Research On The Influence Of Government Subsidy On The Performance Of High-tech Enterprises Based On Life Cycle Theory

In recent years,China has been paying more attention to the overall development of high-tech enterprises,and the growth rate of enterprises has become more and more rapid.As a knowledge-intensive industry,high-tech enterprises play an important role in the integration of technical resources,which is an important force to promote the national economic development,that is why they get more and more attention from our country.Based on the above background,so as to accelerate the development of the country's high-tech enterprises,enhance the country's level of innovation,and enhance the country's economic strength,this paper further explores the relationship between government subsidies and the performance of high-tech enterprises.Combined with the life cycle theory,this paper studies the impact of government subsidies on the performance of enterprises in different life cycles,and explores whether government subsidies will improve the performance of enterprises in any life cycle stage.Firstly,based on the basic theories and literature reviews,this paper deeply analyzes the relationship between government subsidies and high-tech enterprise's performance,and puts forward the research hypothesis of this paper.Secondly,this paper takes high-tech enterprises in the eastern and coastal areas as the research object,using cash flow combination method to divide the life cycles of the research object,and then uses multiple regression models to carry out regression analysis on government subsidies and enterprise performance from the overall and life cycle aspects respectively,and on the basis of the first step of regression results,tests the intermediary role of innovation R&D between government subsidies and enterprise performance.The main results are as follows:(1)On all the samples,government subsidies have a positive positive impact on the financial performance and innovation performance of the enterprise.(2)In different stages of Life cycle,government subsidies have different effects on performance of enterprise in various aspects..Among them,the influence of government subsidies on long-term financial performance and innovation performance presents an inverted "U" shape,while the influence on short-term financial performance of enterprises has been declining.(3)R&D investment has a mediating effect between government subsidies and long-term financial performance and innovation performance of enterprises.Finally,it summarizes the results of empirical analysis,and puts forward policies and suggestions from the overall sample and samples of different life cycle stages.