Research on the Asymmetric Influence of Non-R&D Subsidy and R&D Subsidy on Digital Enterprises Performance: Empirical Evidence from China’s Digital Industry

Digital technology innovation has become the core element driving economic development. Digital enterprise innovation improves performance, which is of great significance for effectively releasing digital dividends and achieving high-quality economic development. Based on the panel data of listed enterprises in China’s digital industry in 2008 and 2021, this study uses the two-way fixed effect model to discuss the influence and mechanism of government subsidies on the digital enterprises performance (DEP). Results show that: first, non-research and development (R&D) subsidies can improve the DEP effectively, however, R&D subsidies have a significant inverted U-shaped effect on DEP, and which show a marginal decreasing trend with the improvement of DEP. Second, mechanism tests show that technological innovation plays a mediating role in the process of non-R&D and R&D subsidies affecting DEP. State-owned property rights strengthen the positive impact of R&D subsidies on DEP. Third, heterogeneity tests show that lowering financing constraints enhances the impact of non-R&D and R&D subsidies on DEP, respectively. The improvement of corporate governance and R&D investment strengthens the promotion effect of non-R&D subsidies on DEP. Furthermore, improvements in network infrastructure strengthen the inverted U-shaped relationship between R&D subsidies and DEP. This study provides a valuable reference for the formulation of high-quality development incentive policies for digital enterprises.