The Influence Of Financial Constraints,Government Subsidy On The Innovation Performance Of High Technology Enterprises

Innovation is the source of improving national competitiveness.From 2012 year,China has paid more attention to the role of innovation.The 18 th National Congress put forward the "innovation-driven development strategy" and issued the document "Several Opinions of the CPC Central Committee and the State Council on deepening the reform of system and mechanism and accelerating the implementation of Innovation-driven development strategy." In 2018,the government work report pointed out that "Accelerating the construction of an innovative country.Grasping the world's new round of scientific and technological revolution and industrial transformation,deepening the implementation of innovation-driven development strategy,and continuously enhancing economic innovation and competitiveness." The 19 th National Congress emphasized that "innovation is the first driving force for development and the strategic support for building a modern economic system." The reason why innovation is valued is that it can not only produce advanced technology,but also drive economic transformation and industrial upgrading,and enhance China's comprehensive strength.At present,China's innovation index ranking jumped from the 34 th in the world in2012 to the 22 nd in 2017,which was enough to see that the country's emphasis on innovation has already achieved results.As one of the important subject of innovation,high-tech enterprises have always enjoyed the benefits of the government in terms of funds and policies while facing the problem of financial constraints.The main purpose of this article is to explore whether government subsidies have a regulatory effect and ease financial constraints and what the mechanism of government subsidies on the high-tech enterprises' innovation performance is while facing financial constraints.Research on these issues will provide theoretical and factual evidence in formulating subsidy policies,easing financial constraints and promoting enterprises innovation performance.Therefore,it is very necessary to analyze the causes of financial constraints,the mechanism of government subsidies and to explore the impact of financial constraints,government subsidies on enterprises' innovation performance.Firstly,this article reviews the domestic and foreign literature,and defines related concepts such as financial constraints,government subsidies,innovation performance and summarizes the related theories.Secondly,on the basis of literature,theory and the actual situation,this article analyzes the mechanism of financial constraints and government subsidies affecting the innovation performance of enterprises and puts forward research hypotheses.Then,combined with the situation of the financial constraints,government subsidies and innovation development of Chinese high-tech enterprises,this article analyzes the characteristics and problems.Thirdly,after rigorous screening,333 high-tech listed enterprises were selected.Using the 2012-2017 micro-data,this article constructs a factor analysis model and a panel data fixed effect model to study the relationship between financialconstraints,government subsidies and innovation performance.The dependent variables of this article included comprehensive innovation performance indicators derived from factor analysis,and direct economic benefit indicators-operating income,indirect innovation output indicators-the number of patent applications.The independent variable is the financial constraints faced by the enterprises,and regulatory variable is the government subsidies obtained by the enterprises.In addition,in view of the differences in economic development level,market force,and intellectual property protection system in different regions,this article further studied on the similarities and differences of the effect of the financial constraints and government subsidies on innovation performance in the eastern and mid-western regions.In the empirical study of the overall high-tech enterprises,it was found that the financial constraints can inhibit the comprehensive innovation performance,operating income and patent applications of the enterprise;government subsidies can positively promote the comprehensive innovation performance,operating income and patent applications of enterprises;the regulatory effect of government subsidies was significant and government subsidies alleviated the financial constraints faced by enterprises.However,due to the regression model for the number of patent applications,its goodness of fit was small.Therefore,this was determined as the research hypothesis has not been verified.Subsequently,in the empirical study of the eastern sample and mid-western sample,it was found the conclusions drawn by the eastern region were consistent with the whole sample.The suppression of financial constraints and the incentive effect of government subsidies in mid-western regions were also the same as the whole sample.However,for mid-western enterprises,the government subsidies didn't generated regulatory effects and cannot alleviate financial constraints.According to the obtained empirical results and conclusions,this article suggests that the government should increase subsidies,improve subsidy standards,implement precise subsidies for the eastern and mid-western regions,establish an effective supervision and management mechanism and improve the intellectual property protection system;the enterprises should improve the information disclosure system,increase the utilization efficiency of subsidy funds and formulate a long-term development strategy plan.