{'fraction_non_alphanumeric': 0.024242424242424242, 'fraction_numerical': 0.006926406926406926, 'mean_word_length': 5.531073446327683, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
The Mechanism of Government Subsidies on Enterprise R&D Investment from the Perspective of Heterogeneity

Enterprises have the problem of insufficient R&D motivation due to the positive externalities and high risks of R&D activities. In order to promote the improvement of national innovation support capabilities, the government tries to use fiscal policies to encourage enterprise R&D. In this context, whether government R&D subsidies bring enterprises R&D dynamics are worthy of further study. This paper uses the data of my country's A-share listed companies from 2009 to 2018 and uses the two-stage least squares method to estimate the mechanism of government subsidy policies on corporate R&D investment. The study finds that government R&D subsidies do have a positive incentive effect on corporate R&D investment, and this incentive effect is notably established in enterprises, state-owned enterprises, and enterprises in intellectual property-intensive industries that are in the growth, maturity, and decline periods. This article provides a theoretical basis for the government to implement fiscal subsidy policies and promote enterprise R&D.