Governmental Subsidies And Technological Innovation Of Enterprises

As the main body of the national economy,the manufacturing industry is not only the basic and strategic industry of our country,but also the main carrier for our country to implement the innovation-driven strategy.Only a strong manufacturing industry can bring the prosperity of the country and the prosperity of the nation.However,with the arrival of the new normal of the economy,the development of the real economy is in the doldrums,enter a period of labor pains and bottlenecks.The transformation and upgrading of the manufacturing industry has become the only way to break through the predicament.Because the positive externalities of technological innovation activities,the indivisibility of innovation process and the high risk of innovation investment may lead to the lack of social innovation,the government uses a series of fiscal and tax policies to stimulate,guide,encourage and support enterprise innovation.Providing subsidies is one of the important ones.The effect of subsidy policy on technological innovation of enterprises and how to make better use of subsidy funds have become the focus of research in related fields.In the introduction part,this paper combs the existing research literature,makes a theoretical analysis from two aspects of the necessity and impact of government subsidies for enterprise technological innovation,and summarizes the situation of government subsidies and enterprise technological innovation in China's manufacturing industry in the third part of the article.After that,combined with the existing research and theoretical analysis,using the relevant data of China's manufacturing listed companies from 2012 to 2017,this paper constructs the PSM-DID empirical model to research the impact of governmental subsidies on technological innovation of manufacturing enterprises.It is found that governmental subsidies have a positive effect on technological innovation of manufacturing enterprises,and as far as the overall level of subsidy intensity is concerned,the higher the subsidy intensity is,the more obvious the incentive effect is.Compared with small and medium-sized enterprises,the incentive effect of governmental subsidies on technological innovation of large enterprises is smaller.Compared with state-owned enterprises,the positive effect of governmental subsidies on technological innovation of non-state-owned enterprises is smaller and statistically insignificant.Compared with non-R&D-intensive enterprises,governmental subsidies play a stronger role inpromoting technological innovation of R&D-intensive enterprises.Compared with the enterprises with higher environmental excellence of innovation,governmental subsidy has a significant positive effect on the technological innovation of enterprises with lower environmental excellence of innovation.According to these conclusions and analysis,the auther puts forward five suggestions:improve the governmental subsidies mechanism and vigorously support innovative activities;make clear the policy guidance and stimulate the vitality of innovation;adjust the tendency of providing more governmental subsidies to large enterprises to improve subsidies for small and medium-sized enterprises;support R&D-intensive enterprises to improve the performance of subsidy funds;according to the superiority of the innovation environment,we should appropriately weaken the subsidies for enterprises in areas with excellent innovation environment.