关键词: 数字企业, 技术创新, 政府创新补贴政策, 高新技术企业税收优惠政策, 交叉效应

Abstract: This paper uses the data of A-share listed companies in China in the digital economy core industry from 2015—2020, and uses crawler technology to collect innovation keywords in government subsidy parts in corporate annual reports to accurately and scientifically measure the level of government innovation subsidies. It also makes an analysis of how two types of government innovation policies affect the independent innovation investment of Chinese digital enterprises. The study finds that government innovation subsidies have a U-shaped effect on the independent innovation investment of digital enterprises, while the preferential tax policies have an inhibitory effect on independent innovation investment of digital enterprises. From the perspective of cross effects, two types of government innovation policies have a mutually counteracting inhibitory effect on independent innovation investment of digital enterprises. The channel mechanism shows that government innovation policy strengthens the market’s positive expectations to a degree, which helps to alleviate the financing constraints of digital enterprises and enhance the value of digital enterprises, which in turn has an impact on digital enterprises innovation activities. The above empirical evidence adds micro verification to digital enterprise innovation research, and provides theoretical reference for the precise implementation of innovation policies by the Chinese government.

Key words: Digital Enterprise, Technological Innovation, Government Innovation Subsidy Policy, Tax Reduction Policies for High-tech Enterprises, Cross Effect