摘要：Can government subsidies improve enterprises’ technological innovation performance? Based on the A-share high-tech listed enterprises in Shanghai and Shenzhen Stock Exchange from 2015 to 2019, this paper empirically tests the micro policy effect of government subsidies on innovation performance of enterprises under the background of economic transformation, and the moderating effect of regional corruption, market competition and enterprise ownership concentration on this effect. The results show that the high quality signal transmitted by government subsidies is helpful for innovative enterprises to broaden the source of innovation resources and encourage enterprises to actively carry out innovative activities. Moderate level of regional corruption will promote the government subsidy effect, too high or too low level of corruption is not conducive to enterprise innovation; The higher the degree of market competition, the weaker the promoting effect of government subsidies on enterprise innovation; Corporate ownership concentration has a U-shaped moderating effect on government subsidies and innovation performance. Therefore, to improve the independent innovation ability of enterprises, on the one hand, we should continue to strengthen the government innovation subsidy and improve the subsidy system; on the other hand, we should strictly crackdown on corruption activities and supervise the establishment and improvement of the internal control system of enterprises, so as to give full play to the effect of government subsidies.
