The Effect Of Government Subsidies On Innovation Efficiency Of Small And Medium-Sized Technological Enterprises

Innovation has become the most fundamental driving factor for China’s sustainable development.The report of the 19 th National Congress of the Communist Party of China points out that innovation is the first driving force to lead development,and we should strengthen support for small and medium-sized enterprises.As an important carrier of the development of high-tech industry and strategic emerging industry,small and medium-sized technology-based enterprises have unique advantages and are the main force of technological innovation.However,due to the great investment cost and risk in the innovation process,the technological innovation of enterprises has the characteristics of uncertainty of revenue,"spillover effect" and public product attribute,amall and medium-sized technology-based enterprises often fall into an awkward situation.China has invested a lot of funds to support the development of small and medium-sized enterprises,but the growth of innovation investment does not mean high efficiency.Whether the continuous growth of investment can be effectively transformed into innovation output or economic benefits is the key to the problem.Therefore,the research on the efficiency of technological innovation is of great theoretical and practical significance to optimize the allocation of innovation resources and enhance the technological innovation ability and comprehensive competitiveness of enterprises.Based on the different stages of innovation process,this paper evaluates the technological innovation efficiency of small and medium-sized technology-based enterprises in Guangdong Province from the aspects of enterprise ownership,industry,region and life cycle,and then conducts empirical research on the role of government subsidies.First,the technological innovation of enterprises is divided into two stages: innovation research and development and economic transformation.Then,DEA method is used to measure and analyze the technological innovation efficiency of small and medium-sized technological enterprises in Guangdong Province.Finally,the impact of government subsidies on the technological innovation efficiency of enterprises is demonstrated by threshold regression model,and the following conclusions are drawn:(1)In Guangdong Province,the comprehensive efficiency of innovation activities of small and medium-sized technology-based enterprises in two stages is generally low,and theefficiency of innovation and R & D is even lower than that of economic transformation stage.Among them,the pure technical efficiency and scale efficiency in the stage of innovation and and R & D are not ideal,and the low pure technical efficiency is the main reason for the low comprehensive efficiency in this stage;the pure technical efficiency in the stage of economic transformation is good,but the low scale efficiency leads to the overall efficiency still to be improved in this stage.During 2016-2018,the efficiency of innovation and R & D of enterprises is on the rise,while the efficiency of economic transformation is the opposite.(2)The innovation efficiency of enterprises varies to some extent among different ownership,industry,region and life cycle enterprises.In terms of enterprise ownership,the efficiency of natural person investment or holding enterprises is relatively better in two stages;the efficiency of economic transformation of state-owned holding enterprises is significantly lower than that of the previous type of enterprises;the overall level of joint ventures is in the middle and lower level.In terms of industry,the efficiency levels of information transmission,software and information technology service enterprises are relatively backward.The innovation and R & D efficiency of scientific research and technology service enterprises is the best among several types of enterprises,but the efficiency of economic transformation is only medium.The efficiency level of manufacturing enterprises is in the middle,and there is still a large optimization space.In terms of the region where the enterprises are located,the two-stage comprehensive efficiency of enterprises in the Pearl River Delta region is generally lower than that of enterprises in the East and northwest of Guangdong Province,with low resource utilization rate and serious waste of resources.In terms of the life cycle,with the postponement of the enterprise life cycle,the efficiency of enterprise innovation and R & D is declining;the efficiency of economic transformation is relatively better from the initial stage to the growth stage.(3)Government subsidies can effectively promote the efficiency of innovation and R &D stage of small and medium-sized technology-based enterprises,and there is a significant single threshold effect.When the intensity of government subsidies does not reach a certain threshold,it can not play a leading role in technological innovation of enterprises,but may have a negative impact.Only when the government subsidies increase to a certain extent,can they turn into a positive impact.Government subsidies also play a significant role inpromoting the efficiency of enterprises in the stage of economic transformation,and there is also a significant single threshold effect.When the intensity of government subsidies does not exceed the corresponding threshold,there is a significant promoting effect on the efficiency of enterprises in economic transformation.After crossing the threshold,the promoting effect should be significantly weakened.On this basis,based on the group test of the heterogeneity of enterprise ownership,industry,region and life cycle,it is found that government subsidies still promote the two-stage efficiency of enterprise technological innovation,but the influence degree and threshold effect are different in different types of enterprises.Therefore,in order to better play the role of the government in the process of enterprise innovation,the government should accurately identify the characteristics of different stages of innovation activities and the attributes of different types of enterprises,and take different support methods and efforts to suit the case,so as to truly improve the efficiency of enterprise technological innovation.