The Different Supplementary Effect of the Government's R&D Subsidy and Policy Implications

The adjustment of economic structure requires enterprises to enhance their independent RD ability. The government's RD subsidy is a significant policy tool to guide the enterprise's technological innovation. Prior researches show that the government's RD subsidies can promote the enterprise to increase RD investment. However,the literature which focuses on the differences in the resource dependence and the resource utilization capacity of different RD intensity enterprises is much less. Using Quantile Regression Method,the study shows that the complementary effect of the government's RD subsidies will be more incentive in the medium RD intensity enterprises. In the higher and lower RD intensity enterprises,the effect of enterprises' RD investment promoted by the government's RD subsidies does not have a statistical significance. In the area of the issuance of the government's RD subsidies and the formulation of its science and technology policy,the reference value of this conclusion is that: the government should promote the disclosure of RD investment information in order to allocate the RD subsidies to moderate RD intensity enterprises,and to achieve the optimal allocation of the government's RD subsidy resources.