Title: Government Subsidies and Innovation Performance in Strategic Emerging Industry Companies Under the Incentive Effect
Abstract: This paper selects listed companies in strategic emerging industries from 2016 to 2020, empirically tests the effect of government subsidies on innovation incentives, and examines the moderating role of company ownership structure. The study found that government subsidies can significantly improve the innovation performance of strategic emerging industry enterprises by changing innovation costs, reducing capital constraints, and improving innovation risk resistance. Further exploration shows that equity concentration inhibits the incentive effect of government subsidies on innovation performance; while check-and-balance ownership structure positively regulate the promotion effect of government subsidies on enterprise innovation performance.