The Effect Of Government Subsidy On R&D Investment

In the context of economic globalization and economic transformation,global enterprise competition has entered the era of high-tech competition,now the most critical factor to improve the competitiveness of enterprises is high-tech,and innovation is the most important driving force for enterprise development.Enterprise innovation comes from R&D activities.However,because R&D activities have the characteristics of public goods and the external characteristics of knowledge and technology,it is likely to lead to "market failure",which leads to the development of enterprise R&D activities can not be carried out smoothly.At this point,it needs government's participation.The government provides a large number of R&D subsidies for enterprises every year,and then the amount of these funds how to work in the enterprise R&D activities is still a controversial issue.From the previous research results,different scholars have different conclusions about the impact of government subsidies on corporate R&D investment.The management team,as the leader of the business operation,has a great influence on the strategy formulation and implementation of the R&D activities,and part of their behavior will be influenced by some of its own characteristics.Therefore,based on the study of the influence of government subsidy on R&D investment,this paper explores the relationship between the management team characteristics and the relationship between government subsidy and enterprise R&D investment.This is also an innovation of this paper.In this paper,306 sample data of software and information technology service companies listed in the SFC industry classification(2012)from 2013 to 2015 are taken as the research object.First of all,domestic and foreign literatures on government subsidies and corporate R&D investment,management team characteristics and corporate R&D investment are reviewed and combed.Secondly,it defines the concept and puts forward the hypothesis of empirical research on the basis of theoretical analysis.Then,through the multiple regression analysis of the government subsidies and corporate R&D investment and the relevance of the characteristics of senior management team to verify the relevance of the regulatory role.Finally,it makes the robustness check and comes up with some policy recommendations.The results show that government subsidies play a catalytic role in corporate R&D investment;the average age of management teams and the proportion of members with technical backgrounds will negate the promotion of government subsidies;the average level of education and average term is to adjust the role of government subsidies to promote.Finally,this paper presents some policy recommendations,one is the government to increase the intensity of R&D subsidies,the second is the need to pay attention to the construction of senior management team,pay attention to age composition,to promote continuing education,to extend the term,and strive to build high-quality Executive team.