Abstract
This study focuses on Chinese high-tech listed enterprises spanning from 2010 to 2022, aiming to explore the primary impact of government R&D subsidies on their innovation efficiency. Our findings indicate that these subsidies effectively enhance the innovation efficiency of high-tech enterprises. Furthermore, bank credit serves as a positive intermediary between government subsidies and improved innovation. Notably, R&D subsidies tend to have a greater impact on enhancing innovation efficiency in private enterprises compared to state-owned enterprises.
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