Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2021.1972818
The influence of government subsidy on enterprise innovation: based on Chinese high-tech enterprises
Tong Xinle
Wang Zhen
Li Xinting
Sažetak
This paper uses data from all the listed high-tech enterprises in
China, from 2013 to 2018, as the samples employed to study the
impact of government subsidies on the innovation of high-tech
enterprises, as well as the subsidy mechanism. The mechanism is
analysed mainly from the perspectives of resource effect and
signal transmission effect. In the theoretical analysis, from the perspective of resource effect, the capital guiding role of government
subsidies is considered. In addition, this study creatively discusses
the impact of rent-seeking behaviour in combination with China’s
anti-corruption practice. From the perspective of signal transmission, government subsidies are no longer only interpreted as
positive signals of the government being in favour of enterprise
financing. This study further believes that government subsidies
transmit a signal to the public, encouraging them to strengthen
their supervision of subsidised enterprises. A multiple regression
model and mediating effect model indicate that government subsidies achieve the purpose of stimulating enterprise innovation.
The stimulating effect of government subsidies through financing
constraints and signal transmission is 9.48% and 10.16%, respectively. These results are consistent with the positive externality theory and the signal transmission theory. At the end of the paper,
several relevant suggestions are presented, according to the current developments.
Ključne riječi
Government subsidy; enterprise innovation; financing constraints; signal transmission
Hrčak ID:
302055
URI
Datum izdavanja:
31.3.2023.
Posjeta: 436 *