Research On The Impact Of Government Subsidies On The Performance Of High-tech Enterprises:The Mediating Role Of R&D Investment

With the improvement of information sharing,the imitation and substitution of products become more and more strong.Enterprises can no longer rely on a product or technology to achieve sustainable competitive advantage.Insisting on R&D innovation becomes the necessary guarantee for high-tech enterprises to enhance their competitive advantages and expand their market share.However,R&D innovation has certain requirements for the financial strength of enterprises,which leads to many enterprises with insufficient financial strength and weak external financing ability.At the same time,the high uncertainty and positive externalities of R&D innovation output restrain enterprises' enthusiasm for R&D activities.In order to improve the research and development enthusiasm of high-tech enterprises and promote economic development,the government has given some high-tech enterprises that meet the conditions a policy subsidy.In recent years,the government subsidy funds related to enterprise innovation activities have increased year by year,making the effectiveness of government subsidy policy become the focus of many scholars.Based on the previous theoretical research results of domestic and foreign scholars on the relationship between government subsidies,R&D investment and corporate performance,the paper further studies the impact mechanism of government subsidies on the performance of high-tech enterprises when R&D investment is the intermediary variable.The paper takes the GEM and SME listed companies of A-share listed companies as large samples,and selects the data of high-tech enterprises from 2012 to 2016 for empirical research.The results show that: firstly,government subsidies have a significant positive impact on the performance of high-tech enterprises;secondly,government subsidies have a significant positive impact on R&D investment of high-tech enterprises;thirdly,both current and previous government subsidies can positively promote the performance of high-tech enterprises by influencing R&D investment;fourthly,high-tech enterprises with different property rights.The effect of government subsidies on the performance of technical enterprises is different.In the state-owned high-tech enterprises,the current and previous government subsidies have no significant impact on the performance of enterprises;fifth,government subsidies promote the performance of high-tech enterprises to a certain extent,with a long-term effect.Combining with relevant research and analysis,the last part of the paper puts forward relevant policy recommendations from the perspective of government and enterprises.From the government's point of view,firstly,the government should continue to implement relevant subsidies for high-tech enterprises according to the nature of property rights of enterprises,fully consider the particularity of state-owned enterprises,and give practical innovation guidance to state-owned enterprises;secondly,strengthen the ex post supervision of subsidized enterprises.The government should establish a relatively perfect systematic evaluation mechanism,and link the subsequent grant of subsidies with the evaluation results.In terms of enterprises,first,high-tech enterprises should grasp the correct direction of R&D.Whether R&D direction is consistent with the development direction of national science and technology innovation is the key to determine whether enterprises can get government subsidies.Secondly,high-tech enterprises should continue to carry out R&D activities in the right direction and increase R&D investment.