Abstract This paper uses data from 862 enterprises above designated size in Bengbu City, Anhui Province (2015-2017) to explore whether there is an incentive effect of financial subsidies on corporate innovation performance. And it establishes a regulated mediation effect model to examine the mediating effect of R&D investment and the adjustment effect of institutional differences in the path of financial subsidies which affect enterprise innovation performance. The study finds that financial subsidies can significantly improve the innovation performance of enterprises and have higher incentive effects for non-state-owned enterprises; the scale of R&D investment is the intermediary factor that affects the innovation performance of enterprises; the institutional differences have a positive regulatory effect on the first half and negative regulatory effect on the second half of the intermediary path of R&D investment scale, that is “financial subsidies → research and development scale” path in Finance. The incentive effect of government subsidies on R&D scale of non-state-owned enterprises is stronger than that of state-owned enterprises; the expansion of enterprise R&D scale can create more innovation performance; combined with the direct path and the intermediary path, the overall use of government subsidies by non-state enterprises will result in higher innovation performance.
MEI Bingjing,LUO Jianchao. Financial Subsidies, R&D Investment and Enterprise Innovation Performance: A Model Test of Regulatory Mediator Effect under Institutional Differences. Economic Survey, 2020, 37(1): 0167.
2020, Vol. 37 
