| Since the mid-1980 s,the world economy has gradually developed into a knowledge-based economy driven by rapidly changing technologies and markets.Under this premise,innovation becomes the basic premise of the competitiveness of the world today,and enterprises are the core participants in the realization of innovation.Innovation has become one of the most important tasks of most enterprises nowadays.The competitiveness brought by economic globalization forces enterprises to seek innovation more and more in order to provide differentiated goods and services,reduce the cost of achieving long-term business objectives,and remain invincible in the fierce competition.The Chinese government has always attached great importance to innovation.Since the mid-1990 s,the strategy of rejuvenating the country through science and technology has been implemented.At the Fifth Plenary Session of the Eighteenth Central Committee of the Communist Party of China,innovation has been proposed to be placed at the top of the five development concepts,and the dominant position of enterprises in science and technology innovation has been emphasized.The key to innovation is the implementation of research and development activities,which means that enterprises need to invest large sums of money.In addition,due to imperfect innovation protection policies and high failure risks of research and development,the company's scientific and technological research and development enthusiasm is not high.Previous studies have shown that government subsidies,to a certain extent,share the financial risks related to R&D of enterprises,and are the necessary means to guide enterprises to innovate.Our government also regards R&D subsidies to enterprises as an important measure to stimulate enterprises' independent innovation,and the R&D subsidies to enterprises increase year by year.The ever-increasing government subsidy has aroused widespread concern from all walks of life.Whether the scale of government subsidy is increasing and the level of enterprise innovation is rising became an important issue that we must study.Under the background of China's economic transition,the process of marketization varies greatly from region to region.The degree of marketization in the region where the enterprise is located will have an impact on the economic behavior of the enterprise.Scholars at home and abroad generally believe that the process of marketization has an incentive effect on enterprise innovation.In other words,the process of marketization can affect the investment of enterprise innovation.The main performance is to increase input,thereby promoting enterprise innovation.So,how to give full play to the effect of government subsidy on enterprise innovation under different market conditions is also a problem worthy of further study.The empirical results show that:(1)overall,R & D investment of Chinese enterprises is relatively low,with an average of only 2.5%.The innovation ability of the enterprise is weak,and the enterprise has not really become the main body of innovation decision-making,R&D investment,scientific research organization and results application.(2)Government subsidy has an incentive effect on R&D of enterprises,that is,with the increase of government subsidy,the expenditure on R&D part of enterprises will increase accordingly,the output of enterprises' innovation and the number of patent applications will increase accordingly.(3)Compared with large-scale enterprises,government subsidies have stronger incentive effect on R&D input of small-scale enterprises,but in R&D output,large-scale enterprises show significant positive correlation.(4)Relatively speaking,the government subsidy has more significant incentive effect on R&D input intensity and innovation output of enterprises in higher level of marketization.This paper constructs the analytical framework of government subsidy on enterprise innovation under different market levels,and carries out empirical tests,deepens the mechanism of government subsidy on enterprise innovation,and enriches the research literature on enterprise innovation.At the same time,the results of this study have also made a certain contribution on how to further promote the impact of government subsidy policy on the innovation ability of enterprises according to the differences in the process of marketization in the stage of economic transformation and upgrading in China. |
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