The Empirical Study Among R&D Subsidies,R&D Investments And Performance In High-tech SMEs Listed In NEEQ

For withstanding the dramatic marketing competition,high-tech small medium enterprises(SMEs)must increase the research and development investment(R&D investment)to sustain self-innovation,which is the key point to produce high-tech merchandise.Otherwise,the high-techSMEs can't keep meeting the consumer's demand all the time in such an era of economic globalization.As the high-tech SMEs listed in National Equities Exchange and Q uotations(NEEQ)are fledging companies with limited human and technological resources,they lack sufficient money to back up R&D investment.Therefore,the government ought to play an important role to encourage the high-tech SMEs to develop core competence and sustain going concern,and R&D subsidy is a direct tool to back up R&D investment.However,do all the policies about R&D subsidy achieve their goals? Specifically,does R&D subsidy drive thehigh-tech SMEs to increase R&D investment? Does the R&D investment make a difference on performancein high-tech SMEs? Does R&D subsidy facilitate a positive affection from R&D investment to performance? Based on thesequestions mentioned above,it is very meaningful tostudy the causal relationships among R&D subsidy,R&D investment and performance in high-tech SMEs.The specimen is 254 high-tech SMEs listed in NEEQ from 2012 to 2015.Based on it,the paper firstly analyzes the complexion and trend among R&D subsidy,R&D investment and performance in high-tech SMEs from 2012 to 2015.Secondly,the paper cites different theories such as externality theory,asymmetric information theory and theory of technological innovation toconduct empirical studies with several fixed effects models.After the empirical analysis,the paper draws some conclusions as follow:First of all,the study shows that R&D subsidy inspires the R&D investment in high-tech SMEs,but that inspiration doesn't last for the next year.Secondly,the papers finds out that the current R&D investment decreases the performance in high-tech SMEs though,itincreases the performance next year among high-tech SMEs.Last but not least,as a regulatory factor,R&D subsidy facilitates the positive affection from R&D investment to performance in high-tech SMEs,what's more,it makes a bigger progress to facilitate the positive affection from R&D investment to performance in the next year.At last,the paper concludes some suggestions as follow:Macroscopically,in order to stimulate R&D investment of the high-tech SMEs,the government should firstly exploit more financing channels such as developingdiversified financing combination of protocol,market-making system and call auction in NEEQ and keeping moving on private equity construction.Secondly,the government should optimize the examination and approval system to make the application of R&D subsidy more efficient and more transparent.Thirdly,the government should implement thesubsidy-after-research-and-development policy to cut down the cost from an acceptance inspection.Fourthly,the government should construct a healthy and transparent supervisory system to boost the confidence on the policy of R&D subsidy for the high-tech SMEs.For the high-tech SMEs themselves,on the one hand,they should build a management system for all R&D subsidies from every project to allocate the money reasonablyand record the trails.On the other hand,they should keep self-innovation alive for not to be squeezed out by the competitors.