【摘要】 本文以2010-2019年高新技术企业为样本，建立面板门槛效应模型，从股权融资率和产品市场竞争视角分析政府研发补贴与企业创新效率的非线性关系。研究发现，政府研发补贴对高新技术企业创新效率具有激励效应，该激励作用在股权融资率与产品市场竞争方面存在门槛效应，其中股权融资率与产品市场竞争的门槛值分别为0.8452和-0.0346，当股权融资率高于门槛值、产品市场竞争水平小于门槛值时，政府研发补贴才能有效提高企业创新效率。此外，政府研发补贴对不同产权性质和区域位置的企业创新效率的影响也存在差异，因此政府应根据高新技术企业实际情况，有针对性地实施差异化的补贴与激励政策。更多还原

【Abstract】 Based on the sample of high-tech enterprises from 2010 to 2019, this paper establishes a panel threshold effect model to analyze the nonlinear relationship between government R&D subsidies and innovation efficiency of enterprises from the perspective of equity financing rate and product market competition. It is found that government R&D subsidy has an incentive effect on the innovation efficiency of high-tech enterprises, which has a threshold effect on equity financing rate and product market competition, with the threshold values of equity financing rate and product market competition being 0.8452 and-0.0346 respectively. When the equity financing rate is higher than the threshold value and the product market competition level is lower than the threshold value, the government R&D subsidy can effectively improve the innovation efficiency of enterprises. In addition, government R&D subsidies have different effects on the innovation efficiency of enterprises with different property rights and regional locations. Therefore, the government should implement differentiated subsidies and incentive policies according to the actual situation of high-tech enterprises.更多还原