| Today,government subsidies are an important means for the government to optimize the structure of resource allocation,develop the industrial economy and promote regional employment,and also play an important role in the process of rapid economic growth in China.However,there are many types of government subsidies to enterprises,such as R&D subsidies,and financial discounts subsidies,import and export subsidies,etc.There is still controversy in the academic circles as to whether different types of government subsidies can promote enterprises to carry out innovation activities.The vast majority of rational corporate decision makers will still choose to improve the market competitiveness of their products,which considering that short-term profits are not sustainable and enterprises are formulating future development strategies.So,starting from the various types of government subsidies that enterprises receive,this paper deeply explores the development trend of Chinese macro innovation,and evaluates how different types of government subsidies affect the innovation output of enterprises,which combined with Chinese macro-level data and micro-enterprise data.In addition,a theoretical analysis model is constructed on the basis of sorting out the previous literature,and the company’s R&D investment is measured by the proportion of the company’s R&D investment,and the number of patents owned by the company is used to measure the company’s innovation output.Then,this paper empirically test how different types of government subsidies effect on R&D investment and innovation output.Finally,it is found that the market value of patents has a Pareto distribution phenomenon based on the analysis of existing research and previous data,which considering the differences in the market value of different patents.So,Zipfs law is used to verify the market value distribution of invention patents and utility patents in China,and the characteristics of enterprise innovation are measured by the number of citations of patents,and the impact of different types of government subsidies on enterprise innovation output is re-analyzed.In order to explore the impact of different types of government subsidies on enterprise innovation,this paper combines theoretical models and empirical models to test the proposed research hypotheses.The main conclusions are as follows:1.This paper use the macro policy documents to analyze the current situation of innovation and development strategies supported by the Chinese government,and sort out the characteristics of Chinese regional innovation and development strategies and innovation and development planning,and summarize the new trends of innovation and development in China.In addition,Chinese R&D investment and output are increasing year by year in the context of globalization,the scale and growth rate of innovation resources are leading the world,and technological innovation has a significant scale advantage,and innovation and development are mostly concentrated in high R&D-intensive industries,and the concentration of high-tech industries is obvious,and the regional agglomeration effect is prominent.Meanwhile,it is found that different companies receive government R&D subsidies and non-R&D subsidies combined with the data of micro listed companies,as well as enterprises’ R&D investment and innovation output.It is also found that moderate government subsidies can effectively improve the innovation efficiency of enterprises,but Too high and too low government subsidies do not improve the innovation efficiency of enterprises,even may have a depressing effect.Finally,it is found that the transformation rate of Chinese patent industry has been continuously improved combined with the data released by the National Bureau of Statistics,the proportion of patentees suffering from patent infringement has been declining,and the awareness of patentees’ rights protection has gradually increased.This shows that in the context of the continuous improvement of Chinese overall intellectual property protection environment,the market value of patents has shown a steady upward trend.2.It is found that government R&D subsidies and non-R&D subsidies have asymmetric and significant effects on the R&D investment of enterprises,which measure the R&D investment of the enterprise by the ratio of the R&D investment amount of the enterprise to its total assets.We found the significant inverted U-shaped impact of government R&D subsidies on the R&D investment of enterprises,While government non-R&D subsidies have a linear and significant effect on corporate R&D investment.In addition,it is found that the differences in the degree of financialization and ownership attributes of enterprises will have a heterogeneous impact on the R&D investment of enterprises,which using the moderation effect model.In addition,it is found that government R&D subsidies and non-R&D subsidies also have asymmetric and significant effects on enterprises’ innovation output using the number of patents owned by enterprises to measure innovation output,including a significant inverted U-shaped effect of government R&D subsidies on enterprise innovation output,while government non-R&D subsidies have a significant inhibitory effect on corporate innovation output.Moreover,this paper use a Quantile regression model and a series of robustness tests,such as replacing variables,samples,and IV method,it is verified that government R&D subsidies and non-R&D subsidies have significant asymmetric effects on corporate innovation.Further mechanism inspection shows that the financing constraints and profitability of enterprises are important mechanisms for different types of government subsidies to affect the innovation output of enterprises.Finally,in order to distinguish the different regions,listed sectors and industry technologies of enterprises,the heterogeneity analysis is carried out on the relationship between enterprises’ receiving different types of government subsidies and enterprises’ R&D investment and innovation output,and the results are found to be different.3.We use the number of corporate patent citations as an indicator to measure the patent market value,it is found that the traditional Zipf distribution function has certain limitations in the applicability of the value distribution of Chinese invention patents and utility patents,which using the CSMAR patent citation data sample,and the market value distribution of patents are more conforming to the Zipf distribution quadratic function.So,we use the double-log quadratic Zipf distribution and the Hill index,Meanwhile,the samples of the sub-industry and the top four enterprises in the sub-industry are selected to re-estimate the holdings of listed companies.There are Zipf distribution coefficients for patent market value,which obtained results show that the Zipf distribution is suitable for the distribution characteristics of the citation times of invention patents and utility patents.Finally,considering the difference in patent grant time and the low number of citations for new patents,we adopt two methods of excluding the five-year samples from 2014 to 2018 and using the patent application time and patent grant time as the time node to Zipf the market value of patents.Distribution robustness test results still support that the number of patent citations obeys the Zipf distribution.4.The number of patent citations is used to re-measure the innovation output of enterprises,which considering the differences in the market value of different patents of enterprises.The study found that the government R&D subsidies and non-R&D subsidies obtained by enterprises still have significant asymmetric effects on enterprise innovation output.However,there is a significant inhibitory effect on output.Meanwhile,it is further verified that the government R&D subsidies and non-R&D subsidies obtained by enterprises have asymmetric and significant effects on the innovation output of enterprises through the use of quantile regression analysis,and adopt various robustness tests such as replacement variables,samples and Ⅳmethod,and the obtained results still support the benchmark regression results.In addition,the heterogeneity analysis of the relationship between different types of government subsidies and innovation output by enterprises is carried out,and it is found that enterprises in different regions,listed sectors and industry technologies have relatively large difference influences on the innovation output of enterprises obtained by government R&D subsidies and non-R&D subsidies.Finally,the innovation output is measured again by the number of citations of a single patent of an enterprise by other patents,and the impact of different types of government subsidies on enterprises’ innovation output measured by the number of citations of a single patent is analyzed.The study found that the obtained benchmark regression results and robustness test results still support the conclusion that government R&D subsidies and non-R&D subsidies have significant asymmetric effects on enterprise innovation output after solving the truncation problem of patent citation data,which indicates that the results obtained of this paper are relatively robust.The corresponding policy recommendations are put forward for the government and enterprise based on the research conclusions of this paper.In addition,the next research direction is proposed after considering the possible research limitations. |
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