The Impact Of Financial Subsidy On Scientific And Technological Innovation Business Performance

As China's economy enters a"new normal",innovation is increasingly becoming a key factor in maintaining and driving China's sustainable economic development.There are obvious information asymmetries,high risk and positive externalities in enterprise science and technology innovation activities,which require the government to implement and support it.The most common way is the government subsidy.With the implementation of innovation-driven strategy,the government investment in science and technology innovation enterprises in our country has been increasing year by year.So,it is necessary for us to study whether the current government subsidies improve the operating performance of science and technology innovation enterprises,which will help us to improve the efficiency of the government subsidies,promote technological innovation and economic development.This paper based the marketing enterprises of Growth Enterprise Market(GEM)sample in 2010-2016.It examined the subsidy effect of the government to support the scientific and technological innovation enterprises from the aspects of the business performance.Through the descriptive statistical analysis and the empirical analysis of panel data,the results show that the subsidy is increasing year by year and has differences between industries and regions.And the financial subsidy has a significant positive impact on the performance of the scientific and technological innovation enterprises,but the influence degree is limited and the lag effect is not significant.Moreover,for different industries listed on the GEM,financial subsidies have focused,the effect is different.There are some policy suggestions based on research theory:Firstly,it is necessary to focus on optimizing the input structure on the basis of continuing to increase the total amount of government subsidies for science and technology innovation enterprises.Secondly,we should implement a differentiated government subsidy policy for science and technology innovation enterprises in different stages of growth and in different industries.Thirdly,it is necessary to accurately use the subsidy policy,optimize government subsidy programs and optimize government subsidies.While in the enterprise subsidies,the Government should pay attention to playing a guiding role in the market,as well as"anti-subsidy"trap.Fourthly,we need to improve the disclosure system of government subsidies,effciency evaluation system,relevant laws and regulations,and increase the monitoring of the process of government subsidies.Finally,we should strengthen the cultivation and encouragement of talents to give full play to the leading role of enterprises in innovation activities.