Although the Chinese government's R&D subsidies continue to increase,enterprises'innovation output is considerable in quantity and low in quality.How to better achieve substantive innovation and solve the problem of"stranglehold"?Ninety-three state-owned enterprises in strategic emerging industries listed in Shanghai and Shenzhen A-shares from 2010 to 2017 were selected as the observation objects,and the fixed effect model was used for an empirical test.It was found from this study that:(1)R&D subsidies can promote enterprise innovation,but enterprises are more inclined to choose strategic innovation rath-er than substantive innovation.The increase in the scale of subsidies cannot solve the problem of"stranglehold".(2)Ex post R&D subsidies are more conducive to promoting innovation than ex post R&D subsidies.(3)The business environment promotes substantive innovation through risk expectation and profit expectation.In high-end equipment manufacturing industry with low risk of innovation return,competitive industry with high premium of innovative products and legal environment with stable expec-tation of innovation return,R&D subsidies can promote substantive innovation of enterprises.And in a government environment where the expected benefits of innovation are unstable due to official changes,R&D subsidies do not promote substantive innova-tion.It revealed further that the business environment is the condition and mechanism for R&D subsidies to promote the substan-tive innovation of enterprises.It clarified the impact of two kinds of government actions,namely granting R&D subsidies and op-timizing business environment,on enterprises'innovation output.This research has policy implications for R&D subsidies to more effectively solve the problem of"stranglehold".
business environmentR&D subsidysubstantive innovation
NETL
NSTL
维普
万方数据
