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| Moderating Effect of Government Subsidy on the Relationship between Institutional Investors and Enterprise Innovation Output:Empirical Evidence from A-share Listed Companies in 2007—2019 |
| Li Yuanhui,Chen Si |
| （School of Economics and Management, Beijing Jiaotong University,Beijing 100044,China） |
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Abstract Based on the data of A-share listed companies in China from 2007 to 2019, the impact of institutional investors on innovation output of enterprises and the moderating effect of government subsidy on their relation was studied.The moderating effect of government subsidy between different region, industry and internal control environment was discussed further.We find that institutional investors not only promote the innovation output of enterprises, but also play an important role in the breakthrough innovation output, and government subsidy have a positively moderating effect on these relationships; compared with eastern regions, non-advanced manufacturing or enterprises with lower quality of internal control, the positively moderating effects of government subsidy is more significant in central and western regions, advanced manufacturing, or enterprises with high quality of internal control.This study provides empirical evidence for the government to formulate subsidy policies, which is of practical significance to improve the utilization efficiency of government subsidy and the innovation output of enterprises.
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Received: 01 March 2021
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