The Impact Of Government Subsidies On Enterprise Technological Innovation

In the era of globalization of science and technology,technological competition has become the mainstream.As the core of competition among countries,the high-tech field has gradually become the primary representation of national scientific and technological strength.The new energy vehicle industry has entered people’s vision with the characteristics of huge technological breakthrough and unprecedented development demand.Technological innovation has acted as a strong booster for the development of the new energy vehicle industry.However,technological innovation has high risk and spillover effect,which can easily cause market failure.In order to solve this problem,China has promulgated a package of fiscal policies,in which government subsidies have become a powerful weapon to promote the innovation ability of the new energy vehicle industry.Despite the gradual expansion of the scale of subsidies,the innovation level and efficiency of China’s new energy vehicle industry is still not optimistic,and even some enterprises have serious problems such as repeated construction and excess capacity.Therefore,it is of great significance to investigate whether government subsidies can accelerate the development of new energy vehicles,promote R&D investment,and improve the performance and efficiency of technological innovation.This paper takes the listed enterprises of new energy vehicles as research samples to investigate the influence direction and effect degree of government subsidies on technological innovation of enterprises.Based on the theory of externality,endogenous economic growth,information asymmetry and market failure,a research model is constructed by reviewing and sorting out relevant literatures at home and abroad.In this paper,enterprise technological innovation is divided into three dimensions: innovation input,innovation performance and innovation efficiency.In the measurement of innovation efficiency,data envelopment analysis method is adopted to comprehensively expatiate from static and dynamic aspects respectively.In the process of regression,the fixed effect model was used to discuss the influence of government subsidies on innovation input and performance,and the Tobit model was used to analyze the effect of government subsidies on innovation efficiency,and the appropriate control variables were matched according to different dependent variables for research.In addition,according to the nature of enterprises and regional distribution,this paper also divided the samples into state-owned and non-state-owned enterprises,eastern and central and western regions for heterogeneity analysis.Finally,the robustness test was conducted by re-measuring the intensity of government subsidies.The final conclusions are as follows:First,the technological innovation efficiency of new energy vehicle companies is at a low level,and the transformation rate of innovation input is not high;Second,government subsidies significantly increase innovation input,but inhibited innovation performance and innovation efficiency;Third,in terms of innovation input,non-state-owned enterprises and enterprises in eastern China have a more significant promoting effect,while in terms of innovation performance and innovation efficiency,non-state-owned enterprises and enterprises in eastern China have a more significant inhibiting effect.This article has enriched the research results of the existing literature,and the conclusions can provide empirical support for relevant theories.At the same time,it also puts forward substantive policy recommendations for the government,which is conductive to the development of China’s emerging industries and the realization of the goal of building an innovation-oriented country.