政府补贴如何高效激励企业创新产出是当前的重要课题。基于补贴强度异质性视角，以2012—2018年我国资源型上市公司经验数据为观测对象，利用门限回归模型、动态面板数据模型等计量方法，实证检验政府补贴强度对资源型企业实质性创新产出的影响效应，结果表明，政府补贴对资源型企业实质性创新产出的门限效应显著，存在补贴强度的最优区间。但基于企业政治关联异质性的分析表明，补贴的最优区间在国有企业、具备政治关联的民营企业和不具备政治关联的民营企业中存在显著差异。进一步研究发现，政府补贴主要通过提升企业创新意愿和能力，促进企业加大研发投入强度，进而提升实质性创新产出，但目前资源型企业创新成果还未能普遍实现经济价值转化。
How to effectively stimulate the innovation output of enterprises by government subsidies is an important issue at present.Based on the perspective of subsidy intensity heterogeneity, taking China's resource-based listed companies' empirical data from 2012 to 2018 as observation objects, using threshold regression models and dynamic panel data models to empirically test the substantial innovation of government subsidy strengths for resource-based enterprises The effect of output, the research results show that the threshold effect of government subsidies on the substantial innovation output of resource-based enterprises is significant, and there is an optimal range of subsidy intensity, but analysis based on the heterogeneity of corporate political relations shows that the optimal range of subsidies There are obvious differences between state-owned enterprises, private enterprises with political connections and private enterprises without political connections.Further research found that government subsidies are mainly to promote enterprises to increase the intensity of R & D investment by enhancing their willingness and ability to innovate, and thus increase Substantial innovation output, but at present the innovation results of resource-based enterprises have not generally achieved economic value transformation.
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