Study Of The Impact Of Government R&D Subsidies On Enterprise Innovation

With the constantly changing world,the country's development is increasingly dependent on high-growth,strategic emerging industries with high added value and high labor productivity.After the financial crisis in 2008,the developed countries represented by Europe and the United States took the lead in proposing the development plan for strategic emerging industries.In 2010,China officially proposed to accelerate the process of transforming the economic development mode,accelerate the development of strategic emerging industries,and cultivate it as a pillar industry for economic development.In 2016,The People's Government of Anhui Province proposed to vigorously develop strategic emerging industries.Through the implementation of various policies in recent years,the output value of strategic emerging industries in the province exceeded 1,233.6 billion yuan in 2018,accounting for 30% of the province's industrial output value.Strategic emerging industries have gradually become an important economic pillar industry in Anhui Province.Strategic emerging industries are technology-intensive industries,and their development is closely related to the ability of enterprises to innovate and the level of technological development.In order to encourage the development of strategic emerging industries,the government has injected a large amount of R&D funds to enterprises in the industry to support and encourage enterprises to carry out innovation activities and improve their level of independent innovation.Based on this background,this paper takes the strategic emerging industries in Anhui Province as an example to study the impact of government subsidies on enterprise technological innovation from three aspects: basic theoretical analysis,current situation analysis and empirical analysis.In terms of basic theory,this paper reviews and summarizes the characteristics of enterprise innovation,the form of government subsidies and the related theories of factors affecting enterprise innovation efficiency,and analyzes the impact of government subsidies on enterprise innovation.The results show that enterprise innovation has externalities and uncertainties,and innovation efficiency is affected by many factors inside and outside the enterprise.The government mainly subsidizes through fund-raising,intellectual property protection,tax incentives and government procurement,and changes the internal R&D investment of the enterprise,which in turn affects the innovation efficiency of the enterprise.In terms of current situation analysis,this paper summarizes and analyzes the relevant status of government R&D subsidy use and strategic emerging industry development in China and Anhui Province.The results show that the R&D expenditures in China and Anhui Province are both increasing in total and number of personnel,mainly due to the self-raising and use of enterprises.China's strategic emerging industries show a boom in industry sentiment and entrepreneurial confidence,information consumption drives the rapid development of strategic emerging service industries and the rapid growth of biological industries.The strategic emerging industries in Anhui Province show that the output value of various industries has increased year by year,and there are regional aggregation phenomena and the characteristics of enterprises building technical centers.In terms of empirical analysis,this paper selects the 2015-2017 data of listed companies in 25 strategic emerging industries in Anhui Province as an analytical sample,and establishes three empirical models to study the impact of government subsidies on technological innovation of enterprises.The first is to use the panel data model method to study the impact of government subsidies on corporate R&D investment.The study finds that government subsidies have a positive incentive effect on R&D investment of enterprises.At the same time,through the regression analysis results of other controlvariables,it can be seen that the asset quantity and human capital of enterprises have certain incentives for R&D investment of enterprises.This shows that the Anhui provincial government can continue to effectively encourage enterprises to carry out innovation activities by increasing R&D subsidies in the future.The second is to use the DEA efficiency evaluation model to evaluate the innovation efficiency of sample companies.From the results of static efficiency evaluation,the innovation efficiency of 25 sample enterprises in Anhui Province is generally not high,and the innovation efficiency of large-scale enterprises is generally higher than that of smaller enterprises.From the results of dynamic efficiency evaluation,the comprehensive efficiency of innovation of sample companies is continuously improved,and the change of scale efficiency is more significant than that of pure technology;the total factor productivity of state-owned enterprises is higher than that of private enterprises.This indicates that the development of strategic emerging industries in Anhui Province is relatively low,the scale effect is significant,and the resource allocation of state-owned enterprises is more reasonable.The third is to use the panel data model method to study the impact of government subsidies on the innovation efficiency of enterprises.The empirical results show that government subsidies have effectively improved the innovation efficiency of enterprises,but the expansion of enterprises has not brought about an increase in the efficiency of innovation.This shows that when receiving government subsidies,larger enterprises can more rationally invest resources in innovation activities,while smaller enterprises consume more resources due to enterprise expansion and cannot effectively improve the efficiency of enterprise innovation.Finally,this paper combines the conclusions of empirical research and proposes four suggestions from the perspective of the government on how to improve the efficiency of innovation.Expand the R&D investment of governments at all levels,accurately support the direction;rationally use government R&D funds,strengthen fund supervision;flexiblyselect government R&D investment methods,broaden corporate financing channels;and rationally transform scientific and technological innovations based on market.