Research On The Impact Of Government Subsidy And R&D Investment On Enterprise Performance

China is in a critical period of economic transformation.Strengthening enterprise innovation and entrepreneurship and realizing economic restructuring is of great significance for promoting China's high economic development.At this stage,Chinese enterprises generally have weak self-innovation ability.The reason is that on the one hand,due to the spillover of R&D itself and China's lack of attention to intellectual property protection,it has spurred the enthusiasm of R&D;on the other hand,Chinese enterprises are widespread.The problem of not having enough R&D funds has curbed corporate innovation.In order to encourage enterprises to innovate and start businesses,the government has given great support to enterprises in terms of policies and financial subsidies.Based on the status quo,how to play the guiding role of government subsidies,ease the financial pressure of enterprise R&D,encourage enterprises to innovate and start businesses,and improve corporate performance are of great significance to China's economic development.As a pioneer of innovation and entrepreneurship,the GEM high-tech enterprises are typical.Therefore,this paper takes GEM high-tech enterprises as the research object,and studies the impact of government subsidies and R&D investment on corporate performance.Based on the analysis of government subsidies,R&D investment and enterprise performance of GEM high-tech enterprises,we selected 1138 data samples of 529 high-tech enterprises in GEM from 2015 to 2017,from the perspective of government subsidies and R&D investment.How government subsidies affect corporate performance,how government grants affect R&D investment,how R&D investment affects corporate performance,and how government grants affect corporate performance through R&D investment.To measure the strength of government subsidies by obtaining the proportion of government financial allocations in total assets of enterprises,to measure the intensity of R&D investment by the proportion of R&D investment in total assets of enterprises,to measure the performance of enterprises by the rate of return on net assets,and to join the scale of enterprises,financial risks,operational capabilities,The tax burden has four control variables,proposes research hypotheses and constructs a multivariate regression model and a mediating effect test model with R&D input intensity as a mediator.In empirical research,through descriptive statistics,correlation analysis and multiple regression analysis,it is concluded that:(1)government subsidies are significantly positively correlated with corporate performance.(2)Government subsidies are significantly positively correlated with R&D investment.(3)R&D investment is significantly positively correlated with corporate performance.(4)R&D investment has a partial mediating effect between government subsidies and corporate performance.Based on the current problem of weak self-innovation in China's enterprises,the government has given the enterprises a lot of support in terms of policies and financial subsidies,and combined with the relevant conclusions drawn from the empirical analysis of the impact of government subsidies and R&D investment on corporate performance.Mainly from the perspective of improving the efficiency of government subsidies and stimulating enterprises to innovate and start businesses,it proposes relevant policies and suggestions for enterprises to make good use of government support,further strengthen enterprise R&D and innovation,and improve corporate performance.