Based on panel data of incubators in China from 2017-2019,the PSM method was used to measure the impact of industrial policies on the three dimensions of incubator market-innovation-operation performance and to explore regional and type differences. The results show that: single policies have a limited effect, with only government subsidies having a significant positive effect on market performance; policy combinations have a significant positive effect on both market and innovation performance, with the combination of government subsidies and tax incentives contributing most strongly to market performance, and it is the combination of the three policies that has the greatest effect on innovation output; the treatment effects of industrial policies on business performance are all negative; in terms of within-group differences, the treatment effects of policies on non- eastern regions than eastern regions, with a more significant incentive effect on market performance for integrated incubators, and to a greater extent for professional incubators to promote their innovation performance.