Government R&D Subsidies, R&D Risks, and Corporate Joint Innovation

Joint innovation is an important measure for China to break down technological barriers and achieve technological breakthroughs in key areas. Against the background of increasing pressure on China's fiscal balance, it is of great practical significance to objectively assess the impact of government R&D subsidies on corporate collaborative innovation. Taking Chinese A-share listed companies from 2007 to 2022 as a sample, based on the invention patent data, this paper identifies the joint innovation behaviours of enterprises, and examines the impact of government R&D subsidies on corporate joint innovation. It is found that government R&D subsidies have a facilitating effect on corporate joint innovation. Further analyses show that co-innovation promotion is more pronounced for firms with high R&D risks, and that the type of subsidy with high signal strength promotes joint innovation more significantly. The above findings provide a scientific basis for optimizing the structure of R&D subsidies and accelerating the establishment of joint innovation networks in China.