The Non-dynamic Threshold Effect of the Influence of Government Innovation Subsidy on Enterprise Innovation——A Research from the Perspective of Financing Constraints
The Non-dynamic Threshold Effect of the Influence of Government Innovation Subsidy on Enterprise Innovation——A Research from the Perspective of Financing Constraints
JIANG Qibo1,2, TAN Qingmei1
1. College of Economics and Management, Nanjing University of Aeronautics and Astronautics, Nanjing 210016, China; 2. College of Economics, Nanjing Audit University, Nanjing 211815, China
Abstract Based on the government innovation subsidy and enterprise innovation panel data of GEM listed companies, this paper studies the influence of government innovation subsidy on enterprise innovation through non-dynamic threshold model and path analysis model. It is found that government innovation subsidy effectively promotes enterprise innovation. There is a single threshold effect on the impact of financing constraint on government innovation subsidy and enterprise innovation. Further research finds that government innovation subsidy has an incentive effect on enterprise R&D investment, rather than a crowding out effect. Encouraging enterprises to increase R&D investment and then improving enterprise innovation is the mechanism by which government innovation subsidy affect enterprise innovation. The conclusion provides empirical evidence that government innovation subsidy can play an incentive role on enterprise innovation. It is good for the government to improve the innovation subsidy policy, effectively play the role of fiscal expenditure in stimulating enterprise innovation, promote enterprise independent innovation and accelerate the pace of innovation-driven development.
JIANG Qibo,TAN Qingmei. The Non-dynamic Threshold Effect of the Influence of Government Innovation Subsidy on Enterprise Innovation——A Research from the Perspective of Financing Constraints. Economic Survey, 2020, 37(6): 097.
2020, Vol. 37 
