State-owned Equity,Government Subsidy And Private Enterprise R&D

After nearly 40 years development,China's private enterprises have made great progress in both scale and market position,growing to become one of the important pillars of the national economy.However,with the booming development of private enterprises,there are also many problems,of which the lack of technological innovation is particularly prominent.R&D activities as the core link of technological innovation,its strength will have an important impact on the improvement of corporate technological innovation capabilities.For the long-term development of enterprises,more and more private enterprises have begun to pay attention to the investment in research and development in recent years.However,R&D activities require a lot of nnovative resources,such as talent,capital,technology,equipment,etc.Many private enterprises in China are short-established,small-scale and lack many key resources required for technological innovation.Therefore,for academics and practitioners,how to help private enterprises upgrade their technological innovation capabilities and achieve transformation and upgrading has become a problem that needs urgent research.One noteworthy phenomenon is that since the Third Plenary Session of the 18th CPC Central Committee,the state has vigorously advocated the development of a mixed-ownership economy,encouraged cross-capitalization of different forms of ownership,and merged with each other to achieve the complementary advantages of capital of different natures.With the deepening of state-owned enterprise reforms and the withdrawal of state-owned equity,state-owned shareholders have appeared in more and more.privately-controlled.enterprises by way of equity participation.The intrinsic property of state-owned equity determines that it has a close connection with the government,making the private enterprise and the government a relationship at the equity system level.This connection is a special form of political association.Many researches have shown that political association will bring certain influence to the development of private enterprises.Will it affect the R&D investment of private enterprises?This issue deserves in-depth analysis.Based on this,this article is based on the existing research,Taking 878privately-controlled enterprises of the GEM and SME Board as of the end of 2016 as the research object.First,it examines the impact of non-controlling state-owned equity on government subsidies,then examines the impact of government subsidies on R&D investment,and then studies the impact of non-controlling state-owned equity on corporate R&D investment.The result is:(1)Non-controlling state-owned equity can promote R&D investment,(2)Non-controlling state-owned equity helps private enterprises to obtain government subsidies more easily;(3)Government subsidy can promote the R&D investment of private enterprises:(4)Government grants play an intermediary role between non-controlling state-owned shares and corporate R&D investment.