Innovation Subsidy,Venture Investment And Enterprise Innovation

At present,China's economic development is in a critical period of transformation and upgrading,and improving the ability of technological innovation is the top priority to maintain sustainable and effective economic development.Nevertheless,because of the significant positive externality of innovation,the market allocation of resources is out of order and the investment in innovation is not optimal.In order to improve the innovation enthusiasm of enterprises and promote innovation output,China has formulated a variety of innovation subsidy policies,and actively promoted the capital market to play a supporting role in enterprise innovation.The innovation subsidy as a government incentive way and the venture investment as a market incentive way are two important strategic arrangements for the construction of an innovation-oriented country,and the incentive effect on enterprise innovation is worth exploring.In order to examine the impact of innovation subsidies on enterprise innovation,and the regulatory effect of the venture investment as a market incentive way on the relationship between them,this paper selects A-share listed companies in Shanghai and Shenzhen stock markets from 2011 to 2017,and makes a comprehensive analysis from the two aspects of innovation input and output.Through the analysis of current situation and empirical examining,the following conclusions are drawn: in the first place,in general,innovation subsidies can improve the innovation enthusiasm of enterprises,increase innovation input and innovation output.Secondly,venture investment plays a significant role in regulating the relationship between innovation subsidies and enterprise innovation,which mainly due to the supplement of venture investment to enterprise innovation funds,the external supervision of enterprises,and the value-added services it provided.Thirdly,the higher the shareholding ratio of venture investment is,the closer it is to the enterprise,and the more beneficial it is for the enterprise to play the role of supervision and control.So that,it can promote the enterprise to effectively use the innovation subsidies,increase innovation input and improve the quality of innovation output,while joint venture investment has no significant regulatory effect.Fourthly,the regulatory effect of venture investment shows heterogeneity on account of the different institutional environment,and it is more significant in areas with higher degree of marketization and intellectual property protection;the opening of high-speed railwayshortens the space-time distance between venture investment and invested enterprises,reduces the cost of enterprises participating in the governance of invested companies,and it is conducive to providing support for enterprises' innovation and giving full play to the supervision of venture investment.Combined with the research results,this paper puts forward some policy suggestions,such as strengthening the pertinence of innovation subsidies,strengthening the post-supervision and management of innovation subsidy,paying attention to the incentive role of venture investment,speeding up the market-oriented reform and improving the degree of intellectual property protection.