Research On The Impact Of Chinese Government R&D Subsidy On Enterprise Innovation Investment From The Perspective Of Enterprise Heterogeneity

In recent years,China has continuously accelerated the construction of “innovative countries”.Innovation plays an increasingly important role in leading the new normal of economic development and driving the sustained and healthy development of the economy.In 2017,the total expenditure of R&D expenditure of Chinese enterprises was 1,366.02 billion yuan,an increase of 12.5% over the previous year.However,the overall investment intention of enterprises is still not high.In 2017,among the 2,500 enterprises with global R&D investment,the average R&D intensity of China's listed companies is only 8.6%.There is a clear gap between the top US companies(29.7%).Due to serious external problems in the process of enterprise innovation,how the government encourages enterprises to increase innovation investment through R&D subsidies is an urgent problem for the government,and it also conforms to the development needs of the era of “innovation”.This paper first constructs a theoretical research framework from the three aspects of the necessity analysis,mechanism analysis and institutional environment analysis of government R&D subsidies for enterprise innovation investment.Then establish a government R&D subsidy signal transmission model in line with China's national conditions,and analyze how the government R&D subsidies affect the behavioral decisions of enterprises and investors on innovation investment under the information asymmetry between enterprises and investors.The study found that government R&D subsidies can reduce investors' adverse choices and encourage companies to increase their investment in innovation by easing corporate financing constraints.In addition,this paper uses the panel data of Shanghai-Shenzhen A-share listed companies from 2010 to 2017 to manually sort out government R&D subsidy data through keyword matching methods.Afterwards,empirical research on the impact of government R&D subsidies on corporate innovation investment and its mechanism of action revealed that:(1)In the case of full sample,government R&D subsidies have a significant positive incentive effect on enterprise innovation investment.(2)Considering the regional differences and the heterogeneity of ownership,the research shows that the incentive effect of government R&D subsidies on innovation investment of private enterprises is more obvious;the incentive effect on innovation investment of enterprises in the eastern region is higher than that of enterprises in the central and western regions.Consistent with the conclusions of theoretical analysis.The reason for this result may be due to the different financing constraints faced by different ownership enterprises and the differences in economic development in the regions where they are located.(3)In terms of mechanism inspection,through the introduction of the dummy variable of venture capital,it is found that obtaining government R&D subsidies can increase the probability of enterprises acquiring venture capital,alleviate corporate financing constraints and increase enterprise innovation investment,which is consistent with the conclusion of the theoretical model.Finally,this paper proposes policy recommendations such as formulating differentiated subsidy policies,creating a level playing field,and building a new type of political and business relationship from the government and enterprise levels.