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| Research on the Effect and Mechanism Identification of Government Innovation Subsidy on Enterprise Innovation Efficiency |
| YANG Huan，LI Xiangju |
| Xi’an Jiaotong University, Xi’an, China |
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Abstract This study uses the stochastic frontier model to measure the innovation efficiency of China’s A-share listed companies from 2015 to 2019, and discusses the impact effect and mechanism of government innovation subsidies on enterprise innovation efficiency. The findings are as follows: government innovation subsidies improve the efficiency of enterprise technological innovation to a certain extent, and there are lag effects and persistence effects in terms of time. The absorptive capacity of enterprises plays a positive moderating effect on the effective use of innovation subsidies. From the perspective of action mechanism, government innovation subsidies would promote the enterprise innovation efficiency through two mechanisms: improving enterprise risk-taking ability and transmitting signals to external investors to obtain more innovation resources. Further analysis shows that the incentive effect of innovation subsidies will be heterogeneous due to different policy objects, the timing of the policy action and the combination of policy instruments.
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Received: 23 February 2022
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