Research On The Impact Of Government Subsidies On Enterprise Innovation Quality

According to the report of the 19 th National Congress of the Communist Party of China,China's economic development has shifted from a stage of high growth to a stage of high-quality development.In the new era,innovation is not only the core driving force of economic growth,but also an efficient power source to promote coordinated,green,open and shared development,and an important engine to lead the modernization of political,cultural,social and ecological civilization.At the same time,the Fifth Plenary Session of the 19 th CPC Central Committee will also improve the innovation ability of enterprises and stimulate their innovation activities to an important position.China takes enterprises as the main force of technological innovation,and has built a set of technological innovation system with enterprises as the main body,market as the guidance,and the combination of industry,University and research.The overall innovation ability has been significantly improved in recent years.But on the whole,there are some problems,such as insufficient investment in basic research,lack of key core innovation,poor independent innovation ability of enterprises and so on.In the increasingly complex international political and economic situation,in order to cope with the great changes in the internal and external environment,such as the scientific and technological revolution and industrial change,how to strengthen the independent core technology research and development of enterprises,improve the quality of enterprise innovation,and maintain the competitive advantage of the country and enterprises,is one of the major issues in China's realistic economic and social development.In order to promote independent R & D and improve the quality of enterprise innovation,governments at all levels in China tend to use government subsidies as the main way to guide micro enterprises to improve their innovation ability.Then,whether government subsidies can effectively stimulate and promote the improvement of micro enterprises' independent innovation ability,and what types of enterprises' innovation quality can be improved more obviously by government subsidies,will the future policy be helpful What should be the focus and core of government subsidies.All these questions need to be answered.The quality of enterprise innovation depends not only on the internal(external)institutional environment,but also on its dynamic evolution path.From the internal point of view,the level of corporate governance is the key factor to determine the quality of innovation.From the external point of view,the quality of innovation is mainly affected by financing constraints.In addition,the level of internal governance and financing constraints are quite different in different life cycle stages.Therefore,based on the perspective of enterprise heterogeneity,this paper studies the heterogeneous impact of government subsidies on enterprise innovation quality from the perspectives of internal corporate governance,external financing constraints and dynamic life cycle.The research content of this paper mainly includes four parts.The first part is the origin of the research,including the first chapter and the second chapter.It introduces the background and significance of this research,establishes the research direction of this paper on the basis of domestic and foreign literature research,and forms the theoretical basis and logical starting point of supporting the full text research through combing and reviewing the relevant theories.The second part is mechanism analysis and framework construction,including the third chapter and the fourth chapter.Firstly,through the analysis of the role of government subsidies and the influencing factors of enterprise innovation quality,the influence mechanism of government subsidies on enterprise innovation quality is extracted,which paves the way for the formal discussion of the relationship between the two.Secondly,according to the necessity of enterprise heterogeneity perspective selection ?different perspectives The overall analysis framework of this paper is built,which lays the research foundation for the empirical test of the third part.The third part is the empirical test,including the fifth,sixth and seventh chapters.The empirical research of government subsidies on enterprise innovation quality is carried out from the perspective of internal governance,external financing constraints and dynamic life cycle.In the process of analysis,we use a series of measurement methods,such as heterogeneity stochastic frontier model,fixed effect,Poisson regression,threshold regression,Chow test,etc.we use a number of micro databases to match and empirically test the micro innovation decision-making of enterprises,and fully demonstrate the research hypothesis proposed in the third part.The fourth part is the conclusion and enlightenment,which is the eighth chapter of this paper,summarizes the main research conclusions of this paper,and gets the corresponding policy enlightenment according to the research conclusions.The main conclusions are as follows:Firstly,the impact of government subsidies on enterprise innovation quality is uncertain.On the one hand,government subsidies mainly affect the innovation decision-making and behavior of enterprises by changing the cost-benefit ratio of innovation,alleviating the financing constraints of enterprises and improving the anti risk ability of enterprises,so as to promote the improvement of enterprise innovation quality.On the other hand,government subsidies inhibit the improvement of enterprise innovation quality by influencing the investment and financing behavior of enterprises,distorting the innovation behavior of enterprises and affecting the normal innovation incentive mechanism.In addition,for enterprises with different financing constraints,the impact of government subsidies on innovation quality also has a threshold effect,that is,there is a nonlinear effect.Secondly,there are significant differences in the effects of shareholder governance,manager governance and board system on corporate governance efficiency.From the perspective of shareholder governance,the increase of the proportion of controlling shareholders will help to form a more effective supervision mechanism,reduce the agency cost,improve the efficiency of corporate governance and promote the value of the company.The excessive concentration of ownership structure may increase the agency cost,reduce the efficiency of corporate governance and reduce the value of the company.From the perspective of management governance,high salary may not reduce the agency cost,but high salary reduces the value of the company,resulting in the reduction of the efficiency of corporate governance.From the perspective of the board system,whether the proportion of the number of independent directors in the total number of directors,or whether the number of independent directors is consistent with the workplace of listed companies,does not play an additional role in the cost of corporate governance.Thirdly,corporate governance plays an important role in the relationship between government subsidies and innovation quality.For enterprises with good corporate governance efficiency,they tend to use government subsidies to engage in substantive innovation.Government subsidies help to improve the substantive innovation of enterprises,so as to improve the quality of enterprise innovation.For the enterprises with low level of corporate governance efficiency,the right subjects within the enterprises have short-sighted motivation,tend to use government subsidies for strategic innovation,squeeze out the output of high-quality innovation,and increase the "low-quality" innovation,resulting in long-term inefficiency of R &D innovation and reducing the quality of enterprise innovation.Fourthly,financing constraints have a significant inhibitory effect on the quality of enterprise innovation,and government subsidies have a significant positive regulatory role in this process,that is,the higher the intensity of financing constraints,the more obvious the role of government subsidies in improving the quality of enterprise innovation.The reason is that the higher the financing constraints,the lower the financing capacity,and the R & D investment will be limited,while the government subsidies will increase the R & D investment.According to the law of diminishing marginal return,when the degree of financing constraints is higher,the R & D investment of enterprises is lower,and the marginal return is higher,that is,the government subsidies have a greater role in promoting the improvement of enterprise innovation quality.Fifthly,from the perspective of financing constraints,the regulatory effect of government subsidies on enterprise innovation quality is affected by enterprise ownership,production efficiency,industry and other factors.From the perspective of heterogeneity of enterprise ownership,government subsidies play a positive regulatory role in the impact of innovation quality of state-owned and non-state-owned enterprises.However,compared with state-owned enterprises,the regulatory coefficient of non-state-owned enterprises is not only more significant,but also larger.From the perspective of heterogeneity of enterprise production efficiency,whether high productivity enterprises or low productivity enterprises,the regulatory effect of government subsidies is significantly positive,but the regulatory effect on low productivity enterprises is greater.From the perspective of industry heterogeneity,compared with non manufacturing enterprises,government subsidies have a stronger promoting effect on the innovation quality of manufacturing enterprises,and financing constraints have a more significant positive moderating effect on the innovation quality of manufacturing enterprises.Sixthly,the innovation quality and the intensity of government subsidies are different in different life cycle stages.From the perspective of the characteristics of enterprise innovation quality,the innovation quality of mature enterprises is the strongest,followed by the growth period,and the weakest in the recession period;from the perspective of the intensity of government subsidies,the government intensity of mature enterprises is the highest,followed by the recession period,and the weakest in the growth period.That is to say,the innovation quality and innovation investment of enterprises in the growth and mature periods are relatively high,and the government subsidy intensity of enterprises in the mature and recession periods is relatively high.Seventhly,when enterprises are in different life cycles,the impact of government subsidies on innovation quality is heterogeneous.In general,government subsidies improve the quality of enterprise innovation,but enterprise life cycle significantly affects the effect of government subsidies.Specifically,for the growing and mature enterprises,government subsidies play a relatively large role in promoting innovation quality.However,the impact of government subsidies on innovation quality is relatively small for enterprises in recession.The innovation of this paper mainly includes the following three aspects:Firstly,it expands the research perspective of the impact of government subsidies on enterprise innovation quality.There is no consistent conclusion on the relationship between the two in the existing studies.This paper argues that the innovation quality of enterprises is not only affected by the internal and external environment of enterprises,but also closely related to the dynamic development stage of enterprises.Therefore,this paper uses corporate governance structure to represent the internal environment,financing constraints to represent the external environment,and life cycle to represent the dynamic process of enterprise development.It combines the internal environment with the external environment,combines the static state with the dynamic change,and combines internal and external linkage and dynamic and static.It systematically analyzes the corporate governance structure,external financing constraints and life cycle The impact of government subsidies on enterprise innovation quality from the perspective of enterprise heterogeneity enriches the research horizon of the impact of government subsidies on innovation quality from the perspective of enterprise heterogeneity,and expands the related research on this topic.Secondly,it enriches the analysis framework of the impact of government subsidies on enterprise innovation quality.Based on the heterogeneity of enterprises,this paper constructs an analysis framework of the impact of government subsidies on the innovation quality of enterprises.Firstly,it summarizes the impact mechanism of government subsidies on the innovation quality of enterprises;secondly,it clarifies the impact mechanism of heterogeneity under the three sub frameworks of corporate governance,financing constraints and life cycle;thirdly,it puts forward the research hypothesis under the heterogeneity analysis framework,and through multiple micro analysis According to the matching,the research hypothesis is demonstrated by using the data of Listed Companies in China.Looking at the existing literature,there is no research to incorporate corporate governance structure,external financing constraints and dynamic life cycle into the unified analysis framework at the same time.The research of this paper is a refinement and deepening of the existing framework,which is a useful supplement to the existing literature.Thirdly,it deepens the empirical research on the impact of government subsidies on enterprise innovation quality.First,from the perspective of corporate governance,this paper uses the heterogeneity stochastic frontier model(SFA)to measure the governance efficiency of Listed Companies in China from three dimensions of manager system,shareholder governance and board system.On this basis,this paper tests the impact of government subsidies on the heterogeneity of enterprises with different corporate governance efficiency.At the same time,it innovatively uses Poisson panel model to conduct empirical research Conclusion the robustness test was carried out.Secondly,in the analysis from the perspective of financing constraints,the panel threshold model is used to identify the non-linear impact of government subsidies on enterprise innovation quality,and a variety of methods are used to measure the level of financing constraints for robustness test.Thirdly,in the analysis from the perspective of life cycle,Chow test method is used to accurately identify the differences of the impact of government subsidies on the innovation quality of enterprises in the growth period,mature period and recession period,and the method of replacing explained variables and randomly sampling sub samples is used to test the robustness of the empirical conclusion.Through the above empirical research,many new and important conclusions are obtained,which provide an important practical basis for improving the design of government subsidy system.