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| The Impact of Government Subsidies on Enterprise Innovation: From the Perspective of Innovation Environment |
| Zhang Huixue1, Shen Yi1, Guo Yiqun2 |
1.Business School of Nankai University,Tianjin 300071,China;
2.Asset Management Department of ICBC Headquarters,Beijing 100140,China |
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Abstract Taking the data of GEM listed companies from 2009 to 2017 as samples,this paper analyses the impact of government subsidies on enterprise innovation and whether the regional innovation environment will change the impact.It is found that government subsidies make R&D expenditure and patent outputs increased,as well as invention patents.That is to say,government subsidies improve both the quantity and the quality of enterprise innovation.Furthermore,the innovation environment index is taken as a moderating variable.It is found that the worse the regional innovation environment is,the stronger the role of government subsidies is.The conclusions suggest that in order to improve the efficiency of subsidies,the government should consider the regional innovation environment and implement differentiated subsidy policies.
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Received: 05 June 2019
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2020, Vol. 287 
