The Impact Of Government R&D Funding On The Enterprises' Innovation Efficiency

With the ever-increasing international competition,governments in various countries have increasingly realized that innovation is the key driver of economic growth.Although China has made brilliant achievements in economic development,its ability to independently innovate is still weak compared with developed countries.Therefore,the report of the Nineteenth Party Congress clearly stated that "innovation is the primary driving force for development." At the same time,in order to optimize the allocation of innovation resources and to compensate for market failures in innovation activities,the government has formulated a series of R&D funding policies through direct funding or Tax incentives to promote corporate innovation,however,increased policy support does not mean that the company's ability to innovate,although the funded companies tend to increase investment in innovation,but due to failure in research and development may not be able to form a corresponding output,and finally Lead to valuable innovation resources are wasted.In recent years,the term “innovation efficiency” has been widely used by scholars.It reflects the extent to which enterprises can effectively use existing resources,and can simultaneously consider factor input and output,and can more fully evaluate innovation.Then,whether direct subsidies and tax incentives in government R&D funding have any effect on the innovation efficiency of enterprises,whether the effectiveness of subsidies will be affected by adjustment factors such as corporate characteristics and external environmental variables,and whether the government should provide subsidies for them.Taking into account the different characteristics of the company itself and the different external environments,these are issues that this article needs to clarify.Based on this,this paper takes the data of listed companies on the GEM as a sample,and subdivides government R&D funding into government direct subsidies and tax incentives.It first discusses in depth the impact mechanisms and effects of the two on the efficiency of corporate innovation,and at the same time,it is based on the perspective of corporate heterogeneity.From the perspective of the external environment,we examined the impact of government R&D funding on corporate innovation efficiency under different regulatory effects,and put forward related hypotheses.Secondly,the DEA basic model and DEA-Malmquist index method are used to measure the innovation efficiency of the GEM sample companies during 2011-2016.The company's static innovation efficiency and dynamic innovation efficiency are evaluated separately,and the convergence characteristics of the enterprise's innovation efficiency are explored.Finally,using the empirical test of the validity of the theoretical hypothesis,the following conclusions were drawn:(1)From the standpoint of static efficiency measurement and evaluation,the average technical efficiency of GEF sample companies remained at a relatively low level in 2011-2016.There are significant differences in overall technical efficiency;in terms of the effectiveness of corporate DEA,non-DEA efficient companies account for the highest proportion of the total number of sample companies.Projection analysis results show that the main reason for non-DEA effectiveness is R&D expenditure redundancy,and non-DEA effective The gap between actual investment and target investment of enterprises is too large,and the scope for improvement can be large.In terms of returns to scale,the GEM sample companies are mostly in the stage of increasing scale returns during 2011-2016.(2)From the perspective of dynamic efficiency measurement and evaluation,the index of total factor productivity of GEM sample companies generally shows a trend of small increase in volatility;in terms of industries,the total factor productivity of five industries has increased.(3)From the perspective of the convergence of innovation efficiency,there are ? convergence and condition ? convergence in the entire GEM sample firm,and there are also conditional ? convergences within each industry.However,not all industries have ? convergence.(4)The direct government subsidies and tax incentives all contribute to the innovation efficiency of the company.However,there are differences in the incentive effects between the two.For the company of the GEM,the effect of tax incentives is greater than that of direct government subsidies.(5)The level of incentives for government direct funding and tax incentives for corporate innovation efficiency is often influenced by different regulatory effects.In the perspective of corporate heterogeneity,the larger the scale of the enterprise,the greater the incentive for government direct funding to encourage the innovation efficiency of the company.On the contrary,the smaller the scale of the enterprise,the greater the incentive effect of tax incentives on the efficiency of the firm;Long,the greater the impact of government direct subsidies and tax incentives on corporate innovation efficiency.From the perspective of the external environment,compared with those with weak financing constraints,government direct subsidies and tax incentives have a greater role in promoting financing-confined companies;factor market distortions will weaken the role of government direct subsidies and tax incentives in promoting corporate innovation efficiency.