ISSN: 2222-6990
Open access
The role of fiscal subsidies in enterprise innovation has long been a crucial subject of study. Nevertheless, scholars hold diverse views regarding the government's intervention and guidance of enterprises through subsidy measures. In recent years, the global economic landscape has been marred by uncertainties, with events such as financial crises, political unrest, trade frictions, the COVID-19 pandemic and military conflicts occurring intermittently. These factors have introduced significant volatility into the economic operating environment. In the present context, where innovation has emerged as the primary driver of China's economic development, but the domestic and international economic development environments are highly unstable. Moreover, China is during an economic structural transformation. The effectiveness of policy-making, often hampered by its inherent lag, and the impact of the external economic environment on policy effectiveness, whether it leads to an increase or decrease, are issues worthy of in-depth exploration. To address these questions, an empirical study was conducted using data from high-tech manufacturing enterprises listed on the stock market from 2018 to 2023. Initially, the fundamental concepts and perspectives of government intervention theory were summarized, and relevant research on government fiscal policies and corporate innovation activities was reviewed. Against this backdrop, macro-economic instability was introduced as the research context, and research hypotheses were formulated. Subsequently, based on these hypotheses, a model was constructed, and regression analysis was performed. This analysis aimed to examine the relationship between fiscal subsidies and corporate innovation output, as well as the moderating effect of economic shocks on the impact of fiscal subsidies on corporate innovation investment.
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