首都经济贸易大学学报 (双月刊) 2023 年第 5 期
Research on the Asymmetric Incentive Effect of R&D Subsidies on
Innovation in New Energy Enterprises
SHANG Hongtao, SONG Anling
(Beijing University of Technology, Beijing 100124)
Abstract: Exploring the impact of R&D subsidies on the quantity and quality of innovation, as well as the
moderating effect of digital transformation on incentives and its heterogeneity is essential to precisely allocate subsidies, promote digital transformation, and improve the innovation quality of new energy enterprises.
Taking A-share listed new energy enterprises from 2010 to 2020 as samples, this paper empirically investigates
the asymmetric effect of R&D subsidies on the innovation quantity and quality of new energy enterprises. It also examines the moderating effect of digital transformation on the asymmetric effect of these subsidies. The findings reveal that the incentive effect of R&D subsidies on the innovation output in new energy enterprises is asymmetric. On
the one hand, R&D subsidies significantly promote the innovation quantity of new energy enterprises, and this
effect is consistent across state-owned enterprises (SOEs) and non-SOEs. On the other hand, R&D subsidies inhibit innovation quality and reduce the market value of innovation output. Moreover, this inhibitory effect is more
significant in non-SOEs. Furthermore, digital transformation significantly mitigates the asymmetric effect of R&D
subsidies on the quantity and quality of innovation in new energy enterprises. The inhibitory effect of R&D subsidies
on innovation quality and the promoting effect on innovation quantity are more significant in the group with low digital transformation. When digital transformation improves, the inhibitory effect is significantly weakened, and the
promoting effect is significantly lower. This indicates that digital technology drives enterprises to pay more attention
to innovation quality and thus improves the utilization of subsidies.
The contributions of this paper are as follows. First, it provides a comprehensive analysis of the asymmetric
effect of R&D subsidies on the quantity and quality of innovation in new energy enterprises, expanding the research
scope of government subsidies. Second, it updates the research perspective of enterprise innovation by conducting
an empirical analysis of R&D subsidies, digital transformation and enterprise innovation. Third, it regards the enterprise digital transformation as a measure to moderate asymmetric incentives of R&D subsidies, providing a new
path to enhance the effectiveness of subsidies in the era of the digital economy.
The findings have certain reference value for designing government subsidies and promoting digital transformation and innovative development of new energy enterprises in China. Based on the above conclusions, this paper
puts forward the following recommendations. First, the government should enhance the mechanism for embracing
innovative accomplishments and establish a supportive mechanism to promote digital transformation in enterprises.
Second, enterprises should fully recognize the important role of digital information in subsidy utilization and R&D
innovation, make full use of the R&D subsidies to achieve the earmarking of funds, and proactively implement digital transformation.
Keywords: new energy enterprise; R&D subsidy; digital transformation; innovation quantity; innovation quality
(责任编辑: 李 叶; 蒋 琰)
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