Government-funded corporate technological innovation and corporate economic value

By guiding more enterprises through policies to actively participate in or undertake various national science and technology projects, the government aims to stimulate the market’ s decisive role in allocating innovation resources,consolidate more resources to overcome key industrial core technologies with quasi-public goods attributes, and break through technological blockades. Government-funded technological innovation activities, synergizing with enterprise-driven technological innovation, collectively enhance industrial autonomy and controllability. Based on the data of A-share listed companies in China from 2011 to 2022, this paper theoretically and empirically analyzes the impact effects and transmission mechanisms of government-funded corporate technological innovation on corporate economic value. The resultsindicate that government-funded corporate technological innovation significantly enhances corporate economic value, with the impact pathways primarily manifest in three aspects: innovation efficiency, market power, and risk-taking capacity.Among private enterprises and large enterprises, government-funded corporate technological innovation plays a stronger role in promoting corporate economic value. Enhancing enterprises’ capability to undertake national strategic R&D activities is instrumental in unleashing the economic value-added effects of technological innovation, strengthening corporate economic competitiveness, safeguarding industrial security, and achieving high-quality national development.