The Effect of Subsidies on Cultural and Creative Enterprise Performance: Mediating Role of Patents

Authors

  • Hua Cheng Zhejiang Sci-Tech University, China
  • Yinhong Yu Zhejiang Sci-Tech University, China
  • Lili Zhang Zhejiang Sci-Tech University, China
  • Zhiying Zhang Zhejiang Sci-Tech University, China

DOI:

https://doi.org/10.5755/j01.ee.33.2.28844

Keywords:

Subsidies, Cultural and Creative Enterprise, Patent Quantity, Patent Quality, Mediating Effect

Abstract

Cultural and creative industries are located at the intersection of art, commerce and science and technology. Therefore, it has become an important industry of a country. Some governments have formulated supportive policies to promote the cultural and creative industries. Subsidy is among the important policy instruments. It is of utmost importance to study the impact of subsidy on innovation and financial performance of cultural and creative enterprises. This paper attempts to examine how subsidy can facilitate innovation and financial performance of cultural and creative enterprises, and compare the mediating role of patent quantity and patent quality between subsidies and financial performance. Based on the panel data of 141 listed cultural and creative enterprises from 2008 to 2017 in China, this paper conducts an empirical study and finds that subsidies promote the financial performance of cultural and creative enterprises. The promotion effect of subsidies on patent quantity is greater than on patent quality, and the effect of patent quality on performance is greater than that of patent quantity. Patents play a mediating role between subsidies and financial performance, but the mediating effect of patent quality is not greater than that of patent quantity. The findings make several theoretical contributions and policy implications. 

Author Biographies

Hua Cheng, Zhejiang Sci-Tech University, China

Hua Cheng is a Professor and Doctoral Supervisor of the School of Economics and Management, Zhejiang Sci-Tech University. Her research focuses on innovation management, university research institutes industry cooperation and policy performance. Her research is published in the journals such as Journal of Technology Transfer, Int. J. Technology Management, and Science and Public Policy.

Yinhong Yu, Zhejiang Sci-Tech University, China

Yinhong Yu is a Master Degree Candidate (postgraduate student) of the School of Economics and Management, Zhejiang Sci-Tech University. Her research focuses on innovation management.

Lili Zhang, Zhejiang Sci-Tech University, China

Lili Zhang is a Master Degree Candidate (postgraduate student) of the School of Economics and Management, Zhejiang Sci-Tech University. Her research focuses on innovation management and innovation performance.

Zhiying Zhang, Zhejiang Sci-Tech University, China

Zhiying Zhang is a Lecturer in the School of Science of Zhejiang Sci-Tech University. Her main research fields are innovation model and innovation performance. Her research results are published in Journal of Technology Transfer, Science and Public Policy, Int. J. Technology Management  and Australian Journal of Statistics.

 

 

Additional Files

Published

2022-04-27

Issue

Section

Articles