The Impact of Government R&D Subsidies and Non-R&D Subsidies on Enterprises' Innovation Output

doi:10.15936/j.cnki.1008-3758.2023.06.004

Abstract

Abstract: The market value of patents is an important reflection of enterprises' innovation output. Based on the goal differences of different government subsidies， the number of patent citations is used to measure the innovation output of listed enterprises， and the impact of government R&D subsidies and non-R&D subsidies on enterprises' innovation output is analyzed. The results show that government R&D subsidies and non-R&D subsidies have asymmetric effects on enterprises' innovation output. The impact of government R&D subsidies on enterprises' innovation output presents a significant inverted U-shaped effect. The impact of enterprises' innovation output presents a significant linear inhibitory effect. The quantile regression method and the method of replacing variables， samples and instrumental variables are used to test the robustness， and the results are consistent with the benchmark regression results. Considering the differences in the regions and listed sectors among enterprises， the heterogeneity analysis still supports the conclusions obtained by the benchmark regression.

Key words: patent citation; government R&D subsidy; non-R&D subsidy; innovation output

CLC Number:

F812.45

XIONG Kaijun. The Impact of Government R&D Subsidies and Non-R&D Subsidies on Enterprises' Innovation Output[J]. Journal of Northeastern University(Social Science), 2023, 25(6): 26-35.

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