The Influence of Government Subsidies on the Efficiency of Technological Innovation: A Panel Threshold Regression Approach

As a typical technology-intensive industry, the renewable energy industry is a standard sample for scholars to study the R&D innovation of enterprises. At present, the industry is strongly supported by the government subsidy policy in China and has developed rapidly in recent years. Its own financing constraints and lack of innovation power are also the main problems for the development of renewable energy enterprises. Taking A-share renewable energy enterprises from 2016 to 2020 as the research object, this paper constructs a panel model to empirically study the relationship between government subsidies and enterprise innovation efficiency. The findings are as follows. First, government subsidies can significantly promote the innovation efficiency of enterprises; second, the government subsidy has an obvious double threshold effect on the innovation efficiency of enterprises, and when the government subsidy is in a certain range, the subsidy effect is the best; third, the government subsidy effect of non-state-owned renewable energy enterprises is better than that of state-owned enterprises; the effect of government subsidies for renewable energy enterprises in the central and western regions is better than that in the eastern region. The threshold effect of government subsidies on enterprise innovation efficiency is also quite different.