| The relationship between government subsidies and R&D investment and innovation performance has been studied in academic circles,but whether government subsidies can effectively encourage R&D investment and innovation performance of enterprises,and the effectiveness and degree of action need further textual research.As one of the high and new technology industries,the pharmaceutical manufacturing industry is related to the livelihood and economy.And with the increase of the aging population and new viruses continue to emerge,the demand of health for people will be increasing.The government has gradually increased support for innovation in pharmaceutical manufacturing industry,in support of the government,pharmaceutical manufacturing enterprise development and innovation is to enhance the effect? Will government subsidies significantly affect R&D innovation in the current period? If there is no significant effect in the current period,will be significant effects in the following periods.Is there any difference in the different ownership enterprises? In addition,which of the two different types of government subsidies have more significant impact on enterprise innovation performance? What is the difference in the impact of different ownership enterprises?This is the problem that needs to be solved at present,and it is also the focus and innovation of this paper.Using the panel data of the listed companies in China's pharmaceutical manufacturing industry from the year of 2008 to 2016,the dynamic model of PVAR was established by using stata software to study these problems.The main contents include: the first chapter is the paper's research background and research significance.The second chapter is the literature review at home and abroad.The third chapter is the mechanism analysis of the relationship between government subsidies,R&D investment and innovation performance.In the fourth chapter,establish PVAR model,use impulse response function and variance decomposition method to analyze the dynamic interaction and lag between government subsidies,R&D investment and enterprise innovation performance,and the difference between them in state-enterprises and non-state-enterprises.In the fifth chapter,further analyze the dynamic impact of the two different government subsidies on R&D investment andinnovation performance.Through the empirical research,obtained the following valuable conclusions:(1)government subsidies and R&D investment are lagging behind the 1-3 phase of mutual promotion,the state-owned enterprises' performance is more significant than non-state-owned enterprises' performance.(2)R&D investment and innovation performance are lagging behind the 1-3 phase of mutual promotion,compared with state-owned enterprises,the performance of non-state-owned enterprises is more significant.(3)Government subsidies will improve the innovation performance,but innovation performance will restrain the amount of government subsidies for the next1-2 years.Compared with state-owned enterprises,the performance of non-state-owned enterprises is more significant than that of state-owned enterprises.(4)relative to the support of government subsidies,incentive government-subsidies can promote the enterprise R&D investment and innovation performance;in turn,innovation performance promote incentive government subsidies;R&D investment reward type government subsidies,and this interaction is more significant than the state-owned enterprises.(5)Compared with the supportive government subsidies,incentive government-subsidies can promote the enterprise's R&D investment and innovation performance greater,innovation performance,R&D investment promotes but innovation inhibits supportive government subsidies.The interaction is more significant in non-state-owned enterprises.The research conclusions can provide reference for the formulation and improvement of government subsidy policy and enterprise innovation research and development decision.The theoretical significance of the research is that it expands the research scope of enterprise performance evaluation,enriches the research methods of government subsidy performance,and provides a new perspective for future generations in this field.The practical significance of the study: in the realistic background of the national advocate and support innovative research and development of pharmaceutical industry,research the difference of government subsidies performance in pharmaceutical manufacturing industry,will help motivate and standardize the innovation behavior in business. |
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