Study On The Influence Of Government Subsidies To Firm R&D Investment Under Life Cycle Perspective

Government subsidies,as one of the important policy tool to promote enterprise independent innovation ability,has been carried out for a long time in our country.In practice,The government,especially in emerging economies,always hope and try to play a more and more important role in enterprise innovation practice.However,academic research has not provide effective support for the government.At present,there is a big controversy in the relationship between government subsidies and firm R&D investment.The mainstream view is promotion and suppression.In recent years,with the deepening of research,many scholars have found that the influence of government subsidies on firm R&D investment has a complex nonlinear relationship.However,whether it is promotion or suppression,they are all in the static level of analysis.The conclusion has a certain unilateralism.This paper tries to study the relationship between government subsidies and firm R&D investment from the dynamic perspective of enterprise life cycle.It provide the theoretical basis for the government to play a better role in the innovation investment of enterprises and to coordinate the innovation resources of the market.Therefore,This paper is based on the data of Shanghai and Shenzhen A-share listed manufacturing companies in 2013-2015.And it tries to study the relationship between government subsidies and firm R&D investment from the dynamic perspective of enterprise life cycle.We use technology innovation theory,information asymmetry theory and signal transfer theory to explain the impact of government subsidies on innovation investment.This paper explain the impact of government subsidies on innovation investment in different stages of development under the life-cycle perspective by using enterprise life cycle theory.The empirical method was used to test the hypothesis.Finally,it provides a reasonable suggestion for the government to play a better role in the innovation investment of enterprises and to coordinate the innovation resources of the market.Chapter 1,introduction.This chapter mainly answers the question of why to study this subject,what the research methods are used,and what are the highlights of the study.Chapter 2,reference.The main task of this part is to review the existing research results,find the place that can be improved and perfected,and then determine the focusof this study.Chapter 3,theory analysis.This part use technology innovation theory,information asymmetry theory and signal transfer theory to explain the impact of government subsidies on innovation investment.This paper explain the impact of government subsidies on innovation investment in different stages of development under the life-cycle perspective by using enterprise life cycle theory.Chapter 4,empirical research design.manufacturing listed in Shanghai and Shenzhen A shares of enterprises is the research object,select the time period for the2013-2015 data as the research foundation,using empirical methods to test hypotheses,and then two different ways were used to test the robustness.Chapter 5,conclusion and prospect.This chapter first summarize the previous theoretical and empirical studies.Finally,it provides a reasonable suggestion for the government to play a better role in the innovation investment of enterprises and to coordinate the innovation resources of the market.The innovation of the paper is as follows :(1)Theoretically introducing the theory of enterprise life cycle to explain the similarities and differences between government subsidies and innovation investment in different stages of development;(2)This paper tries to study the relationship between government subsidies and firm R&D investment from the dynamic perspective of enterprise life cycle.