创新补贴、企业技术产出与价值实现

基于创新价值链视角，以2010-2017年中国129家民营科技企业面板数据为样本，运用面板向量自回归模型（PVAR），动态分析和评价政府创新补贴对民营科技企业技术创新与价值实现两个阶段的激励效应。研究结果显示：第一，从短期激励效应看，政府补贴对技术创新产出的促进作用更显著，而从长期激励效应看，政府补贴对创新价值实现的方差贡献更大；第二，企业创新价值链不同阶段的产出对后续政府补贴配置均有积极正向反馈作用，但政府更关注企业技术创新产出；第三，前期技术创新对后期价值实现具有显著正向影响，但价值实现对新一轮创新活动的支持效果不显著。

Innovation Subsidy,Enterprise Technology Output and Value Realization

From the perspective of innovation value chain,this paper takes panel data of 129 private science and technology enterprises in China from 2010 to 2017 as samples,and applies panel vector autoregression model (PVAR) to dynamically analyze and evaluate the incentive effect of government innovation subsidies on the two stages of technological innovation and value realization of private science and technology enterprises.The results show that: first,from the perspective of short-term incentive effect,government subsidies play a more significant role in promoting technological innovation output,while from the perspective of long-term incentive effect,government subsidies contribute more to the variance of innovation value realization.Second,the output at different stages of the innovation value chain of enterprises has a positive feedback effect on the allocation of subsequent government subsidies,but the government pays more attention to the technological innovation output of enterprises.Third,the technological innovation in the early stage has a significant positive impact on the value realization in the later stage,but the support effect of value realization on the new round of innovation activities is not significant.