Research On The Relationship Among Government Subsidy,Ownership Structure And Technological Innovation Of Enterprises

In recent years,as the world's economic activities have transcended national boundaries,competition among companies has become more intense.Innovative R&D,as a key way for companies to increase their competitive advantage,has received increasing attention from everyone.However,due to the great risks faced by technological innovation,"market failure" has led to a serious shortage of investment in innovation.Under normal circumstances,the government will use government funding to correct this phenomenon.However,while the government subsidies are increasing,we have found that the level of technological innovation of some enterprises is still low,and there is a big difference in the leverage of government subsidies for enterprises to increase R&D investment.These can only be explained from the inside of a company-company governance.Therefore,based on the level of government subsidies and corporate technological innovation,this paper introduces the corporate governance structure-equity structure,and studies how it affects the relationship between government subsidies and the level of technological innovation.Compared with previous scholars based on a certain industry or certain industries to discuss the relationship between government subsidies and corporate technological innovation,This article takes all A-share listed companies from 2010 to 2016 as the research object.Based on theoretical analysis and literature review,it first studies the relationship between government subsidies and corporate R&D investment;In addition,this article also introduced the corporate governance variable-equity structure as a regulated variable,to study how it affects the relationship between government subsidies and corporate innovation investment;Finally,based on the whole sample,this paper subdivides the research object,discusses the three-component group,and compares the results.The results of this study show that:(1)When the company receives government grant funds,the company's R&D investment will increase accordingly.From the results of the group discussion,the incentive effect of government subsidies on the company's R&D investment is more evident in smaller companies,high-tech companies,and companies with high levels of marketization;(2)The more concentration of equity,the more it will weaken the incentive effect of government subsidies on innovative R&D investment.In small-scale companies,non-high-tech companies,and low marketization environments,the more concentration of equity,the more they will undermine the contribution of government subsidies to innovation investment;(3)When the nature of equity is state-owned,it will weaken the effect of government subsidies on the company's R&D and innovation investment.The role ofstate-owned companies weakening government subsidies in promoting investment in innovation is even more pronounced in small-scale,non-high-tech companies,and low marketization levels;(4)The degree of equity balance will strengthen the promotion effect of government subsidies on corporate innovation investment.Equity balances The incentive effect of strengthening government subsidies on innovation investment is even more pronounced in small-scale,non-high-tech companies and high market-oriented levels.