| China’s economic growth is shifting from the high growth rate to the moderate high growth rate gradually, the economic development has entered " the new normal". "The new normal" period of economic development requires the economic growth transforming from the type of resource consumption into the technological innovation type, that is the economic growth is no longer relying on resources simply, but depending on the progress of science and technology innovation. Therefore in the economy of "the new normal", whether the economy can develop consistently, stably and healthily, depends on the development capability of science and technology. However, in the aspect of science and technology, there still exist huge gaps between China and other developed countries. In the future there are important problems the policymakers have to solve:How to improve the economic growth contribution of scientific and technological progress? How to change from resource consumption growth to a technology driven growth?As the main force of social scientific and technological progress, Enterprises play a significant role. Chinese government continually strengthen the dominant position of enterprises in technological progress and scientific and technological innovation. Chinese enterprises are keeping an encouraging speed at the growth of research stuff, the investment, and the innovation achievements.R&D investment, as one of the main investment activities of enterprises, play an important role in the process of scientific and technological development. However, compared to the requirements of economic development and social progress, Chinese enterprises’R&D investment scale is still far below the optimal equilibrium level.The main reason of theR&D investmentshortage is:on the one hand, R&D investment characterized by large scale, long period, high risk; on the other hand,R&D investment’s output has the characteristic of public goods as non-exclusiveor non-competitive. So as taking on R&D investment’s cost and risk, the enterprises’ investment income is not exclusive. Accordingly, it is difficult to promote the growth of science and technology by enterprises only, the government has to incentive the innovation level of enterprises, so as to enhance the effectiveness of social innovation activities.In fact, in the process of economic opening up reform, China government formulates and implements a series of science and technology policies and measures, in order to enhance the scientific and technological innovation, and to implement the strategy of science and education.These policies and measures are encouraging technological innovation of enterprise, promoting the abilities of social innovation, meanwhile the investment structure is irrational, the R&D fund is inefficiency, the technology policy is imperfect, and market incentive mechanism is weak. It has important theoretical significance and practical significance to find the right way to evaluate the effect of science and technology policy, to find out the restrict factors in policy.Based on the theory of public R&D subsidies, this paper systematically analyses the effect of public R&D subsidies from microcosmic view.Mainly include as follow:First, studyingon the influence factors of public R&D subsidies to explore the inherent law of public subsidies choice; second, the influence of public R&D subsidies to solve the financing problem of enterprises, discussing the signal of public R&D subsidieson debt,equity and exogenous financing; third, testingweather public R&D subsidiesstimulate or crowd out enterprises’R&D investment; fourth, testing the influence of public subsidieson the non-efficiency R&D investment; fifth, testing the influence of public R&D subsidies onenterprises’innovation output.Empirical research shows that:firstly, public R&D subsidies is in favor of enterprises with the characteristic of state-owned shares, return on assets, big scale, market value, and autonomy R&D investment; secondly,public R&D subsidies can significantly improve the level of debt, and the exogenous financing; thirdly, public R&D subsidiesstimulates the autonomy R&D investment of enterprises significantly. To specific:public R&D subsidieshas better stimulate effect on smaller enterprises, low proportion of state-owned shares, relatively low level of managerial ownership, etc;fourth, public R&D subsidies can effectively restrain enterprise over R&D investment, and can effectively improve the lack of R&D investment scale; fifth, public R&D subsidiescan improve the enterprises’patent the application, but can not increase the market value of funded enterprise.This studyenrich and strengthen the research ofpublic R&Dsubsidies in a microcosmic view. At the same time, it is meaningful to perfect the policy on science and technology innovation,improve the efficiency of public R&D subsidies, and speed up the transformation and upgrading of economic growth.This paper is structured as follows:Chapter 1:introduction, mainly introduce the research background, purpose and significance, research methods and main research contents.Chapter 2:Review the theory and literature, comment on the related theory and research achievement, laid a foundation for further study. In the theoretical review, summarize the related theories, analyse the fact that it is difficult to keep the R&D investment on an optimal level; summarize the theory of government intervention, elaborate that the R&D expenditure by the government to promote the innovation of science and technology play an indispensable role in the process. In the part of literature review, summarize the existing methods, the research conclusion and the advantages and disadvantages of existing research, and lay the foundation for the part of empirical research.Chapter 3:Analyse the situation of Chinese public R&D subsidies. First, analyse the existing problems about the level of China enterprise R&D level; then describe the current technology policy, summarized the possible problems.Chapter 4:empirically test the influence factors of public R&D subsidies to explore the inherent law of public subsidies choice.At the view of firm’s financial characteristics, empirical test the proportion of state-owned shares, management shareholding and firm size and other factors on the impact of public R&Dsubsidies.Chapter 5:empirically test the influence of public R&D subsidies to solve the financing problem of enterprises, discussing the signal of public R&D subsidieson debt, equity and exogenous financing; public R&D subsidies may release a signal about the ability of the enterprise, and then affect the external investor decision-making. Empirical test are considered on enterprise debt financing, equity financing and exogenous financing.Chapter 6:empiricallytestweather public R&D subsidiesstimulate or crowd out enterprises’ R&D investment. On the one hand, public R&D subsidies may stimulate enterprises to increase R&D investment; on the other hand, excessive government support may also reduce the enterprises’independent R&D investment, which is crowding out effect. This chapter also test the dynamic effect of public R&D subsidies.Chapter 7:empiricallytest the influence of public subsidieson the non-efficiency R&D investment. Using the existing methods depict the non-efficiency R&D investment, empirically test public R&D subsidies’efficiency.Chapter 8:empiricallytest the influence of public R&D subsidies onenterprises’ innovation output and market value.Empirically test the effect of public R&D subsidies in two ways:patent application and market.Chapter 9:conclusions and policy suggestions. This chapter summarize the main conclusion of the study, and the policy recommendations are made based on theoretical analysis and empirical test results. Then analyze the limitations and the future research direction of the study.
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