Research On The Influence Of R&D Subsidy On The Technological Innovation Performance Of China’s Lithium Battery Listed Companies

Technological innovation is a key link in the process of innovation-led development and also an important element for companies to win in market competition.However,the high risk and positive externalities of technological innovation can easily cause "market failure",which requires the government to carry out macro-control through R&D subsidies and other tools.R&D subsidy has both resource attributes and signal functions,which has important effect on companies’ technological innovation.China is currently the main producer and consumer of lithium battery,and the state attaches great importance to and subsidizes the technological innovation of lithium battery.Technological innovation of lithium battery is both important and necessary.Therefore,from two aspects of innovation quantity and innovation quality,the research explores the influence of R&D subsidy on technological innovation performance of Chinese lithium battery companies and the moderating roles of external market competition degree and internal technological capability,aiming to clarify the effect and mechanism of R&D subsidy on technological innovation performance of lithium battery companies.Using the data of 64 lithium battery listed companies from 2009 to2019,the research uses fixed effect,ordinary least square method,twostage least square method to conduct an empirical study with the help of Stata15.0 statistical analysis software.The results show that:(1)R&D subsidy positively affect the innovation quantity and innovation quality of Chinese lithium battery companies;(2)the degree of market competition positively moderates the relationship between R&D subsidy and the innovation quantity and innovation quality of Chinese lithium battery companies;(3)technological capability positively moderates the relationship between R&D subsidy and the innovation quantity and innovation quality of Chinese lithium battery companies;(4)the positive influence of R&D subsidy on innovation quantity is more significant in large-scale companies;the positive influence of R&D subsidy on innovation quality is more significant in large-scale companies and stateowned companies.The research further conducts endogeneity and robustness tests,and the results show that the conclusions are still valid.The empirical results of the research are helpful to enrich the research on the effect and mechanism of R&D subsidy on technological innovation performance in terms of innovation quantity and innovation quality.They can also help figure out the implementation effect of R&D subsidy in lithium battery industry and provide corresponding references and suggestions for the government and companies,so as to give full play to the positive effect of R&D subsidy on technological innovation and promote the orderly and healthy development of lithium battery industry.