Innovation Policy,R&D Investment And Enterprise Performance

China is in the critical period of economic transformation and development,in order to promote steady and healthy economic development,we must change the way of development and improve our capacity for independent innovation.Enterprise is a important body in the process of building an innovation-oriented country,especially for the gem listed companies,the core kinetic energy of development comes from innovation,and it is more important to increase r&d investment.As is known to all,Innovation is a very complex activity and requires a great deal of capital investment,and it is difficult to achieve the desired innovation goals by the power of the enterprise itself.so the government innovation policy for it is of great significance.The 18 th national congress of the communist party of China promoted the strategy of innovation-driven development as a national strategy for the first time.In addition,a series of specific policies aimed at promoting the development and innovation of enterprises have been formulated,How effective do these policies run? Is the government's policy intention reached?This is a matter of great concern to the current society.So the research of this paper is of great significance:On the one hand,the research of this paper can provide some reference for the government to formulate macro policies,and also strengthen the importance of enterprises to research and development innovation;On the other hand,this paper further studies the synergistic effect of the two policies on the basis of the single operation effect of the two policies,it provide a new view for the related research in this field,.The research conclusions on the positive regulation of innovation-driven policies and the research and development input on enterprise performance also provide further evidence and support for relevant research in this field.In this paper,the panel data of the listed company of gem in 2014--2016 is the research sample source.Adopting the method of combining theoretical analysis and empirical analysis,this paper studies the effect of the direct government subsidies and tax incentives to the corporate r&d input,On this basis,the synergistic effect between the two plicy is further studied.In addition,the ultimate goal of enterprise r&d innovation is to improve the business performance and achieve long-term stable development,thus realizing the strategic goal of transformation and upgrading of the overall economy of the country.Therefore,this paper also studies the relationship between r&d investment and enterprise performance.In addition,the government directsubsidies and tax incentives are used as the regulating variables,the paper studied the adjustment effect between r&d investment and enterprise performance.The results showed that:Direct government subsidies and tax incentives can significantly promote the r&d investment of enterprises,direct subsidy has more obvious incentive effect on r&d investment.These two innovation-driven policies have the synergistic effect in the operation process;The research and development input has a significant positive correlation with the financial performance of the delayed phase I.Moreover,innovation-driven policies can effectively promote the positive correlation between r&d investment and financial performance,and have a positive regulating effect on it.The research conclusion of this paper suggests that China's innovation drive policy basically realized the original intention,the government should further intensify policy support to lead enterprises to increase investment in research and development and to improve the comprehensive performance of enterprises.