| China’s economic growth model urgently needs to be transformed and upgraded,and scientific and technological innovation will gradually become the main driving force for growth.Under the new situation of international order reconstruction and COVID-19 epidemic,it is necessary for China to speed up scientific and technological innovation.As the second largest economy in the world,China still has shortcomings in basic scientific research and key core technologies,which will bring long-term constraints to China’s economic development.Throughout the world,the government plays an important role in leading a country’s scientific and technological innovation and development.The governments of major economies in the world have launched scientific and technological development strategies and policies,especially the R&D funding for high-tech industries is rising,and China is no exception.Enterprises are the main body of technological innovation,so the government’s support for a country’s scientific and technological development needs to be realized through enterprises.In theory,government subsidies can reduce the cost and risk of R&D of enterprises,alleviate the "market failure" of public goods,and thus encourage enterprises to improve the level of innovation investment and play a positive "complementary effect".However,due to the problem of information asymmetry,the effect of government subsidies on the level of technological innovation investment is not stable,and may even produce a certain "substitution effect".Based on this,this thesis puts forward the following questions: First,whether government subsidies have a "complementary effect" or a "substitution effect" on enterprises’ technological innovation investment,and whether there is a non-linear effect? Second,how does the external environment adjust the impact of government subsidies on technological innovation investment of enterprises? Third,what is the mechanism of the impact of government subsidies on the technological innovation output of enterprises,and whether there is heterogeneity? Fourthly,combined with theoretical and empirical research,what kind of policy combination should be implemented in China to maximize the leading and driving role of government subsidies in technological innovation?In order to answer the above questions,this thesis compares the latest international and domestic experience,based on the theory of public goods,externalities and technological innovation risk,constructs a dynamic game theory model including government subsidies,enterprise innovation input and enterprise innovation output,and analyzes the impact of government subsidies on enterprise technological innovation input and output.And this thesis uses the rich rigorous empirical model to carry on the examination to support.Details are as follows:First of all,international experience shows that the governments of the United States,Germany,Japan and China have issued a number of R&D support strategies and plans,the scale of government R&D expenditure has been rising,the proportion of R&D expenditure in the whole society has tended to be stable,and the government and the market have reached a new balance in the proportion of R&D funds.Secondly,the theoretical model predicts that government subsidies to innovators can narrow the difference of marginal costs between innovators and imitators,and bring about a "rise and fall" in the output of innovators and imitators,thus stimulating innovators to increase R&D investment.In this process,government subsidies have a threshold effect on the promotion of R&D investment of innovative firms,and are affected by three exogenous variables: financial environment,intellectual property market and technology market environment.Thirdly,the first empirical model analyzes the impact of government subsidies on technological innovation investment of high-tech listed companies,and uses the threshold effect to test the non-linear performance of the impact of government subsidies.The results of empirical analysis are consistent with the theoretical analysis.The results show that there is a significant positive relationship between government subsidies and technological innovation investment.This means that government subsidies are effective in encouraging enterprises to invest in technological innovation,solving the problem of mismatch between income and investment in R&D activities to a certain extent,alleviating "market failure",and thus supporting the "complementary effect" of government subsidies.Furthermore,taking the intensity of government subsidies as the threshold variable,this thesis tests whether there is a nonlinear effect of government subsidies on technological innovation investment.The results show that there is a single threshold value in the threshold panel regression model,and the influence coefficient of government subsidy intensity is significantly different in the two threshold intervals.When the intensity of government subsidies exceeds the threshold(0.01),the promotion effect of government subsidies on technological innovation investment of enterprises gradually decreases,which reveals that excessive government subsidies will weaken the stimulating effect on technological innovation investment of enterprises,so it is very important to formulate government subsidy policies scientifically.In addition,this thesis introduces a number of key external environmental factors to examine the regulatory effects of financial environment,intellectual property protection level and technology market environment on government subsidies to promote technological innovation investment,and finds that the improvement of the above three external environments is conducive to improving the incentive effect of government subsidies on technological innovation investment.In view of this,the government should scientifically grasp the intensity of government subsidies,improve the local supporting system,and maximize the "complementary effect" of government funds.The second empirical model analyzes the impact of government subsidies on the innovation output of high-tech listed companies,and uses the mediating effect model to test the transmission mechanism.The results of empirical analysis are consistent with the theoretical analysis.The results show that government subsidies can significantly improve the innovation output of enterprises.The mechanism test shows that enterprise innovation input plays a complete intermediary role in the process of government subsidies affecting enterprise innovation output,that is,the path that government subsidies promote innovation output by leveraging enterprise innovation input is established.Further,the heterogeneity analysis shows that,from the regional perspective,the government subsidies have the best effect on the innovation output of enterprises in the western region,followed by the eastern region,while the impact on the central region is not significant.In the western and eastern regions,government subsidies have a significant indirect effect on enterprise innovation output,and technological innovation investment plays a fully mediating role.From the perspective of enterprise ownership,government subsidies have a significant positive pulling effect on the innovation output of non-state-owned enterprises,but the impact on state-owned enterprises is not obvious.The mechanism test of the mediating effect shows that the technological innovation input of non-state-owned enterprises plays a complete mediating role in the impact mechanism of government subsidies on innovation output,which is consistent with the overall level of research.From the industry level,government subsidies have a significant effect on the innovation output of manufacturing enterprises,but the impact on the information service industry is not significant.In view of this,all localities need to formulate subsidy policies according to local conditions and support enterprise innovation by "precise classification".The innovation of this thesis is mainly reflected in the following aspects: Firstly,a unified theoretical model analysis framework is constructed to analyze the dynamic game relationship among government subsidies,enterprise innovation input and enterprise innovation output,and to explore the mechanism role of multiple exogenous variables in this dynamic game relationship.Secondly,this thesis expands the existing research perspective,comprehensively uses the threshold model and intermediary effect test,and comprehensively analyzes the nonlinear effects of government subsidies,enterprise innovation investment and enterprise innovation level and the underlying transmission mechanism.Thirdly,we introduce a number of external environmental factors to systematically examine the regulatory effects of financial environment,intellectual property protection level and technology market environment on government subsidies to promote enterprise technological innovation investment.Finally,the thesis selects the targeted and representative high-tech listed companies as the research sample,and focuses on the mechanism of government subsidies on technological innovation in high-tech industry,in order to provide more practical enlightenment and suggestions for promoting the development of high-tech industry in China. |
