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Methodology: This study constructed both static and dynamic panel models utilizing the disclosure data of A-share listed companies and high-tech enterprises on the Shanghai and Shenzhen Stock Exchanges from 2017 to 2022. Purpose: To investigate the impact of government subsidies on enterprise innovation. Findings: The research indicated that: (1) Government subsidies enhanced enterprise innovation, playing a crucial role in regulating enterprise innovation and resource allocation. (2) The effect of government subsidies on the innovation performance of enterprises of different ownership varied, of which non-SOEs demonstrated higher subsidy efficiency than SOEs. (3) The SOE’s internal indicators reflected the low management efficiency, which hinders the company innovation performance. Originality: This study proposes suggestions to improve the performance of non-SOEs from the three levels of optimizing government subsidy, developing non-SOEs, and reforming SOEs.

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Differentiated Impact of Government Subsidy on Enterprise Technological Innovation: Empirical Study of Listed Companies

  • 会议论文

  • 发表日期：

    2025年

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  • Guixian Tian,
  • Yunxiang Peng

摘要

Methodology: This study constructed both static and dynamic panel models utilizing the disclosure data of A-share listed companies and high-tech enterprises on the Shanghai and Shenzhen Stock Exchanges from 2017 to 2022. Purpose: To investigate the impact of government subsidies on enterprise innovation. Findings: The research indicated that: (1) Government subsidies enhanced enterprise innovation, playing a crucial role in regulating enterprise innovation and resource allocation. (2) The effect of government subsidies on the innovation performance of enterprises of different ownership varied, of which non-SOEs demonstrated higher subsidy efficiency than SOEs. (3) The SOE’s internal indicators reflected the low management efficiency, which hinders the company innovation performance. Originality: This study proposes suggestions to improve the performance of non-SOEs from the three levels of optimizing government subsidy, developing non-SOEs, and reforming SOEs.