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

With the increasingly prominent position of scientific and technological innovation in the overall national development strategy,General Secretary Xi Jinping proposed clearly once again in the 19th Party Congress report that the construction of the national innovation system should be strengthened and an innovation system with enterprises as the main,body should be established.As the main undertaking body of scientific and technological innovation,the innovation of enterprises has been paid much attention.However,due to the externality of R&D activities,the R&D enthusiasm of Chinese enterprises has not been high.In order to effectively alleviate the losses caused by the externality of R&D activities and improve the problem of insufficient innovation motivation of Chinese enterprises,government departments provide certain subsidies for R&D activities of enterprises through government intervention,which can theoretically make up for certain externality losses.However,in practice,it is still unknown whether government subsidies have played a role in stimulating the research and development enthusiasm of enterprises and whether they have promoted the positive impact of research and development activities on enterprise performance.In addition,whether the role of government subsidies will be different in enterprises of different natures,different industries and different regions,and whether government departments should make differences according to different types of enterprises when granting subsidies are all issues that need to be tested in practice.In view of this,on the basis of reviewing relevant literature,this paper makes a theoretical analysis of the relationship and impact mechanism among government subsidies,research and development investment and enterprise performance in combination with market failure theory,technological innovation theory,externality theory and contingency theory.Then,taking the A-share manufacturing listed companies in Shanghai and Shenzhen stock markets from 2013 to 2017 as research samples,this paper uses multiple regression analysis method to study the influence of government subsidies and R&D investment on enterprise performance in enterprnses of different natures,industries and regions,and further explores the regulating effect of government subsidies on R&D investment and enterprnse performance.The results show that:(1)government subsidies are helpful to the improvement of enterprise performance,but in the state-owned enterprises and non-high-tech enterprises,their help effect is not obvious,and their role in non-eastern enterprises is not as significant as that in eastern areas;(2)R&D investment contributes to the improvement of enterprise performance,but in high-tech enterprises and non-eastern enterprises,the effect of R&D investment on enterprise performance is not obvious;(3)The government subsidy will inhibit the promotion of R&D investment on enterprise performance and play a negative role in regulating the relationship between R&D investment and enterprnse performance.This conclusion has been verified in different types of enterprises.Finally,based on the above empirical conclusions,this paper proposes some countermeasures and suggestions,such as allocating government subsidies reasonably to maximize their effectiveness;establishing government subsidy supervision and effect evaluation mechanism;training enterprise s innovation consciousness and improving enterprise s research and development enthusiasm,etc.