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| Can Enterprise Groups Improve the Incentive Effect of Government Subsidies on Innovation Output |
| Liu Yuanchu1,Hua Guihong2 |
| (1.School of Business,Nanjing Normal University,Nanjing 210023,China;2.Jiangsu Normal University,Xuzhou 221000,China) |
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Abstract Using the data collected manually by A-share strategic emerging industry listed companies from 2010 to 2017,this paper examines the moderating role played by corporate groups between government subsidies and corporate innovation output. We find that government subsidies have a significant positive impact on the amount of total innovation output of strategic emerging companies. However,dividing innovation output into high-quality innovation output and strategic innovation output based on technical difficulty,it was found that government subsidies can only promote the increase in the number of strategic innovation outputs,and have no obvious impact on high-quality innovation output. Further analysis indicates that incorporate business groups into the analysis framework. The business groups can effectively promote the role of government subsidies in boosting the total innovation output of enterprises through their internal capital market advantages. More importantly,Under the role played by enterprise groups,government subsidies can significantly increase the number of high-quality innovation outputs.
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Received: 27 July 2020
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