Government Subsidies?enterprise Life Cycle And Enterprise Innovation Performance

In recent years,as China's economic development has become a new normal,and in the face of new problems and new situations that have constantly emerged in the course of economic development,our government has continuously emphasized innovation to promote industrial transformation.In this context,this paper uses the CDM model,based on the existing theory,using listed A-share companies as sample data,according to the age of the company,to divide the companies into three types: start-up companies,mature companies,and recession companies.At the same time,according to the process innovation model,the company's innovation performance is decomposed into four aspects: enterprise innovation strategy,R&D input,technical output,and operating performance.The impact of government subsidies on corporate innovation activities is analyzed,and the company's process innovation dynamic model is constructed.Empirically,this paper makes use of IT3 SLS regression analysis of the sample,and believes that:(1)the age of the company can effectively influence the innovation strategy of the company,while the government subsidies have no significant effect on the innovation strategy of the company;(2)There is a significant positive correlation between government subsidies and the R&D input intensity of the company,and the impact of firm age on R&D investment is relatively small;(3)Government subsidies and corporate age have a significant impact on corporate technology output;(4)Government grants have significant effects on corporate operating performance.But the age of the business has no significant effect on the company's operating output.The empirical results of the sub-samples prove that:(1)The government subsidy can effectively stimulate the willingness of independent innovation of the start-up companies and the recessionary enterprises,but has no significant influence on the willingness of the mature enterprises to independently innovate,and the positive effect on the startup companies is “U”.And the positive effect on the recession companies is inverted U-shaped;(2)The government grants have a linear correlation with the R&D input of the start-up companies,and they show an inverted “U” for the R&D investment during the mature period and the recession period;(3)Government grants have a significant role in the technological output of mature companies during the mature period,but have no significant impact on the technological output of the start-up and recession enterprises;(4)Operational performance of start-up companies and recession companies Compared with the enterprises in the mature period,the impact of government subsidies is more significant.At the same time,the empirical results also prove that there is a negative correlation between the technological output of the start-up companies and the economic output.Through further analysis,this paper believes that:(1)The current commercialization of A-share listed companies' technological outputs is not high,that is,the ability of innovation to transform into market demand is limited;(2)Compared to start-up companies,and recession companies,the mature enterprises,are more efficient in the use of fiscal funds;(3)Under the current policy background,the government's subsidies to start-up companies are excessive,and subsidies for mature companies and recession companies are insufficient;(4)Independent innovation of start-up companies More is to meet the policy requirements of policy subsidies,there may be "deceased behavior" using policy dividends.