Impact Of Subsidies, Research And Development On Form Performance

Under the background of accelerating the construction of an innovative country,vigorously developing the GEM board,known for its "high growth and strong sense of innovation," is an important task in promoting China's economic restructuring and accelerating the construction of an innovative country.However,the cycle of R&D activities is long and risky.During the research and development period,it requires a steady stream of capital investment.In addition,SMEs have insufficient R&D funds for themselves,and it is difficult to rely on external sources for fundraising.Therefore,the role of government subsidies in R&D activities of companies It is particularly important,and therefore the role of government subsidies has attracted wide attention from academic and theoretical circles.Throughout the existing literature,scholars have studied more on the effect of government subsidies on R&D investment incentives or crowding out,and the impact of R&D on business performance and its lag time.Few scholars have linked the three to discuss government subsidies.Whether this external factor can influence the performance of the company through its R&D investment.The high-tech companies in the GEM market accounted for about 95%,and the characteristics of “high R&D intensity” and “strong innovation” successfully attracted more government subsidies for them,but whether the government subsidies can achieve the desired results,currently No conclusion yet.Based on this,this article reviews and sorts out existing literature,starting from budget soft constraints theory,externality theory,signal transmission theory,and core competence theories,and analyzes the relationship between government grants and R&D investment and corporate performance,according to the theory of contingency Further analysis of whether the government subsidy can influence the performance through the company's R&D investment,and on this basis,conducted an empirical study on the data of 339high-tech enterprises in the 2013-2016 China Growth Enterprise Market.The research results of this paper show that:(1)The government subsidy of the Hi-tech enterprise of GEM can significantly improve the industry performance,with a lag period.(2)Government subsidy lagging behind can reduce corporate performance by reducing R&D investment,that is,government subsidy lagging behind in one period has a significant crowding-out effect on corporate R&D investment;this period of government subsidy canincrease corporate investment by increasing R&D investment.Profitability,that is,subsidies have a stimulating effect on R&D,but the impact is lighter.(3)The R&D investment of the GEM Hi-tech companies can significantly increase the company's performance without a lag period.Based on the research conclusions of this paper,the following suggestions are made:First,for enterprises,the GEM hi-tech enterprises should improve their awareness of innovation and innovation,improve the management mechanism,and ensure the follow-up investment in research and development activities.Secondly,for the government,it is necessary to improve and adjust the existing subsidy policies,strictly manage the application qualifications of government subsidies,and provide great subsidies to qualified companies;strengthen the intellectual property system and reduce the spillover of the research and development achievements of enterprises.