On the Impact of Government R&D Subsidy Policies on Enterprise Technological Innovation——Based on the Empirical Test of Listed Manufacturing Companies in China
The article empirically tests the impact of government R&D subsidy policies on technological innovation of manufacturing enterprises using R&D subsidy data from listed manufacturing companies in China from 2007 to 2019.The research results found that R&D subsidies have a significant promoting effect on the innovation input and output of enterprises.The R&D subsidy has a more significant effect on promoting innovation investment in large-scale enterprises,while it has a more significant effect on promoting innovation output in small-scale enterprises.Compared to state-owned enterprises,non-technology intensive enterprises,and enterprises with low financing constraints,R&D subsidies have a more significant effect on promoting innovation input and output in non-state-owned enterprises,technology intensive enterprises,highly competitive enterprises,and enterprises with high financing constraints.After robustness testing and endogeneity control,the above main conclusions remain robust.Therefore,government R&D subsidy policies should consider differences between enterprises and industries,and combine competition and financing policies to improve policy effectiveness.
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