Research On The Influence Mechanism And Economic Consequences Of Government R&D Subsidy On Enterprise Innovation Performance

Based on the innovation situation that most enterprises in China mainly adopt the utilization innovation mode of ?introduction,digestion,absorption and re-innovation,?but pay insufficient attention to the breakthrough exploratory innovation.And the reality that creditor investors and equity investors,such as banks,have differentiated support characteristics for enterprise innovation activities of different risk categories because of their differences in risk characteristics.If we only look at the influence of government R&D subsidy on enterprise financing from the perspective of debt financing,while ignoring the importance of R&D subsidy on equity financing,it is not conducive for us to clarify how R&D subsidy should guide external funds to help enterprise R&D from a more complete logical portrait.Furthermore,if we only analyze the policy effect from the perspective of whether the R&D subsidy can guide the external funds to help the enterprise R&D,while ignoring the importance of the enterprise innovation strategy,the policy effect of the R&D subsidy may be greatly reduced because the actual situation of the enterprise innovation strategy is quite different from the goal of the R&D subsidy.Moreover,under the background of tax reduction and burden reduction for enterprises in China and the contradiction between the central and local financial pressures,it may still be impossible to optimize our R&D subsidy policy to improve its subsidy efficiency.In addition,based on technological innovation is a systematic and continuous process,the risks related to innovation and sustainable operation are intertwined,and good sustainable operation is the basic guarantee for enterprises to carry out innovation.Enterprises should consider whether the risks brought by innovation failure will affect their sustainable operation,especially when enterprises carry out innovative activities with relatively high risks,such as exploratory innovation.In addition,facing the reality that the risk of going concern of enterprises may be highlighted for a long time,and the change of IPO supervision thinking from emphasizing sustainable profitability to focusing on sustainable operation ability,the risk of going concern of enterprises will undoubtedly become the focus of investors and regulators.In view of this,this paper collects the government R&D subsidy data of A-share listed manufacturing enterprises from 2007 to 2019 by hand.Based on information asymmetry theory,signal theory,resource dependence theory and punctuated equilibrium theory,this paper studies the influence mechanism of R&D subsidy on enterprise innovation performance from the perspective of equity financing and innovation strategy,and then discusses the economic consequences of R&D subsidy on enterprise innovation performance from the perspective of going concern risk.It is found that within the sample range,R&D subsidy can significantly increase the amount of equity financing,reduce the cost of equity financing,promote the transformation of the focus of innovation strategy,improve the innovation performance and reduce the risk of going concern.After adding important control variables,changing regression samples,replacing main variable measurement indicators,modifying regression methods or considering various endogenous problems,the above conclusions are still valid.Furthermore,after the intermediary effect test,it is found that R&D subsidy can improve the innovation performance of enterprises by increasing the amount of equity financing,reducing the cost of equity financing,or increasing the degree to which the focus of innovation strategy changes from utilization innovation to exploratory innovation,and then reduce the risk of going concern.However,R&D subsidy can also reduce the innovation performance of enterprises by promoting the transformation of the focus of innovation strategy from exploratory innovation to utilization innovation,and then increase the risk of going concern.In addition,combining the logic of theoretical analysis and hypothesis derivation,after the adjustment effect test,it is found that the lower the degree of financing constraints or the more serious rent-seeking of enterprises,the weaker the effect of R&D subsidy on increasing the amount of equity financing,reducing the cost of equity financing,promoting the transformation of innovation strategy focus,improving innovation performance or reducing the risk of going concern.Finally,the higher the shadow banking level of an enterprise,the more obvious the effect of R&D subsidy on improving the innovation performance or reducing the risk of going concern will be weakened.This paper supplements the existing literature on the mechanism and path of government R&D subsidy and enterprise innovation performance,expands the research on the economic consequences of R&D subsidy and the influencing factors of sustainable operation risk,and provides theoretical and empirical reference for China‘s R&D subsidy policy to guide enterprises to pay more attention to basic research from the path of equity financing and innovation strategy,so as to alleviate or break through the ?innovation dilemma? of ?excessive utilization innovation and insufficient exploratory innovation.? It not only provides a certain reference for enterprises to implement active management of R&D projects,but also provides a perspective for the government to optimize its R&D subsidy policy and improve its R&D subsidy efficiency,and also provides empirical reference evidence for enterprises to clarify how R&D subsidies affect their sustainable business risks through innovation.