A Study On The Impact Of Government Subsidies On The Technological Innovation Efficiency Of Patent-intensive Enterprises

Under the new situation of innovation-driven and regional collaborative innovation development,China’s economic development model has also gradually changed from a single crude to high-efficiency and multi-level.Patent-intensive industries,as an important driving force of China’s economic growth,help China’s economic structure transformation and modernization and upgrade,and achieve high-quality sustainable economic development.With the establishment and implementation of innovation strategy at the national level,the status of China’s patent-intensive industries has been gradually improved,and subsidy policies have begun to tilt toward them..For the developing China,the technological innovation efficiency of patent-intensive enterprises is measured,and the mechanism of government subsidies in improving their technological innovation efficiency is explored,which can provide a reference basis for optimizing the allocation of enterprise technology resources and for the government to formulate a targeted subsidy policy,thus promoting the competitiveness of patent-intensive industries in China.This paper screens patent-intensive industries from listed companies in Shanghai and Shenzhen in China from 2016-2021 as the research sample,and incorporates technological innovation inputs and outputs into the same analytical framework to measure the level of corporate technological innovation.On the basis of the DEA model measuring the two-stage technological innovation efficiency of patent-intensive enterprises,the impact of government subsidies on the two-stage technological innovation efficiency of innovation R&D and economic transformation of patent-intensive enterprises is tested empirically.In addition,this paper investigates the moderating effect of the external context on the efficiency of government subsidies and firms’ innovation R&D and economic transformation stages,using the innovation environment as a moderating variable.The following conclusions were finally obtained:(1)At present,the efficiency of innovation R&D and economic transformation of patent-intensive enterprises in China is generally low,and the efficiency of economic transformation stage is significantly lower than that of innovation R&D stage.From the perspective of industry,the innovation R&D efficiency of patent-intensive enterprises in general shows a decreasing trend from 2016 to 2021,and the decreasing trend is different in different industries.By studying the current situation of innovation input and output of patent-intensive enterprises,we find that although the R&D input in China is increasing,the corresponding technological innovation output has not been improved accordingly,which should be the cause of the decreasing efficiency This should be the main reason for the decline in efficiency.(2)Government subsidies have a significant effect on the technological innovation efficiency of patent-intensive enterprises in both stages,and the degree of influence of government subsidies on the efficiency of innovation R&D stage is higher than that of economic transformation stage.The impact of government subsidies on technological innovation efficiency in both stages is heterogeneous in terms of the nature of enterprise property rights and the nature of industry,and the impact of government subsidies on innovation R&D efficiency of non-state enterprises is higher than that of state-owned enterprises,while the government subsidies promote innovation R&D efficiency and economic transformation efficiency of more competitive industries more significantly.(3)The better the regional innovation environment,the more significant the influence of government subsidies on the innovation R&D efficiency and economic transformation efficiency of patent-intensive enterprises,i.e.,the optimization of the innovation environment is conducive to the improvement of the innovation R&D efficiency and economic transformation efficiency of patent-intensive enterprises stimulated by government subsidies,and the innovation environment can positively regulate the improvement of the innovation R&D efficiency of non-state-owned enterprises by government subsidies,while there is no significant influence on the relationship between government subsidies and state-owned enterprises.In summary,in order to better play the role of government subsidies in guiding and supporting patent-intensive enterprises’ technological innovation,the government should avoid a simple "one-size-fits-all" strategy and adopt a differentiated approach and intensity of government support by accurately identifying the characteristics of different stages of innovation activities and the advantages and disadvantages of different regional innovation environments,so as to truly improve the efficiency of patent-intensive enterprises’ two-stage technological innovation.