Government R&D Subsidies and R&D Behaviour of Sports Enterprises:An Empirical Study Based on Listed Companies in the Sports Industry
The high-quality development of the sports industry needs to be driven by innovation.In order to study the impact of government industrial policies on the high-quality development of the sports industry,taking the R&D behavior of enterprises as the starting point,and based on the data of listed sports-industry companies from 2009-2019,this paper explores the effect and mechanism of government R&D subsidy policies on the R&D behavior of sports enterprises.The empirical study finds that government R&D subsidies will motivate sports enter-prises to increase R&D investment and the number of patent applications,but they have no significant effect on R&D intensity and the number of patents granted.The phenomenon of"strong quantity and weak quality"of R&D indicates that enterprises may obtain policy benefits through low-quality patents,which is not conducive to the high-quality development of the sports industry.The heterogeneity test finds that the incentive effect of R&D subsi-dies on technological innovation is more significant for non-state-owned sports enterprises and labor-intensive enter-prises.For different life cycles,the R&D subsidy policy leads to a significant improvement in the quality of R&D for enterprises in the development and growth periods,while enterprises in the mature and decline periods are more prone to R&D manipulation.The impact mechanism test shows that R&D subsidies promote enterprise innova-tion mainly through alleviating the financing constraint mechanism.The findings of this paper reflect the deviation of the goal in the implementation of China's sports industry subsidy policy,and suggest that we can explore the implementation of the"double incentive+post-R&D subsidy"system,improve the government's R&D subsidy policy support system,optimize the environment for innovation and entrepreneurship to better the effect of the implementation of China's sports industry policy,and achieve the high-quality development of the sports industry through the drive of innovation.
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