###### Abstract
As early as 1945, the British government proposed using industrialized building technology to replace traditional construction methods and provided subsidies and public investment to promote PBs [8; 17]. Since 1976, the United States has introduced multiple codes and standards for the PB industry, which still guide the development of PB [18]. The Singapore government has proposed a series of PBIPs, such as prioritizing land supply, tax incentives, and cash rewards, which have extensively promoted the scale of PBs in Singapore [19]. In recent years, Chinese central and local governments have issued many PBIPs to help promote the application of PBs [20; 21]. Presently, the types and quantities of PBIP in China are complete but, compared with developed countries, the systematic synergy and implementation of incentive policies for PB are relatively poor [22; 23]. At present, the implementation effect of PBIP is not known, and the promotion effect of PBIP on applying PB is not significant [10]. To enhance the promotional impact of PBIP on the development of PBs, it is imperative to research the implementation outcomes of PBIP and put forward scientifically viable suggestions for policy improvement. The academic community has conducted rich research on PBIPs, mainly evaluating policy texts, policy performance, and policy effects. Firstly, some literature has reviewed the policy texts of PBIP and emphasized the importance of these texts for PBs but did not propose an impact mechanism for the implementation process of the PBIP [18; 24]. Secondly, existing research on the performance and implementation effectiveness of PBIPs mainly focuses on a static perspective, evaluating the effectiveness of policies through the sorting and comparative analysis of policy texts, lacking dynamic consideration of the policy implementation process [22; 25]. Third, most of the literature mainly studies from the standpoint of government departments, real estate enterprises, and consumers without considering all the stakeholders of PBIPs [26; 27]. To get a comprehensive and objective assessment of PBIP, the study needs to consider all its stakeholders. To fill this knowledge gap, this paper studies the influence mechanism and implementation effect of the PBIP. System dynamics (SD) is often used to solve complex and dynamic system problems and predict the dynamic trend of the system based on scenario simulation [28; 29]. This study uses SD theory to establish a dynamic model of the implementation effect of the PBIP. From the perspective of all stakeholders of the PBIP, simulating and verifying the implementation effects of PBIPs fills a gap in the dynamic system modelling research on policy evaluation in the existing literature. The evaluation results can help policymakers identify key weak links in current policies, optimize policy combination design, and enhance the practical guidance role of PBIPs in promoting PBs. It also provides a reference for the government to formulate and implement the effective PBIP. This paper proposes three fundamental problems to be solved: (1) revealing the impact path of PBIPs on the development of PB and analyzing the critical role of PBIPs; (2) an innovative evaluation model based on SD has been established to reflect the dynamic process and system feedback of PBIP implementation; and (3) evaluate the effectiveness of PBIPs through simulation and sensitivity analysis, and propose improvement suggestions for PBIPs. Therefore, the primary objective of this study is to assess the implementation effect of PBIPs from a dynamic perspective and offer recommendations for enhancing and refining PBIPs. The remainder of this paper is organized as follows: Section 2 summarizes the research status of PBIPs. Section 3 explains the research methods, analyzes the influence mechanism of PBIPs, and establishes an SD model. Section 4 discusses the simulation and sensitivity analysis of PBIPs. Section 5 discusses the research results and puts forward policy suggestions. Finally, this research is summarized in Section 6.