The Timing Effect Of Covernment Subsidy And Perfoemance In High Tech Industry

The elaboration about innovation driven strategy and the construction of innovative country in President Xi "13th Five-Year" plan defines the strategic planning of innovation-driven development that is currently being implemented and require must build an effective incentive and innovation system.Government subsidy is a "strong medicine" towards the innovation strategy,so we should explore the government subsidy mechanism.Through the current theoretical research,we find out the current research areas are mainly involve the ways of government subsidy,the direction of government subsidy and other related areas.But the research on the following aspects are not comprehensive: first,the effect that government subsidies produce towards high-tech enterprises is through the current or the lag phase? And how many lag phases? Secondly,this effect is generated through which way?Based on the theoretical research of domestic and foreign scholars,and combined with the industry characteristics and basic data of high-tech listed companies in China,this paper carry out the empirical analysis through mediating effect model.The results show that,no matter whether government subsidies lag phase or not,the positive effect of R&D investment on corporate performance is significant.And it has the same total effect of the pre subsidy and the subsidy,the biggest effect of the intermediary effect is considered in the case of the lag of the impact of such cases,the intermediary effect is the smallest case of pre grant.In other words,the best situation of the government subsidy policy guidance is the government subsidy in halfway.The empirical results also show that the R & D activities in China have lagged effects,and the most significant is the results of the lag phase.The conclusion is that the R & D projects of China's high-tech industry have the best effect in the following year.This conclusion confirms that the R & D activities in our country have gradually developed to a long-term and far-reaching direction,which is in line with the development direction of China's high-tech enterprises.Our research conclusion has effetively settled the problem of goverment subsidy timing,and contributed to the goverment subsidy timing decision making.