Research On Corporate Heterogeneity, Government Subsidies And Innovation Performance

Innovation is an inexhaustible motive force for the development of enterprises and a source of strength for a country's prosperity and development.Since the eighteen Party,the party and the government have attached great importance to enterprise innovation,and have issued a number of policies to support it.For example,the government work report issued in March 2018 clearly pointed out "supporting the financing of high quality and innovative enterprises".At the end of March,the Securities Regulatory Commission issued "about the launch of stock or depository voucher in the new enterprise." Some opinions on the pilot.Because of the high investment,high risk,short term benefit and spillover effect,the enterprise innovation activity may lead to "market failure",which makes the private research and development generally inadequate.Therefore,in order to realize the transformation from China to China,the government subsidy,as the "tangible hand" of our government,should give the appropriate support to the enterprise innovation activities,so as to optimize the allocation of resources and improve the efficiency of the use of resources.At present,China is at the key stage of economic transformation.Under the background of promoting independent innovation and building an innovative country,it is of great practical significance to explore the influence of government subsidies on enterprise innovation performance according to the characteristics of enterprises(different ownership,region,production cycle and core competitiveness).The study in this paper is divided into five parts.The first chapter is the introduction.It mainly introduces the research background and significance of the research.It systematically reviews the influence of corporate heterogeneity and government subsidies on the innovation performance of enterprises both at home and abroad.It also analyzes the effects of government subsidies on the innovation performance of enterprises based on heterogeneity.The relevant literature of the impact and comment on it;At the same time,it describes the research ideas,research methods,innovations and research features of this article.The second chapter is related concepts and theoretical basis.In this part,we first describe the theory of enterprise heterogeneity including hypothesis promotion,and then explain the related theory of government subsidies and innovation performance in detail.The third chapter is the status of government subsidies and innovation performance.In this section,the total amount of government subsidies,the structure,and the proportion of corporate profits are introduced in detail.In addition,the status quo of China's corporate innovation and innovation performance was also introduced,and the problems that existed were finally summarized.The fourth chapter is the mechanism analysis and research hypothesis.In this part,the mechanism of government subsidy's impact on innovation performance is analyzed in depth from the perspective of firm heterogeneity,including not only the intermediary relationship but also the adjustment relationship between the two.The fifth chapter is the empirical analysis.This part takes the data of all A-share listed companies from 2003 to 2014 in Shanghai and Shenzhen as samples,and uses PSM-DID for empirical test.The study found that government subsidies have significantly improved the company's innovation performance.Further research found that among the enterprises that received government subsidies,non-state-owned enterprises,economically developed areas,growth periods,and enterprises with strong core competitiveness,government subsidies have a greater effect on the promotion of innovation performance.The sixth chapter is the research conclusions and policy recommendations.In this section,corresponding recommendations are made on the nature of corporate ownership,the degree of economic development of the region in which the company is located,the industrial life cycle,and the core competitiveness.In addition,it also proposes the establishment of Innovative output-oriented support models,efforts to build distribution of fiscal subsidies,implementation of transparent operating mechanisms,and establish and improve relevant legal systems to ensure that government subsidies to maximize the effectiveness.The features and innovations of this article lie in the innovation of research perspectives and research methods.In terms of research perspectives,intrinsic features such as core competitiveness have been added to the basic characteristics of enterprises.In terms of research methods,a dual-difference propensity score matching method(PSM-DID)that effectively addresses the subsidy of government subsidies and innovation performance was selected for analysis.