Abstract: Regarding government recognition of “high-tech recognition” policy （Hereinafter referred to as KJRD） as government-enterprise innovation alliance and resource allocation mechanism, the paper mainly investigates corporate innovation output of listed firms under different public and corporate governance environments. Our findings indicate different from S.O.Es, innovation output of Non-S.O.Es was significantly improved after obtaining KJRD. And further tests prove that with reduction of expected government economic intervention or improvement of corporate governance, innovation governance role of KJRD was further strengthened. Enhancing external government quality or internal corporate governance quality would both streamline institutional environment of KJRD implementation. In general, government “helping hand” effects of KJRD dominates “political resource curse” effects. The paper indicates that enhancing innovation governance role of KJRD depends on efficiently public innovation resource allocation and internal corporate innovation capital utilizing. Therefore, The paper clarify current mixed evidence on the relationship between industrial policy and corporate innovation, which has important theoretical and policy implications for better understanding the role of government on constructing inclusive innovation governance system and accomplishing targeted innovation governance.