Business environment, R&D subsidies, and substantive innovation in state-owned enterprises

doi:10.19571/j.cnki.1000-2995.2024.02.016

Abstract

Abstract: Although the Chinese government′s R&D subsidies continue to increase, enterprises′ innovation output is considerable in quantity and low in quality. How to better achieve substantive innovation and solve the problem of “stranglehold”? Ninety-three state-owned enterprises in strategic emerging industries listed in Shanghai and Shenzhen A-shares from 2010 to 2017 were selected as the observation objects, and the fixed effect model was used for an empirical test. It was found from this study that: (1) R&D subsidies can promote enterprise innovation, but enterprises are more inclined to choose strategic innovation rather than substantive innovation. The increase in the scale of subsidies cannot solve the problem of “stranglehold”. (2) Ex post R&D subsidies are more conducive to promoting innovation than ex post R&D subsidies. (3) The business environment promotes substantive innovation through risk expectation and profit expectation. In high-end equipment manufacturing industry with low risk of innovation return, competitive industry with high premium of innovative products and legal environment with stable expectation of innovation return, R&D subsidies can promote substantive innovation of enterprises. And in a government environment where the expected benefits of innovation are unstable due to official changes, R&D subsidies do not promote substantive innovation. It revealed further that the business environment is the condition and mechanism for R&D subsidies to promote the substantive innovation of enterprises. It clarified the impact of two kinds of government actions, namely granting R&D subsidies and optimizing business environment, on enterprises′ innovation output. This research has policy implications for R&D subsidies to more effectively solve the problem of “stranglehold”.

Key words: business environment, R&D subsidy, substantive innovation

Chen Xichan, Chen Yan, Luo Zhengying, Jiang Junyue. Business environment, R&D subsidies, and substantive innovation in state-owned enterprises[J]. Science Research Management, 2024, 45(2): 155-164.

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Business environment, R&D subsidies, and substantive innovation in state-owned enterprises

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