that the joint utility of the policy mix effectively incentivizes the controlling shareholders to allocate more support funds to the enterprise's innovation activities, thus promoting the output and efficiency of high-quality innovation. Compared with single policies, when firms are located in regions with lower marketization and poor legal protection, the policy mix can compensate for the uncertainty risk of firms' poor environment and promote their technological innovation; when firms are located in regions with higher marketization and better legal protection, the policy mix can incentivize controlling shareholders to allocate resource to support technological innovation and enhance high-quality innovation output.