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In recent years, the government's emphasis on corporate innovation and policy support has been increasing. It is necessary to analyze the effectiveness of government's innovation support policies. Based on the sample of 108 Ashare listed companies from 2010 to 2014 and the GMM method of dynamic panel data, this paper examines the role of government subsidies for enterprise research and development expenditures and independent innovation results. According to this study, we can know that after controlling the enterprise scale and the number of scientific research personnel, government subsidies can significantly stimulate the research and development expenditure of the enterprise. The impact of government subsidies on the number of inventions and the number of designs is significantly positive. However, the impact on the number of utility models is not significant. This paper also analyzes the efficiency of government's innovation support with the DEA method. For the sample enterprises, the government innovation support policy has certain inefficiency. Keywords—government subsidy; enterprise research and development expenditure; enterprise independent innovation; GMM method of dynamic panel

Government Subsidy, Research and Development Expenditure and Independent Innovation of Enterprise