Government Subsidy,R&D Investment And Economic Performance Of CGEM Listed Companies

Technological innovation is not only the core competitiveness of enterprise profit,but also the core factor of national economy sustainable.The Party's Eighteen put forward the innovation-driven development strategy,points out that if we want to promote the development of social productive forces and overall national strength increase,we must pay attention to technological innovation,stresses that China must be combined with the road of Chinese characteristics.Later,premier Li called for "mass entrepreneurship and innovation" in the summer davos BBS.China's emphasis on technological innovation is self-evident.In recent years,the investment intensity of R&D in China has been increasing,which is gradually approaching the level of R&D investment intensity of innovative countries.Government subsidies as a means of government intervention in the market economic activities,one of the monetary or non-monetary assets using compensation loss or innovation award,aims to encourage and guide the whole society to carry out technical innovation activities actively,enhance the confidence of the enterprise to carry out innovation activities.In this context,enterprises are becoming the backbone of technological innovation,among which SEMS are the main force of technological innovation."Free-riding" but independent research and development high fixed costs,low cost,easy to develop new products market and earnings to be squeezed,risk is great,and small and medium-sized enterprise itself has the problem of lack of funding and financing difficulties,to a certain extent constrained the hands of technology innovation.Basis on related literature and professional theory,this paper puts forward the government subsidies to the CGEM listed company performance has a positive influence,and produce at least some of this impact is caused through the R&D.To test this hypothesis,this paper selects the CGEM listed companies panel data between 2009 and 2015 as research sample,using Stata14.0 has carried on the corresponding statistical analysis,statistical results confirmed that the government subsidies significantly promoted the enhancement of the CGEM listed companies R&D input,at the same time has a significant positive influence on enterprise performance,and the R&D on government subsidies and enterprise performance plays a significant part of the intermediary effect between intermediary effect accounted for 33.01% of the total effect,consistent with theoretical hypotheses proposed in this paper.The research results show that the current government subsidy policy has the rationality,promoted the innovation of the CGEM listed company investment,but the government subsidies for the promotion of R&D function also has big rise space.Therefore,this article proposed raising for CGEM listed companies the proportion of government subsidies of technology innovation,and establish the perfect supervision and evaluation mechanism,the government subsidy policy on the gem tracking effect evaluation of listed companies,promoting the CGEM listed companies through scientific and technological innovation to improve the core competitiveness.