Government Subsidies and High-Quality Innovation in Enterprises
Innovation is crucial for sustained economic growth.Using panel data of listed companies on the Shang-hai and Shenzhen Stock Exchanges from 2009 to 2021,this study analyzes the influence and mechanism of government subsidies on high-quality innovation.The research findings indicate that research and development(R&D)investment and innovation capability mediate the relationship between government subsidies and high-quality innovation in enter-prises.Market forces and industry competition positively moderate this relationship.Particularly,in samples with moder-ate to strong industry competition,market forces play a significant moderating role.However,in samples with weak in-dustry competition,the moderating effect is not significant.Heterogeneity tests reveal that government subsidies have the most significant promoting effect on high-quality innovation in samples characterized by joint patent applications,non-state-owned enterprises,and low financial constraints.Based on these findings,it is recommended to tailor subsidy policies to different market forces and market structures(i.e.,competition levels)among enterprises.Additionally,differ-entiated subsidy policies should be implemented based on patent types to stimulate breakthrough technological innova-tions in independent patents.Furthermore,attention should be given to private enterprises and those facing financial con-straints.Complementary supportive and regulatory policies should also be implemented to fully leverage the promoting effect of government subsidies on high-quality innovation.
NETL
NSTL
万方数据
