A Study on the Effectiveness of Innovation Subsidy Policy in Promoting Technological Innovation: From the Perspective of Financing Constraints
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Abstract Taking Shanghai and Shenzhen A-share listed companies from 2010 to 2019 as samples, based on the perspective of financing constraints, this paper combines the resource welfare effect and resource curse effect of innovation subsidy policy to evaluate the effectiveness of innovation subsidy policy on technological innovation. The empirical results show that the innovation subsidy policy not only has the resource welfare effect, but also has the resource curse effect, which will lead to rent-seeking behavior and over investment. But on the whole, the innovation subsidy policy is effective. Its resource welfare effect is stronger than that of the resource curse effect. It can promote enterprise technological innovation by alleviating financing constraints. Further heterogeneity research on its effectiveness from the perspective of financing constraints shows that the higher the level of financing constraints, the higher the effectiveness of innovation subsidy policy. This is because financing constraints can restrain the rent-seeking behavior and over-investment caused by the resource curse effect of innovation subsidy policy, and promote enterprises to apply innovation subsidy to technological innovation more effectively. The conclusion of the study provides important empirical evidence and ideas for restraining the resource curse effect of innovation subsidy policy in order to improve its effectiveness.
HE Yanlin,SHAN Zhicheng,ZHONG Teng. A Study on the Effectiveness of Innovation Subsidy Policy in Promoting Technological Innovation: From the Perspective of Financing Constraints. Economic Survey, 2022, 39(4): 0128.
2022, Vol. 39 
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