Government R&D Funding,Corporate Heterogeneity,and Technological Innovation Efficiency

As an important content of innovation-driven development,technological innovation is the core driving force for the stable development of the country's economy and society.However,due to the inherent high risk,high uncertainty of expected returns and “quasi-public goods”attributes of technological innovation activities,enterprises are not willing to develop technology research and development because they are faced with difficulties in financing R&D projects,R&D private benefits are less than social benefits,etc.The emergence of“market failures” in innovations,and the correction of market failures in R&D activities through government R&D funding has become a common practice among governments.While the country continues to increase investment in R&D,the effectiveness of government R&D funding has been widely questioned by the public and has also become a hot issue in the academic community.Judging from existing researches,many countries or industries are researched from the macro level,micro-level research is less,and research issues have more to do with the impact of government R&D funding on corporate R&D investment or R&D performance.The study is less.In view of this,this article uses China's strategic emerging industries listed companies as sample data,and uses stochastic frontier analysis methods to reveal from the perspectives of corporate heterogeneity such as full sample and different ownership,different scales,different growth stages,and different industry properties.The effect of government R&D funding on the efficiency of corporate technological innovation.The empirical results of this paper show that government R&D funding has a significant positive effect on the efficiency of full-sample enterprise technology innovation,and there are significant differences on the impact of heterogeneous technology innovation efficiency.Specifically,the grouped research results of different ownership companies show that government R&D funding has a significant positive effect on the efficiency of non-state-owned enterprises in technological innovation,but not significant for state-owned enterprises;from the perspective of different companies,the government is for SMEs.The results of R&D funding are more significant;research results at different stages of growth show that government R&D funding has a significant role in promoting the efficiency of technological innovation for start-up and growth companies;research from different industry perspectives shows that government R&D funding is available in different industries.The effect is significantly different.This study has greatly compensated for the deficiencies of existing research,and at the same time provides a reference for the government to formulate a more scientific and reasonable funding policy.