Empirical Study About The Relationship Between The Government Scientific Research Subsidy/Enterprise R&D Investment And Enterprise Performance Based On The Listed Companies In Zhejiang Province

In the transition economy,technology innovation is the driving force of realizing and updating the industrial structural transformation.In order to achieve technology innovation,R&D investment is the key factor.However,the motivation of companies to implement research and development activities is quite poor because these R&D activities have some shortcomings such as large consumption of resource and uncertainty of output and so on.In that case,to promote companies' enthusiasm in the area of R&D,there are always a series of macro policies and financial aid from government.Therefore,how to make government subsidy effectively becomes themost urgent problem that needs to be solved.From other hand,based on the analysis from the angle of enterprises themselves,different companies have quite different R&D efficiency even for the companies that have same R&D investment.Most of the researchers do the empirical study between the input and enterprise performance,leaving out the government scientific research subsidy.What's more,the research about government scientific research subsidy focuses on the judgment of whether it has motivating effect or not but don't have a deep look about how.There is seldom research to study this topic from angels of companies' ownership nature and corporate life cycle to do empirical study among government scientific research subsidy/enterprise R&D investment and enterprise performance.Basing on the panel data from 2010 to 2015 of 103 listed companies in Zhejiang province,this paper analyzes the effect of the government subsidy to the enterprises R&D investment from two aspects.One is ownership nature.The other is life cycle.At the same time,the paper uses the Panel Threshold to discover the motivating effect and crowding-out effect of the government subsidy.And it also uses Multiple Linear Regression to discover the enterprises performance influence of R&D input with different corporate life cycle as well as different ownership nature.In the end,there are some suggestions for improving the efficiency of government scientific research subsidy and output of companies' R&D investment based on the above-mentioned study.The results show that the government scientific research subsidy has both motivating effect and crowding-out effect.Only if the government subsidy is in the reasonable range that can provoke the motivation of the enterprise R&D investment.With the help of the threshold study,we find out that companies with different ownership nature and different life cycle stage would have different level of sensitivity of government subsidy.Among them,state-owned enterprises are more sensitive than the others.The proportion of subsidies can't be higher than the 5.56%of R&D investment.Otherwise,it can cause crowding-out effect.For the others,the proportion should be 11.64%.For the different life cycle stage companies,the output efficiency of R&D investment is different.The enterprise R&D investment of recessionary enterprises is the most sensitive one to the government scientific research subsidy following by the growth period enterprise.The mature enterprise is the most insensitive ones.What's more,the research also shows that the R&D investment can't increase enterprise performance for a short time but it will help develop companies' value in the long run.From the angle of ownership nature,the output efficiency of state-owned companies is higher than the others without lagged effect.From the angle of enterprise lifetime cycle,R&D investment that happen in the developing companies can notably increase their company value in the future with a little lagged effect.For the mature companies,they have the fastest speed of R&D investment output with little help about enterprise performance increasing.There isn't notable effect for the recessionary enterprises.Therefore,this paper proposes several suggestions in order to improve the performance of government subsidy and the enterprise R&D investment(1)Establish and perfect the government subsidy system and take the relative indexes of enterprise life cycle and ownership into the subsidy promoting evaluation index.(2)Strengthen the incentive system of innovation for national owned companies as well as the companies that are in their degenerating stage.(3)Pay attention on the long run development of companies and develop the R&D resource effectively to ensure the consistency of R&D activities.