Between The Transfer Of The Local Political Power And The Government R&D Subsidy

On September 4,2016,General Secretary Xi summed up the risks and challenges of the current world economy at the summit meeting of the Group of Twenty,and all the positive factors of scientific and technological progress gradually faded away.A new round of technological and industrial revolution It seems still in the foreseeable future.General Secretary Xi clearly pointed out that the current challenges encountered,we should focus on the actual situation,innovation and development model,to explore new growth points.Therefore,to improve the innovation capability of Chinese enterprises is the necessary process of China's economic transformation and upgrading.However,the innovation ability of enterprises can not be separated from the support of the government.Research shows that the government's R & D subsidy has an incentive effect on the innovation capability of enterprises.But what are the influencing factors of government R & D subsidy? Since the 18 th National Congress of the Communist Party of China(CPC),China has intensified its anti-corruption efforts.A large number of government officials have been investigated and dealt with,and local officials have been replaced.This has provided an opportunity to study the influence factors of government R & D subsidies.As China's economy is jointly controlled by market economy and government intervention,the government's policies and measures are inextricably linked with the management behavior of enterprises.But now rely on the market regulation can not achieve the effective balance of R & D innovation,based on this,the government should give full play to its functions,for the market to carry out scientific and rational regulation.Government leadership team is a key influencing factor,the government leadership team is the decision maker of government behavior,so this paper for the local political power transfer on the role of government R & D subsidies from the monetary policy and market-oriented aspects of the study.This paper selects the Chinese A-share manufacturing listed companies from2008 to 2014 as the sample of the study,studies the influence of the transfer of local political power on the government's R & D subsidy,and further studies the local political power from the aspects of monetary policy and marketization process The Impact of Transfer on Government R & D Subsidies.Through empirical analysis,we found that:(1)the government subsidy for the next period will be significantly reduced by the replacement of local officials in the current period;(2)Relative to theloose monetary policy period,during the period of tightening monetary policy,local government officials have more influence on R & D subsidies of the next period;(3)The degree of marketization can affect the relationship between government turnover and R & D subsidy.In the region with higher degree of marketization,the influence of local officials' replacement on R & D subsidy for the next period is weaker.This paper not only provides empirical evidence of government R & D subsidies for macro-political environment changes,but also enriches government R & D subsidies related theory.