Research On The Relationship Between Government R&D Subsidy,Debt Financing And Enterprise Innovation Performance

After the rapid development of China's economy,the economic development has been enhanced,and the "new normal" of economic development has been the direction of our continuous efforts.The 13 th five-year plan proposes to implement the innovation-driven strategy and strengthen the leading role of scientific and technological innovation.Nowadays,the innovation ability of a country is largely reflected in the quantity and quality of the patented products of a country or region.According to the relevant data released by the world intellectual property organization,China's PCT(international patent application)is 43,168,accounting for 18.5% of the world's total,compared with 24.3% in America and 19.4% in Japan.Although China's innovation output has been increasing in recent years,our country's innovation ability is still at a low level in combination with our GDP.According to statistics,in China's total innovation input,the enterprise R&D investment accounts for more than 70%.Therefore,enterprises are not only the main body of market economy,but also the main body of scientific and technological innovation.But enterprise innovation still has problems such as insufficient power,the reason is: the enterprise to carry out research and development of high risk and high investment activities,need a lot of money to sustain,on the research and development enterprises financing difficulties is objective existence.On this basis,the Chinese government not only advanced the science and technology plan,and implement the policies such as tax breaks,cash subsidies to promote enterprise innovation,the government did to research and development enterprise of incentive behavior and some signals to Banks and other financial institutions,financial institutions involved in to enterprise's innovation activities.Then,the implementation of the strategy innovation in enterprise how to rely on the visible hand of government and the invisible hand of the market,to promote enterprise innovation become the strategic goals to achieve in the process of the problem to be solved urgently.Choose the government r&d subsidies,debt financing and the enterprise innovation performance,help for innovation era under the background of research and development enterprises exogenous financing channels,and to provide theoretical evidence for the selection of proportion.This article through to the effect of government r&d subsidies,government r&d subsidy signaling effect of debt financing,the enterprise innovation performance influence factors and influence on the enterprise innovation performance measurement research and debt financing four question research present situation analysis,combined with relevant theoretical hypothesis,establish model,using SPSS20.0 statistical software,select the shenzhen stockexchange small and medium-sized plate 214 manufacturing enterprises in 2010-2016 data for empirical analysis.The results show that the government r&d subsidy has a significant incentive effect on enterprise innovation performance.Overall,the government r&d subsidy exceeds 200 million yuan,and the enterprise innovation performance has a downward trend.Debt financing is positively correlated to enterprise innovation performance,but the effect is generally due to the negative influence of r&d investment on debt financing.Government r&d subsidies on debt financing have positive signal transmission effect,the effect will be produced when both ACTS on the enterprise innovation performance interaction effect,and the influence of the nature of enterprise to the enterprise innovation performance is affected by the interaction effect,state-owned enterprise innovation performance is affected by the interaction effect after innovation performance is significantly higher than the private enterprise.