Which Kind of Government Subsidies Will Promote Innovation More Effectively? ——Analysis on Different Ownership Enterprises by PVAR Model in Pharmaceutical Manufacturing Industry
Shang Hongtao, Huang Xiaoshuo
College of Economics and Management,Beijing University of Technology Research Base of Beijing Modern Manufacturing Development,Beijing 100124,China
Abstract：The paper studies dynamic interaction effect among different government subsidies,R&D investment and innovation performance,and the difference between state-owned enterprises and non-state-owned enterprises.On the basis of the panel data of different ownership pharmaceutical listed companies in China from 2008 to 2015 with PVAR model,the paper uses impulse response function and variance decomposition analysis methods.Results show that:①Compared with the supportive government subsidies,incentive government-subsidies can promote the enterprise's R&D investment and innovation performance greater;innovation performance promotes incentive government subsidies,while R&D investment inhibits incentive government subsidies.The interaction is more significant in state-owned enterprise.②The supportive government subsidies squeeze R&D investment but promote innovation performance;R&D investment promotes but innovation inhibits supportive government subsidies.The interaction is more significant in non-state-owned enterprises.③R&D investment and innovation performance promote each other,and the interaction is more significant in non-state-owned enterprises.
尚洪涛, 黄晓硕. 哪种政府补贴方式更能促进企业创新——基于医药制造业不同所有制企业PVAR动态效应的比较视角[J]. 中国科技论坛, 2018(1): 58-67.
Shang Hongtao, Huang Xiaoshuo. Which Kind of Government Subsidies Will Promote Innovation More Effectively? ——Analysis on Different Ownership Enterprises by PVAR Model in Pharmaceutical Manufacturing Industry. , 2018(1): 58-67.
2018, 
