Government Incentives,Enterprise Life Cycle And Performance

Building an innovation-oriented country is one of the important strategies of our country,and enterprise innovation is the key point to realize the steady growth of national economy and change the mode of economic development.How to support enterprise innovation is an important issue concerned by government departments at all levels.Therefore,it is an urgent issue to study whether government incentive policies can effectively affect enterprise performance and whether the development and changes of enterprises have an impact on the effectiveness of policies.From the perspective of enterprise life cycle,the study of the relationship between government incentives and enterprise performance in different life cycle stages is conducive to clarifying the mechanism of policy action and providing theoretical basis for the government to choose regulatory policies.In this paper,enterprise performance is regarded as an explanatory variable,and an indicator system is constructed by using factor analysis method.Enterprise performance is measured from financial performance and innovation performance.The core policy tools of the government,namely government subsidies and tax incentives,were taken as explanatory variables.Enterprise life cycle is the moderator variable,and enterprise size and age are the control variables.The above variables were used to construct the multiple regression model.High-tech industry has always been the focus of government support,and has a good typicality in reflecting the policy effect,and the data of listed companies are easy to obtain,so this paper takes the listed companies in the high-tech industry as the research sample.The financial annual reports of listed companies in high-tech industries and the patent database of the state intellectual property office were used to obtain sample data.Through multiple regression,the effects of incentive policies on enterprise performance were revealed,and the differences in the effects of policies in different life cycle stages were analyzed.It is found that both government subsidies and tax incentives can promote the growth of corporate innovation performance and financial performance,and the corporate life cycle can regulate the relationship between government incentives and corporate performance.In addition,government subsidies have a stronger incentive effect on the financial performance of enterprises in the growing period than that in the mature period,and tax incentives are more conducive to the improvement of corporate performance in the mature period.After analyzing the research conclusions,this paper suggests that government departments should take the following measures:(1)We will increase subsidies and support them and change the way they are funded;(2)Construct the management mechanism of optimal subsidy timing according to life cycle stages;(3)Take into account the innovation cycle,establish a policy implementation tracking mechanism,and form a complete incentive system;(4)Expand the preferential scope of tax policies and improve the accuracy of policies;(5)Establish a systematic tax policy system for scientific and technological innovation of enterprises;(6)Change the tax model,a variety of tax incentives to cooperate with each other.