Research on the Impact of Government Subsidies on Technology Innovation in the New Energy Industry
Based on the data of A-share Listed Companies in the new energy industry of Shanghai and Shenzhen from 2009 to 2021,this article explores the driving effect and heterogeneity characteristics of government subsidies on technology innovation of new energy enterprises from two dimensions:innovation input and output.Research has found that government subsidies have a significant positive incentive effect on the innovation of new energy enterprises,but they have a clear preference for"strategic"innovation,that is,they excessively pursue the quantity of innovation while neglecting the quality;compared to small and medium-sized enterprises,subsidies have a more significant in-centive effect on large enterprises'innovation;compared to non-state-owned enterprises,subsidies have a more marked positive incentive effect on state-owned enterprises'innovation.This paper suggests that China should value and strengthen financial subsidies for strategic emerging industries such as new energy industry,making the govern-ment's"tangible hand"more effective;improve the subsidy mechanism for innovation in strategic emerging indus-tries,and strengthen the guidance,monitoring,and evaluation of"substantive"innovation in subsidized enterprises;give full play to the leading role of large enterprises in innovation,build a technology innovation ecosystem for small and medium-sized enterprises,and unite to solve the problem of technological bottlenecks;give full play to the lead-ing role of state-owned enterprises in technology innovation,establish and enhance a collaborative mechanism for in-novation between state-owned and private enterprises,improve the policy system for supporting collaborative innova-tion,and continue to build a community with shared interests.
financial subsidiestechnology innovationnew energy industrystrategic innovation
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