Research On The Impact Of Guangdong's Post-R&D Subsidy Policy On Enterprise R&D Investment

Innovation is the driving force behind the adjustment and optimization of the national economic structure.Enterprises are the main body of technological innovation,and R&D is the main source of technological innovation.However,there are technological spillover effects in R&D activities,and enterprises will inevitably encounter market failures.Therefore,it is necessary for the government to formulate effective public policies to correct this externality,and to encourage enterprises to carry out independent innovation through R&D funding is commonly used by governments around the world.With the introduction of this major strategy of building an innovative country,China's government R&D expenditures continue to grow,and the intensity of R&D funding granted to enterprises is also increasing.In order to give full play leverage and amplification of government subsidies encourage companies to enterprises to increase R&D investment,the central and local governments actively carry out pilot projects to explore the establishment of a post-subsidy mechanism for fiscal technology investment,which is beneficial to supplement the pre-subsidy methods,strengthening the main position of technological innovation,encouraging and guiding enterprises to invest in R&D projects,according to national strategy and market demand.Guangdong has boldly innovated in the technology investment mechanism,actively explored post-subsidy support methods,and arranged special post-subsidy funds to promote technology research and development in enterprises across the province.In order to explore the impact of Guangdong's post-R&D subsidy policy on R&D investment,this paper analyzes the effectiveness of post-R&D subsidy policies affecting R&D investment of enterprises,supported by the panel data of enterprises which received the post-R&D subsidy in Guangdong from 2015-2017,at the same time,tests the time-lag effect of post-R&D subsidy policy affecting R&D investment and differences in the impact of enterprise heterogeneity on the post-R&D subsidy policy affecting R&D investment.The empirical results show that:(1)the post-R&D subsidy policy has a crowding effect on the enterprise R&D investment,and the coefficient is 1.235;(2)enterprise heterogeneity has a significant impact on policy effect:firstly,the crowding effect of the post-R&D subsidy policy on the small-scale enterprise and medium--scale enterprise R&D investment is stronger than large-scale enterprise;secondly,the crowding effect of the post-R&D subsidy policy on the growing enterprise R&D investment is stronger than start-up enterprise and stable enterprise;thirdly,the crowding effect of the post-R&D subsidy policy on the high-tech enterprise R&D investment is stronger than low-tech enterprise.(3)the post-R&D subsidy has significant time lag,and the time lag period is lower than the pre-funding method.Based on the above research conclusions,five suggestions are proposed to improve the implementation effect of the post-R&D subsidy policy.