Abstract: The coexistence of rapid growth of land price subsidies and slow improvement of innovation quality presents the “innovation dilemma” faced by Chinese industrial enterprises （CIE）. To promote highquality innovation，the Chinese government has intensified its incentives for technological innovation Consequently，there has been an explosive increase in the number of innovations produced by Chinese firms However，the quality of these innovations remains unsatisfactory This raises the question：why is there such a disparity between the quantity and quality of innovation?
In addition to explicit policy incentives for corporate technological innovation，a plethora of implicit subsidies，such as land price subsidies，exist Between 2007 and 2022，CIE experienced a 35fold increase in land subsidy values，correlating with higher innovation quality compared to nonsubsidized firms However，this quality of innovation did not increase proportionally with the rising subsidies and even decreased during the period from 2010 to 2012 This paper investigates whether land subsidies truly enhance industrial innovation quality and explores the mechanism involved，while considering the role of industrial agglomeration spurred by these subsidies
This paper constructs a production function with patent quality as the output，and utilizes matched data from CIE，micro land transactions，and patents from 2007 to 2013 to empirically examine the impact of land price subsidies on the quality of industrial innovation and the underlying mechanisms The results indicate that land price subsidies act as a doubleedged sword for innovation On one hand，they enhance both the quantity and quality of innovation；on the other hand，increasing subsidies can inhibit improvements in innovation quality Moreover，the innovation quality evaluation system that focuses solely on quantity is inadequate for accurately assessing corporate innovation levels Lastly，the “landforinvestment” effect of land price subsidies encourages the clustering of industrial enterprises，which enhances innovation quality in areas with higher levels of agglomeration
To improve the innovation quality of CIE，we recommend：implementing highquality development concepts in innovation practices；controlling land price subsidies within a moderate range while improving innovation incentive policies；and establishing a qualityfocused evaluation system to reform innovation assessment The shift from a quantityoriented to a qualityoriented evaluation system，is essential for a more accurate assessment of corporate innovation

Key words: innovation quality, land price subsidies, factor substitution

摘要： 地价补贴迅猛增长与创新质量缓慢提升并存，是中国工业企业面临的“创新困境”。本文构建以专利质量为产出的生产函数来分析地价补贴对工业企业创新质量的影响及其作用机制，并使用2007—2013年中国工业企业-土地出让-专利匹配数据进行实证检验。研究发现：地价补贴通过降低融资约束和研发成本来促进工业企业创新质量的提升。受地价补贴和企业逐利的影响，工业企业创新数量获得爆炸式增长，但这种增长负向影响企业创新质量。地价补贴的时效性和程度均对创新质量的提升有一定影响，并且适度的地价补贴促进效果更为显著。工业企业集聚化发展在集聚程度较高的区域内可以促进企业创新质量的提升。本文为中国推进高质量创新、完善创新激励政策、构建创新质量为主的评价体系提供了参考依据。

关键词: 创新质量, 地价补贴, 要素替代