The Impact Of Government R&D Subsidies And Financial Development On Technological Innovation

Technological innovation can promote the industrial development and economic growth of a country or region,and enhance the ability of technological innovation is the top priority for the sustainable and effective development of China's current economic construction.High-tech enterprises are the mainstay of technological innovation in China.Local governments and financial systems provide strong support for technological innovation of high-tech enterprises.The paper mainly studies the impact of government R&D subsidies and financial development on different stages of enterprise technology innovation.Firstly,it sorts out the theoretical basis of government R&D subsidies,financial development and technological innovation.On this basis,it analyzes the mechanism of government R&D subsidies,financial development and the interaction between the two on enterprise technological innovation and proposes hypotheses.Then the status quo of technological innovation,government R&D subsidies and financial development are analyzed in detail.Finally,the Generalized Method of Moments model is established by using dynamic panel data,to test the research hypothesis of this paper,and relevant policy recommendations are put forward.The results show that: First,government R&D subsidies have an irreplaceable promotion effect on the technology research and development stage of enterprise technology innovation,it's more effective for medium-sized companies than for large enterprises,but the impact on the stage of achievement transformation is not significant.Second,financial development has a significant role in promoting the technology research and development stage and the achievement transformation stage of large-scale enterprises.For medium-sized enterprises,it only has a positive effect in the stage of achievement transformation.Thirdly,the interaction between government R&D subsidies and financial development has a positive impact on the patent output in the technology R&D stage,and is negatively correlated with the sales revenue of new products in the transformation stage of the results.Finally,combined with the status quo of government R&D subsidies and financial development support for enterprise technological innovation,the paper proposes policies to strengthen the supervision and management of government R&D subsidies,increase the form of government subsidies,strengthen financial innovation,and rationally guide the financial market.