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Research on the enhancement mechanism of big data-driven government innovation subsidy policy on the multi-level financing model of science and technology-based enterprises

Lin Wang

Lin Wang

Business School, Yangzhou Polytechnic InstituteYangzhou, China
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Wang, Lin
  
05 févr. 2025
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Publié en ligne: 05 févr. 2025
Reçu: 14 sept. 2024
Accepté: 07 janv. 2025
DOI: https://doi.org/10.2478/amns-2025-0076
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© 2025 Lin Wang, published by Sciendo
This work is licensed under the Creative Commons Attribution 4.0 International License.

Figure 1.

Intermediate effect test procedure
Intermediate effect test procedure

Figure 2.

Chinese listed companies account for the proportion of operating income
Chinese listed companies account for the proportion of operating income

The impact of financing constraints on innovation ability

Interpretation variable Model(8)FE Model(9)OLS Model(10)GMM
Innovt−1 0.1539644***(3.05) 0.8365411***(40.27) 0.7635899***(10.59)
Innovt−12$Innov_{t - 1}^2$ 0.1593005(0.98) 0.1240065(1.71) 0.2253994(1.93)
CF 0.0078594***(3.08) 0.0196544***(2.92) 0.0272453***(3.14)
Debt 0.0017586(0.97) 0.0008941(0.21) 0.0212487(1.85)
FC -0.005443**(-2.95) -0.001062**(-2.58) -0.0587123**(-2.99)
Size -0.008936***(-3.45) -0.007284**(-3.07) -0.0215937***(-3.95)
Age 0.0035641***(3.56) -0.000759***(-2.78) -0.0015348**(-2.96)
Constant 0.2135697***(3.45) 0.0568467***(3.58) 0.41259234***(5.03)
Industry time Control Control Control
F Statistical value 9.78*** 679.23*** 100.235***
Hansen Test / / /
Adj- R2 0.5362 0.7298 /
obs 4351 4351 4351

The source of expenditure internal expenditure in r&d

Year 2018 2019 2020 2021 2022
National r&d expenditure (100 million yuan) 19886.53 21653.48 22546.79 23564.54 25193.31
Government fund (million yuan) 3951.24 4012.57 4198.03 4321.16 4572.65
Enterprise capital (100 million yuan) 15326.21 15534.18 15689.64 15897.01 16042.89
Foreign capital (100 million yuan) 71.52 75.63 73.48 80.45 85.27
Other funds (100 million yuan) 559.61 580.25 593.41 612.57 636.43

Intermediary effect of different life cycle financing constraints

Variable Initial period Long-term
I II III IV V VI
Enterprise innovation Financing constraint Enterprise innovation Enterprise innovation Financing constraint Enterprise innovation
Government subsidy 0.235***(0.052) -0.003(0.009) 0.214***(0.056) 0.087***(0.011) -0.006(0.009) 0.089***(0.035)
Financing constraint 2.012***(0.673) -1.856***(0.327)
Enterprise size 1.235**(0.151) -0.056***(0.042) 1.243***(0.142) 0.725***(0.035) -0.153***(0.009) 0.524***(0.059)
Asset ratio -0.635(0.452) -0.189***(0.076) -0.352(0.401) 0.576***(0.153) -0.172***(0.034) 0.304**(0.143)
Total asset yield -0.458(0.523) 0.153**(0.054) -0.785**(0.847) -0.658***(0.464) 0.185***(0.042) -0.342(0.245)
Development ability -0.003(0.001) 0.002(0.001) -0.005(0.001) -0.003(0.001) -0.004(0.001) -0.006(0.001)
Board size -0.985*(0.766) 0.135(0.086) -1.153**(0.672) 0.093(0.142) 0.052(0.024) 0.093(0.127)
Constant term -7.685***(3.056) -2.856***(0.387) -1.006(2.685) 0.235(0.716) -0.458***(0.075) -0.534(0.763)
R2 0.725 0.418 0.797 0.605 0.754 0.663
F 0.000 0.000 0.000 0.000 0.000 0.000
Obs. 4351 4351 4351 4351 4351 4351
Time control control control control control control
Individuals control control control control control control
Variable Maturation period Decline period
VII VIII IX X XI XII
Enterprise innovation Financing constraint Enterprise innovation Enterprise innovation Financing constraint Enterprise innovation
Government subsidy 0.125***(0.035) -0.052***(0.008) 0.135***(0.037) 0.056(0.053) -0.015**(0.008) 0.075(0.032)
Financing constraint -0.786***(0.305) -0.178(0.649)
Enterprise size 0.896***(0.075) -0.198***(0.007) 0.782***(0.088) 0.896***(0.204) -0.075***(0.042) 0.893***(0.153)
Asset ratio 0.065 -0.054 -0.008 0.154 -0.076 0.163
Total asset yield -0.725***(0.256) 0.325***(0.065) -0.536***(0.189) -0.678***(0.635) 0.035(0.001) -0.678**(0.351)
Development ability 0.005(0.001) -0.003(0.001) -0.006(0.001) -0.003(0.001) 0.004(0.001) -0.007(0.001)
Board size -0.153(0.166) 0.098***(0.035) -0.067(0.241) -0.097(0.322) 0.257***(0.035) -0.078(0.305)
Constant term 0.458(1.253) 0.579(0.243) 0.512(1.089) 0.365(2.768) 0.272(0.378) 0.354(2.796)
R2 0.456 0.598 0.532 0.415 0.238 0.317
F 0.000 0.000 0.000 0.000 0.000 0.000
Obs. 4351 4351 4351 4351 4351 4351
Time control control control control control control
Individuals control control control control control control

The effect of government subsidies on innovation activities of enterprises

Interpretation variable Model(8) FE Model(9) OLS Model(10) GMM
Innovt−1 0.1342516***(2.97) 0.8542056***(38.54) 0.7425186(12.07)
Innovt−12$Innov_{t - 1}^2$ 0.1638541(0.81) 0.1124788(1.36) 0.0245899(0.58)
CF 0.0089453*(0.94) 0.0079864**(2.67) 0.1236474***(2.89)
Debt 0.000896(0.35) 0.0007584(0.21) 0.0785446(1.84)
FC -0.0012569***(-3.04) -0.0016784***(-3.47) -0.0561854***(-3.64)
GOV 0.23514911*(-3.47) -0.1758002*(1.95) 0.09864547***(-3.04)
GOV*FC 0.1458369*(2.07) 0.01826963**(3.64) 0.05278813***(4.75)
Size -0.008657**(-3.12) -0.0025787***(-4.63) -0.00599604**(-2.89)
Age 0.0052638***(3.65) -0.0007004***(-2.89) -0.00680093***(-2.05)
Constant 0.1986812***(3.45) -0.0007521***(3.92) 0.142683942**(2.58)
Industry time Control Control Control
F Statistical value 9.68*** 598.58*** 75.31***
Hansen Test / / /
Adj- R2 0.5391 0.7286 /
obs 4351 4351 4351

The status quo of r&d funding in China

Year 2018 2019 2020 2021 2022
China r&d expenditure (100 million yuan) 20166.85 21538.48 22569.52 23714.9 24139.05
Enterprise r&d expenditure (100 million yuan) 15046.24 15371.64 15976.48 16379.16 16654.27
Corporate r&d expenditure ratio 77.09% 75.86% 78.94% 79.67% 80.14%
Investment intensity in China 2.35% 2.64% 2.91% 2.84% 2.79%

Descriptive statistics

Variable N MEAN SD MIN P25 P50 P75 MAX
Risk1 4351 0.3526 0.4582 0.0019 0.0125 0.0268 0.0425 0.0521
Risk2 4351 0.6017 0.7436 0.0053 0.0536 0.0758 0.0804 0.1043
RD 4351 18.0624 0.9321 16.2014 17.2455 18.6124 19.5246 20.2107
GOV 4351 0.8951 0.7425 0.0315 0.2896 0.5246 1.0869 4.4596
SA 4351 3.3275 0.1624 2.8250 3.1249 3.2778 3.3421 3.5648
Size 4351 22.0058 0.8241 19.6354 21.0436 21.1428 21.7894 23.5042
Turnover 4351 0.5361 0.2535 0.0935 0.3245 0.4536 0.5424 1.4021
Tobin’Q 4351 2.2356 1.4058 1.1429 1.6204 2.1284 3.0418 9.5837
PPE 4351 0.2379 0.1576 0.0085 0.1568 0.2437 0.3451 0.6699
DER 4351 0.5368 0.5248 0.0317 0.1789 0.3619 0.7024 3.0052
Cash 4351 0.2415 0.1942 0.0248 0.0992 0.1876 0.3352 0.7817
ROA 4351 0.0457 0.0894 -0.3712 0.0368 0.0652 0.0781 0.2058
Growth 4351 0.2129 0.3712 -0.4758 0.0001 0.1428 0.3526 1.9864
Sfin 4351 0.0967 0.0945 0.0048 0.0486 0.0578 0.1293 0.5042
Age 4351 1.3244 0.7781 0.0000 0.7215 1.4303 1.8641 2.4367
LHR 4351 30.2679 12.3808 8.5966 22.3658 30.1529 38.5606 66.4281
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