The Effect Analysis Of R&D Subsidy On Enterprise R&D Expense

Enterprise innovation has been a hot spot that has drawn much attention and discussion in recent years.The 18^th CPC National Congress clearly stated that technological innovation should be placed at the core of the overall development of the country and that innovation-driven development strategies should be implemented.Under the guidance of"strengthening nation by science and technology",the R&D subsidy of Guangdong provincial government has been rapidly rising while there is a double effect of stimulus and squeeze on enterprise R&D expense,moreover,there are no consistent conclusions among researchers.This paper attempts to make some contributions to the empirical research of the government R&D subsidy on the enterprise R&D expense in China by using the microdata of listed companies in Guangdong Province from 2011 to 2016.This paper includes the size of the company,the type of actual controller,industry,and internal operational characteristics of the company into the discussion model to study how government R&D subsidies affect the R&D investment behavior of enterprises based on propensity score matching method.The main conclusions of this paper are:Government R&D subsidies positively stimulate corporate R&D spending,R&D intensity and moreover corporate innovation,The different amout of R&D subsidy have different focuses on the inspection of company qualifications;The government's R&D subsidies mainly flow into enterprises with large scale,high overall innovation capability,good operational management capabilities,actual control for the country,and industries for manufacturing and information technology.Since Guangdong Province is a major manufacturing province,this paper further analyzes Guangdong's manufacturing and information technology enterprises.The study found that in the manufacturing and information technology industries,the government's R&D subsidies pay more attention to the company's innovation capabilities and attributes.At the end of the article,the suggestions for Guangdong Provincial Government to use R&D subsidies to promote industrial optimization and development upgrades are provided.