Major technological equipment has significant influence on national security and economic development. Therefore, achieving the domestic substitution of major technological equipment is an inevitable requirement for realizing China's high-level self-reliance and self-strengthening in science and technology. However, major technical equipment has the characteristics of complex technology, large value, and high level of innovation investment, and once the transformation of R&D achievements fails, the ability and enthusiasm of enterprises to innovate will decline significantly. Therefore, resolving the risk of transformation of major technical equipment achievements has become an important part of enhancing the innovation power of China's high-tech manufacturing industry and solving the problem of "stuck neck" in core technology.

Technology insurance is an effective management tool covering all kinds of risks in the whole life cycle of enterprise technological innovation, and plays an important role in supporting enterprise innovation activities. Among them, in view of the risk of application and transformation of technological innovation achievements, the Ministry of Finance of China issued a notice in 2015 to carry out the pilot work of the insurance compensation mechanism for the first set major technical equipment, aiming to resolve the risk of the transformation of the first set product and solve the problem of market promotion of the first set product. The pilot policy of the first set insurance is the latest practice of using technology insurance to resolve the risk of the transformation of the first set product results, but few scholars have conducted in-depth research on its practical effects.

To address this gap, this paper studies the economic effect of the first set insurance from the perspective of innovation investment, and digs deep into its mechanism. At the same time, this paper also examines the moderating effect of the broad subsidy standard on the impact of the first set insurance on the innovation investment of enterprises based on the subsidy measures for the first set insurance issued by some local governments. The results show that the first set insurance has a significant promoting effect on improving the level of enterprise innovation investment, and the effect is more significant in non-state-owned enterprises, large enterprises, enterprises with overseas background and low level of regional legalization. Further analysis shows that the first set insurance can improve the level of enterprise innovation investment by increasing product demand, improving enterprise risk-taking ability and alleviating financing constraints. The broader subsidy standard for the first set insurance enhances the role of the first set insurance in promoting the innovation investment of enterprises; In addition, the first set insurance has increased the level of enterprise value by increasing the investment in enterprise innovation.

The contributions of this paper are as follows: First, this paper examines the impact effect and mechanism of the pilot policy of the first set insurance on the innovation investment of enterprises, and discusses the differences of the first set insurance on the innovation investment of enterprises in different industries in the high-tech industry, which makes up for the shortcomings of the existing research to a certain extent. Second, this paper analyzes and examines the mechanism of the first set insurance to increase the innovation investment of enterprises from three aspects: improving the risk-bearing capacity of enterprises, increasing product demand and alleviating financing constraints, and examines the economic consequences of the first set insurance to increase the innovation investment of enterprises from the perspective of enterprise value, and deepens the relevant research on the first set insurance. In addition, this paper also discusses the moderating effect of the premium subsidy standard of the first set insurance on the impact of the first set insurance on the innovation investment of enterprises, and examines the policy synergy between the central and local governments.

In conclusion, this paper studies the practical effect of the first set insurance pilot policy from the perspective of enterprise innovation investment, and proves its role in solving the problem of market promotion of technological innovation achievements. Future research can further focus on how the differences in government subsidy policies for the first set of insurance affect the innovation behavior of enterprises.