| Civil-military integration enterprises are not only the main body of the implementation of the civil-military integration development strategy,but also the executive entity of the innovation-driven development strategy.Therefore,the national and local governments are not only concerned about the production and operation of civil-military integration enterprises,but also their technological innovation.However,technological innovation projects of civilmilitary integration enterprises are generally difficult,high-risk and long-period,and relying on enterprises’ own strength alone may lead to insufficient innovation.Therefore,in recent years,the government has introduced a series of policies to support and guide the technological innovation activities of civil-military integration enterprises,and the financial subsidy policy is one of the most important ones.With the increasing number of subsidies for civil-military integration enterprises,it is both theoretical and practical to explore the influence mechanism of government subsidies on technological innovation of civil-military integration enterprises.This paper firstly defines the concept of civil-military integration enterprises,summarizes the characteristics of civil-military integration enterprises,and defines the concepts of government subsidies,technological innovation of civil-military integration enterprises,enterprise scale and financing constraints,while systematically elaborates three important theories supporting the research of this paper and analyzes the current situation of civil-military integration enterprises in China.Secondly,based on the previous research results and the characteristics of civil-military integration enterprises,this paper discusses the impact of government subsidies on technological innovation in civil-military integration enterprises,the impact of enterprise size on the relationship between government subsidies and technological innovation in civil-military integration enterprises,and the impact of financing constraints on the relationship between government subsidies and technological innovation in civil-military integration enterprises from a theoretical perspective,and propose corresponding hypotheses and establish the theoretical model of this paper.In the next part,this paper selected the data of83 listed civil-military integration enterprises from 2015-2020 as the empirical samples,and constructed the individual fixed-effect model of the influence of government subsidies on technological innovation of civil-military integration enterprises and the threshold-effect model with enterprise size and financing constraints as the threshold variables.Finally,this paper uses the above data and models to carry out an empirical study,in the course of the study,descriptive statistical analysis of the sample data,correlation analysis of the variables and analysis of the regression results were carried out in turn.This study shows that: government subsidies have a promotional effect on technological innovation of civil-military integration enterprises;enterprise size plays a double threshold effect in the relationship between government subsidies and technological innovation of civilmilitary integration enterprises;financing constraints play a single threshold effect in the relationship between government subsidies and technological innovation of civil-military integration enterprises;further research also finds that government subsidies have a better effect on the technological innovation of non-state-owned civil-military integration enterprises than state-owned civil-military integration enterprises.Based on the above findings,this paper proposes countermeasures to promote technological innovation in civil-military integration enterprises from the government,financial institutions and civil-military integration enterprises at three levels. |
