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| Research on Government Innovation Subsidies Based on Technology Spillover Effects |
| HUANG Fuguang，KE Di1，WANG Xianlong，HU Sunyang |
| 1.Nankai University, Tianjin, China; 2.Hebei University of Technology, Tianjin, China |
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Abstract Taking the 2009~2018 SME and ChiNext listed companies as a sample, this study research the relationship between government innovation subsidies and enterprise technological innovation investments from the perspective of technology spillover. The results show that: Government innovation subsidies significantly promote firm’s innovation input; Technology spillover generates external costs, which significantly inhibits firm’s innovation investment; Government subsidies for enterprises with high technology spillover can reduce the negative impact of technology spillover external costs, which can improve the efficiency of government innovation subsidies. Further research has found that government innovation subsidies for high-tech spillover enterprises can further promote the substantive innovation of enterprises. In areas with weak intellectual property protection, it is more efficient to provide government innovation subsidies for high-tech spillover enterprises. Research shows that properly adjusting the direction of government innovation subsidies can not only promote the innovation of subsidized enterprises, but also improve the overall innovation level of the society, improve the efficiency of government fund utilization, and increase the power of economic transformation.
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Received: 30 November 2020
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