Analysis On The Influence Of Financial Subsidy On Enterprise Innovation Activities

Strategic emerging industries are an important force that will lead our country's future economic development and an important support for economic growth under the new normal.The government will foster the development of strategic emerging industries to the height of national strategies.According to its actual conditions,Anhui Province has established five strategic key industries in its strategic and emerging industry development plan and supported its development through fiscal,taxation and financial means.The carrier of strategic emerging industries is the enterprise,whose core competitiveness lies in technological innovation.The key to technological innovation lies in a large amount of R&D investment.However,due to the strong externalities of R&D activities,enterprises generally can not fully acquire R&D activities Therefore,it is necessary for the government to subsidize the R&D activities of new industries with high market risk and high cost.As an important part of R&D investment,financial subsidies can exert their motivation and guide The increase of R&D investment,promotion of innovation enthusiasm,and improvement of enterprise innovation performance are important indicators of the effect of government subsidy policy,which is of great significance to improving the financial subsidy policy and better supporting the development of strategic emerging industries.In this paper,27 strategic emerging industries listed companies in Anhui Province as a sample to examine the impact of financial subsidies on the innovation activities of these enterprises,from the financial subsidies to corporate R&D investment and enterprise output two dimensions of empirical analysis.The dissertation first analyzes the current situation of strategic emerging industries in Anhui Province and the overall situation of financial support in Anhui Province.Using the annual reports of 27 strategic emerging industries listed companies from 2010 to 2016 and the State Intellectual Property Office to collect the patents of 27 enterprises Data,empirical test of the relationship between financial subsidies and business innovation activities,examining the relationship between the two under different asset sizes and operating capabilities.Finally,it summarizes the experience of financial subsidies in developed countries and regions to promote the innovation of enterprises and provides reference for perfecting the policy of financial subsidies for strategic emerging industries.The conclusions of this paper include the following aspects:First,there is a "U" characteristic between the intensity of government subsidies and R&D investment.That is,as the strength of government subsidies increases,the R&D investment of enterprises shows the first reduction,and when the subsidy intensity reaches a certain value,it will gradually increase,Indicating that the impact of government subsidy policy on R&D investment is doubled.Second,although there is a positive relationship between the intensity of government subsidies and innovation output,this relationship is not significant.Whether the R&D investment of enterprises can significantly enhance the level of innovation and output of enterprises.Thirdly,there is a negative relationship between the scale of an enterprise and the R&D investment of the enterprise.The operation ability of a company has a significant positive impact on the increase of R&D investment.The scale of an enterprise shows a negative relationship with the output of innovation.Showing a positive positive correlation between business capability and innovation output.Fourth,from the point of view of R&D investment,the coefficient of financial subsidy*enterprise scale is significantly positive,indicating that the larger the scale of the enterprise,the better the effect of financial subsidy,the more it can promote the increase of R&D investment;the financial subsidy*the management ability The coefficient is significantly negative,reflecting the stronger business ability of enterprises,financial subsidies but not conducive to increase corporate R&D investment.From the point of view of innovation output of enterprises,the financial subsidy*the coefficient of firm size is significantly positive;the larger scale enterprises,the effect of financial subsidy is more likely to appear;the financial subsidy*the coefficient of operating ability is significantly negative and the stronger the management ability is However,government subsidies may not be able to improve the innovation output of enterprises.