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| Innovation Subsidy,Enterprise Technology Output and Value Realization |
| Shang Hongtao1,2,Wang Shixiao1,2 |
| (1.College of Economics and Management，Beijing University of Technology;2.Research Base of Beijing Modern Manufacturing Development，Beijing 100124，China) |
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Abstract From the perspective of innovation value chain,this paper takes panel data of 129 private science and technology enterprises in China from 2010 to 2017 as samples,and applies panel vector autoregression model (PVAR) to dynamically analyze and evaluate the incentive effect of government innovation subsidies on the two stages of technological innovation and value realization of private science and technology enterprises.The results show that: first,from the perspective of short-term incentive effect,government subsidies play a more significant role in promoting technological innovation output,while from the perspective of long-term incentive effect,government subsidies contribute more to the variance of innovation value realization.Second,the output at different stages of the innovation value chain of enterprises has a positive feedback effect on the allocation of subsequent government subsidies,but the government pays more attention to the technological innovation output of enterprises.Third,the technological innovation in the early stage has a significant positive impact on the value realization in the later stage,but the support effect of value realization on the new round of innovation activities is not significant.
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Received: 15 January 2020
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