Government Subsidy,R&D Investment And Entrance Entrepreneurship Performance Under Economic Agglomeration

The establishment of functional areas is conducive to the introduction of funds,technology,easy to use of elements efficiently and restructure industry and technique.Enterprise is the technological innovation subject,The government encourages its investment in R&D activities.However,many research on the functional area of technological innovation and overall corporate performance shows with the increase of enterprises,the evolution of economic agglomeration,the economic benefits of government subsidies show a gradual downward trend,Whether government subsidies can promote the increase of R&D investment in admission enterprises,whether the R&D activities of enterprises are effective-whether it can promote the growth of enterprise performance is the theoretical and practical issues of great importance.The article firstly expounds the related theories of admission enterprise's economic agglomeration and R&D.Secondly,it adopts the mode of "government policy-enterprise behavior-economic consequence" to explain the impact of government subsidies on corporate performance and the intermediary role of R&D.Thirdly,considering the influence of economic agglomeration's evolution on the intermediary effect of R&D.it selects the listed companies in economic function area from 2007 to 2015,calculating and comparing the changes of R&D's intermediary effect in 2007?2010 and 2011?2015 respectively.Finally,The results show that:(1)From the results of all sample in 2007?2015,the government subsidy isn't helpful to the improvement of the enterprise performance,and the R&D investment plays a negative intermediary effect.(2)The results of the comparison between 2007?2010 and 2011?2015 shows the impact of economic agglomeration on the R&D investment effect has changed significantly in two different time periods,R&D investment is transformed from positive intermediary effect to negative intermediary effect.As the scale of enterprises continues to expand,the economic agglomeration changes from the previous agglomeration effect to crowded effect,resulting that R&D cann't play good economic benefits.To avoid the negative effects of the crowding effect of the economic functional area will be a top priority for government in future.