Government Subsidies and Innovation of Specialized and New"Little Giant"Enterprises:A Perspective on the Institutional Environment
Based on sample data of the first three batches of specialized and new"Little Giant"listed A-share companies from 2012 to 2021 released by the Ministry of Industry and Information Technology,it explores the impact of government subsidies,institutional environment and other factors on enterprise innovation.Results show that government subsidies and institutional environment can promote the innovation of such"Little Giant"enterprises;the institutional environment plays a positive regulatary role between government subsidies and enterprise innovation.Heterogeneity analysis shows that government subsidies have a greater incentive effect on the innovation of technology-intensive,growth-oriented enterprises in east China,while institutional environment is more conducive to the innovation of technology-intensive and growth-oriented enterprises.It is also argued that the relationship between the government and the market as well as the development of non-state-owned economy are important indicators that the institutional environment plays a regulatory role.
specialized and new"Little Giant"enterprisesgovernment subsidiesinstitutional environmententerprise innovationhigh-quality development of economy