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Research on the Impact of Financial Subsidies on Enterprise R&D Innovation——Based on the Mediation Effect Model

Ruiqian Sun, Zihui Chen


This paper selects the data of high-tech enterprises on the ChiNext from 2014 to 2016, and comprehensively analyzes the relationship between financial subsidies, tax incentives, R&D investment and innovation performance. The results show that: financial subsidies have a positive incentive effect on R&D investment and innovation performance; tax incentives are a negative hindrance to R&D investment and innovation performance; R&D investment has a significant positive effect on enterprise innovation performance. The use of the stepwise test method and the Bootstrap method to test the intermediary effect of R&D investment shows that research investment has a complete intermediary effect between tax incentives and innovation performance; there is an intermediary effect between financial subsidies and corporate innovation performance, but complete intermediation or partial intermediation has not Can reach agreement.


Financial Subsidies; Innovation Performance; R&D Investment; Intermediary Effect

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DOI: http://dx.doi.org/10.18686/fm.v6i2.3281