In the context of global innovation-driven development, government subsidy policies, as important tools to support industrial innovation, have garnered widespread attention regarding their effects and impact mechanisms. This paper systematically reviews the relevant theoretical foundations of the impact of government subsidy policies on industrial innovation and conducts an in-depth analysis of the mechanisms through which subsidy policies function, including direct financial support, signal transmission, and innovation network effects. The research indicates that the effectiveness of subsidy policies is influenced by multiple factors, including policy design, enterprise innovation capabilities, and external environmental factors. In terms of policy design, factors such as the selection of subsidy recipients, subsidy methods, subsidy intensity, and dynamic adjustment mechanisms are crucial. At the enterprise level, R&D strength, absorptive capacity, and innovation management capabilities significantly affect the outcomes of subsidies. External environmental factors, such as market competition, institutional environment, and industrial clusters, also largely determine the implementation effects of subsidy policies. Based on these findings, this paper proposes policy recommendations for optimizing subsidy policy design, enhancing enterprise innovation capabilities, and improving the innovation environment, with the aim of providing theoretical and practical guidance for increasing the effectiveness of subsidy policies and promoting industrial innovation.
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