Abstract：This paper reviews the argumentation of innovation driving factor-demand-pull theory, technology-push theory and government-led theory. It takes the sample of special equipment sector of the equipment manufacturing industry as an empirical test of the relationship between the government R& D subsidy, market demand and firm innovation. The paper focuses on whether market demand has a mediating or moderating effect. The cases of Jinglun Electronic and Huazhong CNC demonstrate a further evidence for the relationship of the above three. The results implicate that both government subsidy and market demand are positively related to firm R& D investment. Market demand has no mediating effect on the relationship between government subsidies and firm R& D investment. R& D investment has a significant positive effect on value creation ability, but an insignificant negative effect on profitability. Market demand has a positive moderating impact on R& D investment and value creation ability. However, government R& D subsidy shows a negative moderating effect. Government subsidy exposes a significant positive effect on performance
邹彩芬, 刘双, 代亚利. 政府R&D补贴、企业技术创新及其创值能力研究[J]. 中国科技论坛, 2014(5): 20-26.
Zou Caifen, Liu Shuang, Dai Yali. Impact of R&D Subsidy on Firm Innovation and Value Creation. , 2014(5): 20-26.
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