Research BackgroundR&D subsidies are an important industrial policy for countries around the world to promote their own innovation, participate in global technological competition, and occupy the commanding heights of technological frontiers. Theory and practice show that the amount, performance, and choice of subsidy modes of government R&D subsidies to enterprises are affected by a variety of factors, and the experience of other countries cannot be applied mechanically.Main pointsStarting from the idea of technology spillover, this research constructs a model of the impact mechanism of R&D subsidies on enterprise technological innovation under the framework of Loury (1979) innovation competition. On the basis of theoretical analysis, 22 industry-level panel data are selected to conduct empirical tests on China's R&D subsidy threshold, effectiveness and model comparison. The research shows that: First, the government needs to implement R&D subsidies only when the economic space is within the subsidy threshold; second, when the government needs to provide R&D subsidies to enterprises, there is an optimal R&D subsidy scale; third, the performance of R&D subsidies will reverse with changes in economic conditions; fourth, from the perspective of R&D subsidy models, "inclusive" subsidies and "competitive" subsidies have their own effective areas; fifth, China's R&D subsidy policy has a significant incentive effect on enterprise technological innovation as a whole, the effect of "inclusive" subsidy represented by tax preference is better than that of "competitive" subsidy represented by direct financial subsidy.Research recommendations1. Effectively identify R&D subsidy thresholds, and accurately locate target companies that need R&D subsidies.2. Gradually increase the intensity of subsidies and determine a reasonable scale of R&D subsidies.3. Establish a self-assessment and adjustment mechanism for R&D subsidies to continuously improve the efficiency of R&D subsidies.4. Innovate the R&D subsidy model to achieve optimal matching between the subsidy model and the subsidy object.5. Construct and perfect supporting measures that complement and catalyze R&D subsidy policies.
