Research On The Impact Of Government R&D Subsidies On R&D Expenditures Of High-Tech Enterprises

At present,China's economic development is in an important period of structural transformation,that is,from labor-intensive industries to capital-intensive and technology-intensive industries.In this process,R&D plays a key role.Enterprises,especially high-tech enterprise are the main force of innovation.The innovation ability of science and technology has an important influence on the formation of the country's core competitiveness.However,due to the existence of knowledge spillover effect,the results of enterprises' R&D activities will soon be imitated.The new product advantage is difficult to maintain so that the income is far less than expected.Moreover,R&D activities with high risk and high input characteristics,but also have great uncertainty.Therefore,most enterprises to carry out R&D activities will consider carefully,or even avoid R&D.The externality of R&D activities led to market failure.In order to improve this situation and encourage enterprises to carry out R&D activities,the government will intervene.To give enterprises R&D subsidies is one of the commonly used means.However,will the government R&D subsidies really as they expected to activate enterprises to increase R&D expenditure?At present,scholars at home and abroad have not yet reached a unified conclusion.After reviewing related literature,we find that most scholars use the national statistical data for the industrial level of research;few people use the published data to conduct micro-enterprise level research.In addition,most scholars directly study the relationship between the government R&D subsidies and the enterprises'R&D expenditures and the enterprise life cycle stage as an important factor affecting the R&D expenditures has not been too much considered.Therefore,we will distinguish the different stages of these enterprises to research,basing on their reporting level data.In this paper,we use the statistics of Shanghai and Shenzhen A-share listed 461 high-tech enterprises in 2012-2014,represented by pharmaceutical manufacturing industry,computer,communications,and other electronic equipment manufacturing industry,instrument manufacturing industry and specialized equipment manufacturing industry,to analyze the effect of the government R&D subsidies to the R&D expenditures of the enterprises at different stages of life cycle.According to the technological innovation theory,the enterprise life cycle theory,the principal-agent theory as well as the market failure of R&D activities,the relevant research hypotheses is put forward and the empirical test is carried out by building a multiple regression model.It is found that the government R&D subsidies have a certain effect on the R&D expenditures of high-tech enterprises,but this promotion is very limited.When we divide the sample enterprises into different types of life cycle stages,we find that the impact is different.The government R&D subsidies for the growing and recessionary enterprises can promote their R&D expenditures and the promoting effect of the latter even more,but there is not an obvious effect on mature enterprises.Further research shows that the impact of the government R&D subsidies on the enterprises' R&D expenditures is lagging behind,the current R&D expenditures are not only affected by the current government R&D subsidies,but also by the impact of the pre-government R&D subsidies.Finally,the paper puts forward the policy suggestions from the angle of the enterprise and the government:enterprises point of view,they need constantly increase the intensity of R&D investment and ask the government for help appropriately;government point of view,the government should continue to increase the R&D subsidies and improve the relevant laws and regulations,as well as improve the protection of property rights...