Based on the realistic requirements of China’s economic innovation-driven transformation, this paper uses the panel data of China’s listed companies and macro-regional economy from 2008 to 2019 to test the impact of local industrial policies on corporate innovation activities. The study found that local industrial policies have indeed promoted corporate innovation activities, but the innovation-driven effects of different attribute industrial policies have significant differences. Under the condition of distinguishing the differences between different enterprises, industrial policies also have obvious heterogeneous effects. Further, regulatory industry policies can effectively use subsidies and tax policies to support corporate technological innovation activities, while regulatory industry policies have no such effect. In particular, appropriate local government behavior incentives can guide industrial policies to match corporate technology innovation activities, especially for regulatory industry policies.