Abstract
This study aims to explore the direct effect and spillover effect of innovation policy in the distribution and dynamic evolution of the regional innovation from the perspective of innovation motivation using the spatial econometric model. Substantive innovation and strategic innovation in one region could affect innovation in another region. In addition, the direct effect and spatial spillover effect of innovation policy could significantly affect innovation; however, they exert a higher impact on substantive innovation. Considering different policy tools, we found that government subsidies exert a significant positive impact on substantive innovation and strategic innovation, whereas financial institution loans exert a significant negative impact on substantive innovation and strategic innovation. And for the impact range, the government subsidies are higher than that of financial institution loans. Furthermore, this study reveals the leading environmental factors affecting regional innovation and provide a policy basis to promote the construction of an innovation-oriented country.