| With the continuous development of the market economy,the competitive pressure of enterprises in domestic and foreign markets is further aggravated.The ability to innovate is the basis for cultivating the competitive advantage of enterprises and winning the space for survival and development of enterprises.Technological innovation,due to market failure caused by its externality and uncertainty,makes the actual R&D expenditure of society lower than the optimal level.As an alternative mechanism of the market,governments generally use innovative subsidy policies to solve this “market failure”.R&D investment is generally insufficient,so that the level of innovation input and output of enterprises can be improved.Therefore,government innovation subsidies have become an important measure to stimulate technological innovation in enterprises.Governments at all levels in China have continuously strengthened financial support and established a sound R&D support system to improve their independent innovation capabilities.However,the low patent conversion rate is still the main problem of technological innovation of Chinese enterprises.Facing the current innovative subsidy policy implemented by the Chinese government and The amount of subsidies that continue to climb,and what are the innovations brought about by these growing R&D funds? How efficient is the use of innovative policy resources such as fiscal tax subsidies? How can the efficiency of technological innovation of Chinese enterprises be improved?The discussion of the above issues has important theoretical and practical significance.This paper focuses on innovation subsidies and the efficiency of enterprise technology innovation.Most of the research based on innovation efficiency analyzes the industry and regional level,but does not pay enough attention to whether the innovation process of micro-enterprises under the innovation subsidy is efficient.Unreasonable allocation of policy resources will not only reduce the efficiency of technological innovation of enterprises but also lead to waste of policy resources.Therefore,this paper attempts to study the impact of government innovation subsidies on the efficiency of enterprise technology innovation from the perspective of efficiency.Considering that the GEM listed companies are an important force for China to achieve economic transformation and become an innovation-oriented country,innovation subsidies are an important source of funds for technological innovation of GEM companies.It is important to explore the impact of innovation subsidies on the technologicalinnovation efficiency of GEM enterprises.And practical significance.Therefore,this paper selects 255 listed companies on the GEM from 2012 to 2016,uses stochastic frontier models to measure the efficiency of enterprise technology innovation,and empirically analyzes the impact of different innovation subsidies on the technological innovation efficiency of GEM listed companies,based on the perspective of patent heterogeneity.The innovation behavior of enterprises is the orientation of “seeking support” or “seeking innovation”,and compares the efficiency of government innovation subsidies in the two different market environments of industry competition and regional financial market,and“effective market” and “promising The government" combines analysis to make reasonable recommendations on the implementation path of China's innovation subsidy policy.This paper is divided into six parts.The first part puts forward the research direction and ideas of this paper by combing relevant literature.The second part is a review of the development history of the government subsidy system,summarizing the innovative subsidy policies,implementation tools and scales that encourage enterprises to carry out technological innovation.The third part summarizes the innovation investment and patent output status of China and enterprises,and expounds the internal and external influence factors and efficiency evaluation methods of technological innovation efficiency.The fourth part theoretically analyzes the impact of innovation subsidies on the efficiency of enterprise technology innovation.First,innovation subsidies have signal transmission effects,and second,innovation subsidies have resource effects;then,from the perspective of production function,cost function and equal production line,different analysis The impact of innovative subsidies on corporate technology innovation activities,government subsidies and low-interest loans can increase the company's disposable resources,and tax incentives can reduce the cost of innovation capital.The fifth part empirically examines the impact of innovation subsidies on the efficiency of enterprise technology innovation.The paper explores the impact of innovation subsidies on the efficiency of two types of patents for invention patents and non-invention patents,and analyzes whether the technological innovation behavior of enterprises is “seeking support” or “seeking Innovation,and introduce two market environment factors,namely industry competition and regional financial market development level,and analyze whether the efficiency of different innovative subsidy methods will change.The sixth part summarizes the conclusions of the full-text research based on the theoretical and empirical analysis results,and proposes from three levels: enterprise,industry and government.The empirical analysis of this paper is as follows: First,government subsidies can significantly improve the efficiency of technological innovation of enterprises,industrycompetition and regional financial market development level will enhance this impact;second,the efficiency of low-interest loans for both types of patent output Not significant,but it has a significant positive impact on the output efficiency of invention patents in the industry competitive environment,and has a significant negative impact on the efficiency of non-inventive patent output.Third,the tax incentives are efficient for both patent outputs.Not significant,in the industry competitive environment has a significant negative impact on the efficiency of non-inventive patent output,but the higher the level of regional financial market development,can promote the efficiency of invention patent output;Fourth,low-interest loans and tax incentives The two innovative subsidy policies have no significant or significant negative impact on the efficiency of non-inventive patent output,indicating that enterprises have “inquiring support” innovation behavior,resulting in waste of policy resources. |
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