Abstract Using the data of 251 SMEs from 2011 to 2016, the paper examines the mediating role of technological innovation investment in the impact of government subsidies on the growth of enterprises from the aspects of R&D expenditure and technical personnel input, as well as the marketization process and the development of factor market. Empirical study found: ①R&D investment has obvious mediating effect in government subsidy to the enterprise growth, technical personnel input hasn't obvious mediating effect in government subsidy to the enterprise growth;②the higher the marketization process, the stronger the influence of government subsidy on enterprise growth through r&d investment, and the stronger the influence of government subsidy on enterprise growth through technical personnel input;③the better the development of the factor market, the more obvious mediating effect of R&D investment between government subsidy and enterprise growth, the the more obvious mediating effect of technical personnel input is between government subsidy and enterprise growth.
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