Research Of The Enterprises Innovation Effect Based On Government Subsidies' Heterogeneity

Recently,the Chinese economy is in the new normal period of structural transformation,growth shifting,and driven changing.It is an important strategic to implement innovation-driven and construct innovative country accelerately.As the main part of innovation activities,enterprises play an important role in the construction of innovative country.In this context,how to effectively improve the company's ability to innovate is an important issue.Government subsidies is an important policy to guide enterprise innovation.However,there is still controversy in the academic community as to whether government subsidies can promote innovation.How effective of the government subsidies in China and whether it can achieve the purpose of encouraging enterprise innovation? What factors will affect the effect of government subsidies? The study of these issues has a profound significance in optimizing the allocation of innovative resources,enhancing enterprise innovation ability,and promoting the construction of innovative country.This article first combs the research of government subsidies and enterprise innovation,and finds the existing research controversy.Then,we explain the related theories in government subsidies research,and use these theories to analyze the impact of government subsidies on enterprise innovation.In order to analyze which factor leads to the difference in the effect of government subsidies in detail.This paper starts from the heterogeneity of government subsidies and analyzes the effect of government subsidies according to the differences of subsidies intensity,subsidies frequency,and the subsidies method.Then this article takes the listed company from 2010 to 2015 as the research sample,using Tobit regression to empirically test the overall effect of government subsidies in our country and the effect of different dimensions of subsidies heterogeneity on the enterprise innovation.The results show that:(1)Government subsidies are generally effective and can promote enterprise innovation.(2)The effect of government subsidies on enterprise innovation is affected by the intensity of government subsidies.When the intensity of subsidies is too low,there is no obvious impact on enterprise innovation.With the intensity of subsidies increasing,the promotion of enterprise innovation is more obvious;if the intensity of subsidies is too high,it has an adverse effect on enterprise innovation.(3)The continuity of government subsidies has a significant role in promoting enterprise innovation.(4)The indirect government subsidies method is more significant than the direct government subsidies method in promoting enterprise innovation.This paper incorporates the heterogeneous nature of government subsidies into the research framework of the relationship between government subsidies and enterprise innovation,deepens the transmission mechanism of how government subsidies play a role,and more fully reflects the key factors affecting the effect of government subsidies in the promotion of corporate innovation.It enriches the perspective of government subsidies policy research and provides new operational guidance to formulate and adjust the policy subsidies policies.