Government Subsidies,enterprise Digitization And Technological Innovation Efficiency

China’s economic growth has greeted a "new regularity" and new challenges such as turning the driving force into economic growth and streamlining and reconstructing industrial buildings cannot be underrecked.Aggrandizing the transformation and complexity of the manufacturing industry,increasing the power and competitiveness of production facilities and strengthening the overall national resilience of the country are the keys to changing economic structure and modernizing socialism.To promote technological innovation in the industry,the government has implemented subsidy policies such as tax cuts and financial assistance.So what is the impact of state subsidies? Can a company really improve its innovation capabilities?simultaneously,with the rise of the big data era,digital technologies like industrial internet,big data,artificial intelligence and cloud computing are becoming more and more common.Digitization and innovation have given new impetus to economic and social development and significantly improved the ability of information processing and the efficiency of society in the use of information.Could it be a new engine based on innovation? What role does it play between government grants and enterprise technological innovation? It’s Worth exploring in depth.Based on the panel data of A-share Manufacturing Listed Companies in Shanghai and Shenzhen from 2015 to 2019,this paper uses the four stage DEA and bootstrap DEA combination method to calculate the technological innovation efficiency,and monitor and evaluate the technical capabilities of the manufacturing companies in each section.On this basis,taking the technological innovation efficiency of manufacturing listed companies measured by the four-stage DEA and bootstrap DEA combination method as the explanatory variable,this paper constructs a panel data model to empirically analyze the effect of government pre subsidy and post subsidy on enterprise technological innovation efficiency and the regulatory effect of enterprise digitization on the relationship between them.Finally,further expand the research based on the heterogeneity of efficiency,enterprise scale and property right.Empirical results reveal that:(1)the innovation performance of listed companies is generally low,and there is still much room for improvement.From an industrial point of view,traditional industries are better than other industries depending on the region,which makes east and south China’s technology higher than the inland area.(2)Both ex ante and ex post government subsidies will have a negative inhibitory effect on listed manufacturing companies;On the one hand,the digital level of enterprises alleviates the negative impact of prior subsidies on impact of technological innovations,and has a positive regulatory effect;On the flip side,it intensifies the negative impact of ex post subsidy on the efficiency of technological innovation,which has a negative regulatory effect.(3)There is a heterogeneity between state-subsidized and technology-innovation efficiency for companies with varying degrees of technological innovation,company-scale and property rights-based manufacturing companies,and regulation of the degree to which companies are digitized.Ultimately,combined with the above investigation verdict,this article provides relevant policy recommendations.