The Impact Of Government Subsidies On Enterprise Innovation Inputs And Outputs

General Secretary Xi Jinping pointed out in the report of the 19 th National Congress that innovation is the first driving force for development.At present,the proper intervention and adjustment of the government has improved the original inefficient allocation of innovative resources and solved the externalities of innovation activities.While the government subsidies have begun to show results,they have also exposed many drawbacks,which cannot effectively stimulate the innovation investment and output of enterprises.The problem of low-quality strategic innovation has become increasingly prominent.Therefore,this paper mainly explores the impact of government subsidies on innovation input and output of enterprises,verifies the incentive effect of government subsidies on innovation investment,and effectively distinguishes between substantive innovation and strategic innovation.The content of this paper is as follows: Firstly,through the literature review,bibliometrics and graph data to understand the status quo of government subsidies and enterprise innovation,we find the advantages and disadvantages of existing research.Secondly,from the perspective of enterprise innovation investment,we use the quantile regression and threshold regression methods to analyze the impact of R&D subsidies and non-R&D subsidies on corporate innovation investment.Finally,from the perspective of enterprise innovation output,based on the rent-seeking and financing constraints,the method of propensity score matching is used to study the impact of government subsidies on corporate substantive innovation and strategic innovation.The research results show that:(1)government R&D subsidies and non-R&D subsidies can significantly encourage enterprises to increase innovation investment,and the two will affect each other's incentives for enterprise innovation investment.(2)Government subsidies can significantly promote the substantive innovation and strategic innovation of enterprises,and the incentive effect on substantive innovation is greater than that of strategic innovation.(3)Enterprises with financing constraints will inhibit the incentive effect of government subsidies on enterprise innovation.Enterprises with rent-seeking behavior will promote the incentive effect of government subsidies on enterprise innovation.At the same time,government subsidies are more stringent for companies that have financing constraints,and those that have rent-seeking behaviors are more lenient.