Keywords
government subsidies, substantive innovation, firm life cycle
Abstract
At the critical moment of building an innovation power, how the Chinese government adjusts and optimizes the subsidy policy to further exert the incentive effect on the substantive innovation of enterprises becomes a major question that needs to be answered urgently. Based on a research sample of high-tech enterprises listed on A shares in China from 2014 to 2020 and combined with the dynamic life cycle characteristics of enterprises, the impact of government subsidies on substantive innovation of enterprises is studied in depth. The study shows that: first, government subsidies significantly promote firms' substantive innovation; second, R&D investment plays a partly mediating role in the relationship between government subsidies and firms' substantive innovation; third, the positive incentive effect of government subsidies on firms' substantive innovation is mainly concentrated in the maturity period, and the promotion effect on firms in the growth period and the decline period is relatively small.
DOI
10.16315/j.stm.2022.01.003
Recommended Citation
Jing, ZHAO and JIN, Xiang-rong
(2022)
"Study of the impact of government subsidies on substantial firm innovation:Take A-share listed high-tech companies as an example,"
Journal of Science and Technology Management: Vol. 24:
Iss.
1, Article 6.
DOI: 10.16315/j.stm.2022.01.003
Available at:
https://jstm.researchcommons.org/journal/vol24/iss1/6
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
