The Impact Of Government Innovation Policy On The Enterprises' Innovation Efficiency

As China's economy enters a “new normal”,the motor of economic growth is changing from “factor-driven” and “investment-driven” to “innovation-driven”.Therefore,R&D activities need to carry out in a deep-going way.However,the outputs of R&D activities possess the attributes of externalities,public goods and indeterminacy,which will cause market inefficiencies.For this reason,government's invention and support is necessary for R&D activities.It is generally two ways for government to support R&D activities: direct subsidy and tax incentives.At present,the existing literatures pay more attention to the impact of government innovation policy on innovation inputs or innovation outputs,however the studies on the impact of government innovation policy on innovation efficiency is relatively limited.Innovation efficiency is a better index of innovation ability,which considers both innovation inputs and outputs.Based on this,this paper takes the data of industrial enterprises above the designated size of China as an example,analyzes the impact of government innovation policy on the efficiency of corporate innovation.Firstly,this paper reviews relevant researches and theories at home and abroad,presents the hypotheses.Secondly,it analyzes the technological innovation actuality of industrial enterprises above the designated size and implementation of government's support.Thirdly,it divides the technological innovation process into the R&D phase and the achievement transformation phase,applies the Network DEA method to measure the overall efficiency and the efficiency on R&D phase and the achievement transformation phase of industrial enterprises above the designated size.Finally,it uses empirical analysis analyzes the effect of government innovation policy on the efficiency of corporate innovation to testify the hypotheses.To sum up,several conclusions are drawn:(1)State-owned enterprises get more government innovation policy for their close relationship with governmental agencies.(2)Technological innovation efficiency of industrial enterprises is low.In general,foreign-invested enterprises have higher technological innovation efficiency.(3)The relationship between government innovation policy and enterprises' technological innovation efficiency presents significant positive correlation.(4)Government innovation policy has greater performance in R&D phase.(5)The effect of government innovation policy is different among different enterprises.Take ownership property as moderating role.The positive effect of direct subsidy and tax incentives on enterprises' technological innovation efficiency is stronger on(non state-owned)domestic enterprises and foreign-invested enterprises.