Abstract: This paper, based on stock-listed companies' 2015 to 2020 data, uses bidirectional fixed effect model to study the impacts of governmental allowance on enterprises' technical innovation with results showing that proportion of governmental allowance to enterprises' gross values increases by 1%, their patent counts will then increase by 7.81%, suggestion a notable promotion, which largely vary with enterprises' natures and life circles. Stability test validates this conclusion. When venture capital is introduced, signal transmission mechanism of governmental allowance on enterprises' green technical innovation which is verified by means of binary Logit model indicates that those enterprise with governmental allowance gain a VC's investment 16.83% higher than those without. Enterprises gaining governmental allowance means a gained support, attracting social attention and external supports in green technical innovation. To improve enterprises' green technical innovation performance, governments shall not only pay attention on the direct impacts of governmental allowance on green technical innovation, but also fulfill the function of signal transmission of enterprises gained allowance, leading social resources to enterprises' green technical innovation.

Key words: governmental innovation allowance, green technical innovation, signal transmission

摘要： 基于2015—2020年相关上市公司的数据，运用双向固定效应模型，验证了政府创新补贴对企业技术创新的影响。研究表明，政府创新补贴占企业总资产的比重每增加1%，企业专利申请数量将增加7.81%，政府创新补贴会显著促进企业绿色技术创新绩效，这种影响会因企业性质和不同生命周期阶段而呈现显著差异性。该结果在进行稳健性检验后仍是可靠的。引入风险投资机构投资，运用二元logit模型进一步验证政府创新补贴对企业绿色技术创新的信号传递机制，有政府创新补贴的企业获得风险投资机构的投资比没有政府创新补贴的高16.83%，即企业获创新补贴会向外部传递支持信号，在绿色技术创新方面获得社会关注和外部资源的支持。研究认为，为提高企业绿色技术创新绩效，不仅应重视企业创新补贴对企业绿色技术创新的直接影响，更应该发挥企业创新补贴的信号传递功能，引导社会资源向企业绿色技术创新汇聚。

关键词: 政府创新补贴, 绿色技术创新, 信号传递