宏观经济政策与政府科技补贴绩效研究

his paper selects the sample of A-share listed companies in China from 2007 to 2014, and uses the PSM, DID model and Heckman 2SLS model to study the impact of the "four trillion" economic stimulus plan on the innovation incentive effect of government R&D subsidies. It is found that the "four trillion" economic stimulus plan will significantly inhibit the incentive effect of government R&D subsidies, which is significant for both invention patents and non-invention patents, and this impact will not disappear immediately after the policy. In the further study, it is found that the inhibition impact of "four trillion" is more significant in the state-owned enterprise group, high-tech enterprise group and region group with lower degree of intellectual property protection. This study expands the research on the influencing factors of R&D subsidy performance, which helps to clarify the dispute between R&D subsidy and innovation policy, and has important policy significance.