This paper divides industrial policies into supply-based, demand-based and environment-based ones, and then studies the influence of different policies on business (industry) performance via the paths of policy resource configuration directly and policy resource configuration between firms indirectly by using the data of Chinese strategic emerging industries. It arrives at the following conclusions:firstly, the subsidies combining with supply-based policy has inhibited the increase in firm performance by two paths abovementioned together; secondly, there are different effects of industrial policies on firms of different sizes, and supply-based policy resource configuration among small firms has no significant concentrated feature but policy resources among large firms are more concentrated; thirdly, supply-based policy reduces the performance of large firms mainly through policy resource configuration between firms indirectly, while supply-based policy has inhibited firm performance mainly through the direct allocation of subsidies in terms of small firms; fourthly, environment-based policy has significant impact on investment, subsidies etc in general, but for large firms, the environment policy has a negative impact on the allocation of policy resources between firms and a positive impact on small firms. The paper also finds that demand-based policy is conducive to resource reallocation, and supply-based policy has not yet shown a positive role in resource reallocation.