Government Subsidies and Enterprise Innovation: Evidence from China's Photovoltaic Industry

Table 1

Definition of main variables.

Variables	Definition
Inno	Ratio of PV enterprises’ R&D investment to the fixed capital (%)
RDSub	Logarithm value of GSs that PV enterprises received for R&D incentive purpose from government (10,000 Yuan)
NRDSub	Logarithm value of GSs that PV enterprises received from government minus the amount for R&D incentive purpose (10,000 Yuan)
Size	Logarithm value of fixed capital of PV enterprises (10,000 Yuan)
Profit	Logarithm value of PV enterprises’ net profit (10,000 Yuan)
Debt	Value of ratio of PV enterprises’ debt to fixed capital (%)
Own	Value of ratio of state-owned shares (%)
Age	Logarithm value of number of years being a listed enterprises (Year)