Research On The Impact Of Government Subsidies On Green Technology Innovation Capability Of Pharmaceutical Manufacturing Enterprises

Technology innovation is an important means to improve the core competitiveness of enterprises,and it is also the key for China to catch up in technology and become an innovative country.The report of the 18 th CPC National Congress emphasizes that China must adhere to the innovation-driven development strategy,which clarifies the core position of technology innovation in the overall development of the country.As one of the high-tech industries,the pharmaceutical manufacturing industry needs to continuously improve the level of technology innovation in order to stand out in the highly competitive market.However,the dual constraints of resources and environment have severely restricted the technology innovation of China’s pharmaceutical manufacturing industry.Facing with the increasingly sharp contradiction between innovation and ecology,China’s 13 th Five-Year Plan proposed the concept of green development,and advocates vigorously developing green technology innovation while guiding enterprises to improve innovation efficiency.To this end,the Chinese government tries to provide enterprises with R&D funding in order to stimulate the enthusiasm of enterprises for green technology innovation.In this context,this dissertation empirically tests the impact of government subsidies on green technology innovation capability of pharmaceutical manufacturing enterprise,and focuses on the role of board governance in moderating the effect of government subsidies on green technology innovation capability,as well as the impact of enterprise size and ownership structure heterogeneity on the effectiveness of government subsidies.Firstly,this dissertation defines the related concepts,and theoretically analyzes the relationship between government subsidies,green technologyinnovation capability,board governance,and enterprise heterogeneity.On this basis,this dissertation establishes the theoretical model and research assumptions.Secondly,this dissertation uses one-step system GMM method and threshold effect test to analyze the influence of government subsidies on the green technology innovation input capability of pharmaceutical manufacturing enterprises,as well as the moderating role of board governance,and calculates the appropriate range of government subsidies.Thirdly,on the basis of constructing a mediating moderation model,this dissertation analyzes the mediating role of green technology innovation input capability in the process of government subsidies affecting the output capability of green technological innovation,as well as the moderating effect of board governance.The results show that: Firstly,government subsidies have a “leverage effect”on input and output capability of green technology innovation in pharmaceutical manufacturing enterprises.This effect is more significant in large-scale and non-state-owned enterprises.Secondly,the threshold effect of government subsidy on the investment ability of green technology innovation is strengthened first and then weakened.Thirdly,the green technology innovation input capability plays a significant intermediary role in the effect of government subsidies on green technology innovation output capability.Fourthly,board governance has a significant positive regulating effect on the subsidy effect of government subsidies.Finally,this dissertation summarizes and analyzes the empirical results,and proposes relevant strategies and suggestions for improving green technology innovation capability of pharmaceutical manufacturing enterprises.