Government R&d Subsidies,r&d Investment And Enterprise Value

Under the background of the economic transition,China is at a critical moment with its economic development.The key factors of grasping the prospect of economic development and getting the innovation achievements are coordinating the relationship between governments and markets and promoting the development of science and technology.What's more,innovation is the core of National improvement and social development.Also,the innovation of technology and product is the key power of the fierce competitions.As the core of innovation,R&D activity is the power source of improving the enterprise's innovation level.Strengthening the efficiency and the effect of the R&D activity is beneficial to the sustainable development of companies.With high level of R&D activity,the high-tech enterprises listed in the Growth Enterprise Market stay at the forefront of innovation and R&D,which are the important force of the industry of scientific technology in our country.The high-tech enterprises can improve their efficiency and effects of R&D activities by adding the R&D investment,which is beneficial to the growth of their performance and value.Owing to improve the motivation of their independent researches and the efficiency of R&D activities of them,as the core of national macro-control,the governments have issued many polices of R&D subsidies which are related to the enterprises' R&D activities recently and the cost of science by governments have exceed 500 billion in recent 5 years and have increased evert year.Meanwhile,this measure can also help the enterprises increase their technological content and their values.As a result,there is no doubt that R&D subsidies of governments take an important part in R&D activities and the growth of enterprise values.Based on the analysis above,using 684 samples in Growth Enterprise Market from 2014-2016,this paper mainly explores the correlations among R&D subsidies,R&D investments and corporate values according to the theories including Spillover Effect,Principal-agent Theory,Stakeholder Theory.Meanwhile,this paper also explores the influence of enterprises' ownerships towards R&D subsidies,R&D investments and corporate values.Here are the conclusions: R&D subsidies of governments have a positive impact on promoting R&D investments in high-tech enterprises;R&D investments in high-tech enterprises have a positive impact on promoting their corporate values;R&D subsidies of governments have a positive adjustment on the correlation between R&D investments and corporate values in high-tech enterprises;Compared to the state-owned enterprises with high-tech,R&D subsidies of governments have a more positive adjustment on the correlation between R&D investments and corporate values on private ones.The paper is divided into six parts: Chapter 1 introduces the background and the significance of this study.According to the economic environment of recent years,it also introduces the contents and methods related to the study.Chapter 2 introduces the relevant concepts in this study,and it also introduces the achievements of studies from home and abroad.Chapter 3 introduces the present situation of R&D investments,including the cost of R&D investments and the source of them.Chapter 4 introduces the fundamental theories involved in this paper.According to these theories,we analyze the correlations among R&D subsidies,R&D investments and corporate values.Based on those analysis above,this paper put forward four hypotheses of this study.Chapter 5 is the empirical study part.This paper selects 684 high-tech enterprises listed on the Growth Enterprise Market as the samples of this study,which were from 2014 to 2016.According to the hypotheses in chapter 3,this paper constructs 4 empirical models to explore the correlations among R&D subsidies,R&D investments and corporate values,and defines the variables of these models.Finally,through statistic description,correlation analysis and multiple linear regression analysis of the sample,this paper can draw the conclusions.The final chapter introduces the conclusions suggestions and the limitations of the study.