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

Figure 1.

Figure 2.

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