The Impact Of Government R&D Subsidies On Enterprise R&D Investment In Information Technology Industry

With the construction of innovation-oriented country rising to the national strategy,technological innovation plays an important role in China's economic development and structural transformation.Research and development has it's nature of public goods and externality which will lead to market failure and the lack of resource allocation efficiency.Our government puts a lot of subsidies for innovative enterprises,whether these funds can promote the enterprise research and development activities,enhance the overall level of research and development or not,is not conducive to enterprise innovation investment.In different ownership enterprises,whether there are differences in the effect or not,the above questions are the main concerning of this paper.This paper mainly studies the information technology industry listed companies as the sample,the main contents are as follows:The first part is the introduction,including research questions,research background,the main explanation of the concept,research framework and methods.The second part is literature review,introducing the subsidy allocation,the empirical research literature research and R&D subsidies' effect.The effect of the government's financial revenue,the degree of fiscal decentralization large,official competition between the more intense distribution of government subsidy.will the government subsidies have also an affect on the enterprise scale,profitability,investment in science and technology and R&D capability through the microscopic features of the enterprise.The effects of government subsidies contain the main incentive effect and inhibition effect.The government R&D subsidies can ease the financial pressure,increase cash flow,reduce corporate R&D cost.Government subsidy is the endorsement of development quality and the expected return on the company,helps enterprises to obtain financial system capital,increase corporate R&D investment.The empirical literature on R&D subsidies and corporate R&D government is mainly divided into two categories:the use of industry data and the use of micro enterprise data documents,for the former majority,the conclusions are not consistent because of using different methods of data.The research on specific industry lacks micro data(manual collection),this paper mainly makes contribution to the specific industry analysis.The third chapter is the theory,situation and policy.Research activities has its character of public goods,externality and uncertainty,government intervention which is necessary also has economic significance.In recent years,the amount of government investment in R&D has slowed down,the Government R&D investment which meets the needs of innovative national construction is necessary.The fourth chapter is the sample and data selection.The reason of Companies selected in information technology industry is that the companies have high proportion of R&D data disclosure,at the same time,the traditional industry which is conducive to the upgrading of traditional industries,has a strong practical significance.Government R&D subsidies and government subsidies data by the listed company's financial report had finishing,and the rest of the data from the database.The fifth chapter is the empirical part.Mainly includes the model parameters and model estimation.The panel data generally use the fixed effects,random effects or mixed effect model,this paper uses Hausman test and F test to determine the fixed effect model,its advantage lies in the individual effect can be correlated with the explanatory variables,assumptions are more relaxed,more in line with the actual situation according to the estimation results of the fixed effects model,government R&D subsidies significantly promotes the enterprise development,enterprise scale,development experience,rate of return on net assets has a significant influence on enterprise development level.According to the actual control nature of enterprises,which divided into state-owned enterprise group and private enterprise group.According to the estimation results of the packet,the Government R&D subsidies of private and state-owned enterprises have a significant role in promoting effect on state-owned enterprises is higher than that of private enterprises,but the difference is not significant.The sixth chapter is the conclusion and policy recommendations.The Government R&D subsidies have positive incentive effect on enterprise innovation.The nature of the actual controller shows that the government subsidy in the state-owned enterprises and private enterprises are significant,from the regression coefficient,impact on the state-owned enterprises is greater than the private enterprise.The study also shows that the scale of the enterprise,the experience of enterprise development,the level of profitability significantly affect the corporate R&D investment.The government of the information technology industry or high-tech industries subsidies is necessary.The development of information technology industry should be established on the basis of good market demand,the government should create a favorable policy to avoid excessive incentive problems.