Research On The Impact Of Government Subsidies On R&D Investment Of Comprehensive Utilization Enterprise Of Waste Resources

As my country’s economic development enters the “new normal” stage,my country’s economic development mode has gradually changed from the extensive type to the intensive type.The excessive use of resources,inefficient utilization and environmental pollution brought about by the original extensive development mode threaten Our country’s economy is developing sustainably and healthily.At the same time,with the development of globalization in the past few decades,there has been more and more international trade and competition,and technological innovation has become the core area of competition between enterprises and countries.As a major manufacturing country,my country has even promoted the development of technological innovation to the national strategic level.As the government pays more and more attention to scientific and technological research and development,and under objective circumstances,enterprises themselves will take a conservative,cautious or even negative attitude towards research and development due to the financial pressure brought by the research and development investment and the negative impact of the externalities of the success of research and development.,An external intervention method of supervision,guidance,and encouragement is extremely important.Government subsidies are widely used by the government as a fast,direct and highly targeted method,with the purpose of promoting enterprise R&D activities.This article starts from improving the efficiency of government subsidies to enterprises,and hopes to use the research on comprehensive utilization of waste resources to provide theoretical and practical assistance to local and level governments in my country when formulating R&D-related subsidy policies in the future.Many relevant research scholars at home and abroad have matured in their research on the relationship between government subsidies and R&D investment.Both theoretical and specific experimental methods have produced more and more complete results,but specific to the research background,The content of foreign scholars is different from the development of our country at the national level,while the relevant research of domestic scholars focuses on theory and broad perspective.The analysis of specific industries is mostly in the field of new concepts of high technology,and the comprehensive utilization of waste resources There are fewer industry studies that have appeared early and late,and there are fewer discussions on micro-level enterprise situations.The reference value of governments,enterprises,and investors related to the comprehensive utilization of waste resources in the actual economic life is limited.This article takes GEM,a typical enterprise in the comprehensive utilization of waste resources as an example,and uses the case of GEM to complete the combing and analysis,and supplement the existing research with specific industry conclusions.At the same time,this paper further introduces a series of related concepts of government subsidy intensity and R&D investment based on market failure and other theories,and comprehensively explores the ways in which government subsidies affect the research and development activities of enterprises.Finally,the following conclusions are reached:(1)The R&D investment of listed companies in the comprehensive utilization of A-share waste resources industry during the five years from 2015 to 2019 has been significantly stimulated by the government.Among them,GEM has shown both incentive and substitution effects,and since government subsidies have been excessive,The substitution effect is obvious.(2)When conducting further research and analysis on GEM,it is found that GEM’s R&D investment strategy is not only affected by two effects.With the increase in GEM’s performance,the impact of the two effects on R&D is gradually increasing.As it becomes smaller,corporate management takes more weight in the strategy and direction planning of R&D activities.Based on this conclusion,the following countermeasures are proposedFirst,the central and local governments at all levels should maintain the existing subsidy scale and flexibly adjust the subsidy strategy according to the characteristics of different industries and enterprises to achieve overall scale growth and efficiency improvement.Second,the government should take the initiative to understand the enterprises within the scope of the subsidy in the region,and at the same time further improve the government subsidy process,strengthen the approval and establish a subsidy follow-up mechanismThird,regulate the disclosure of relevant information of listed companies,make good use of the supervision effect of the media and investors,and effectively protect the rights and interests of investors.