Abstract
Based on the data of the listed companies in strategic emerging industries in China, this paper uses GMM panel estimation method to measure the impact of government intervention on the performance of independent innovation and analyzes the impact of financial support on the effect of government intervention. The conclusions are as follows: Firstly, there is a lag effect in the performance of independent innovation, and there is also a lag effect in the patent application and main business income. In addition, there is an inverted U-shaped relationship between the patent application of one period lag and the current patent application, while there is no inverted U-shaped relationship between the main business income of one period lag and the current main business income. Secondly, government subsidies, additional deduction of R&D expenses, and value-added tax incentives have a significant effect on the number of patent applications, and the reduction of income tax burden can improve the main business income. Thirdly, after adding the financial support adjustment variables, we find that the influence direction of government intervention on the independent innovation performance has not changed, but the influence degree is weaker. Fourthly, the capital investment and labor input can significantly improve the performance of enterprise independent innovation.
Highlights
With the increasing uncertain factors of economic development, China urgently needs a new driving force of economic growth to ease the downward pressure of the economy
The government only plays an “auxiliary role,” which is difficult to achieve all-round support, and it cannot completely solve the problems of low enthusiasm and insufficient innovation ability of enterprises in strategic emerging industries. erefore, the central government and local governments should set up special support funds, issue financial support policies, and improve the guidance mechanism of government intervention, so as to encourage enterprises in strategic emerging industries to carry out independent innovation to the greatest extent
E variables of government intervention and financial support belong to the capital input of enterprise R&D innovation. erefore, the variables of government intervention and financial support are added to equation (1), and the innovation performance (Y) is replaced by the number of patent applications, so as to obtain the following two innovation performance functions: PATit 1 − a1Gitα 1 − a2Kitβ
Summary
With the increasing uncertain factors of economic development, China urgently needs a new driving force of economic growth to ease the downward pressure of the economy. The research conclusions on the impact of government intervention on the independent innovation of enterprises have not been unified, and most scholars ignore the role of financial support in the study of government intervention in the independent innovation of enterprises. Is paper takes financial support as a moderating variable into the dynamic panel data model of enterprise independent innovation performance analysis and uses the System GMM method to empirically study the influence of government intervention on enterprise independent innovation. Erefore, this paper constructs a dual dynamic panel data model for the performance analysis of enterprise independent innovation, which includes the dependent variable of one period of lag and the square term of dependent variable of one lag period. Compared with the traditional dynamic panel data model, the dual dynamic panel data model established in this paper has made two improvements: one is to add the square term of dependent variable to reflect the nonlinear relationship between variables; the other is to select two dependent variables to reflect innovation output performance more comprehensively
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