期刊
ECONOMIC MODELLING
卷 80, 期 -, 页码 441-452出版社
ELSEVIER SCIENCE BV
DOI: 10.1016/j.econmod.2018.11.027
关键词
Technology innovation; Government subsidy; Resource allocation; Information efficiency; Ownership; Electronic manufacturing industry
类别
资金
- National Social Science Fund of China [15CJY009]
- National Natural Science Foundation of China [71790594, 71572127, 71672123]
Existing research provides contradictory insights about the effect of government subsidies on enterprise technology innovation. By explaining this mechanism with resource allocation, information efficiency and risk control channels, we systematically suggest three effects, leading to an inverted U-shaped relationship between the amount of subsidies and four indicators of technology innovation. Empirical evidence based on dataset of Chinese electronic manufacturing industry confirms that subsidies can promote enterprise technology innovation but it will inhibit innovation when there are too much or excessive amount of subsidies. Meanwhile, the impact of subsidies is more significant for non-state-owned enterprises than state-owned ones. Furthermore, the level of regional economic development moderates the impact of government subsidies. The government can take advantage of diverse subsidy policies to drive sustainable technology innovation.
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