| Innovation is the first driving force for development and the basis for improving the quality and efficiency of development.Marx once pointed out that with the development of productive forces,social knowledge plays a role as direct productivity,and social life is increasingly controlled and transformed by intelligence,so that science and technology are increasingly becoming direct productivity.China should use technological innovation to drive industrial innovation,product innovation and business model innovation.In management practice,how to make government subsidies achieve the expected results and optimize them is an urgent problem for government departments at all levels.Therefore,it is necessary to study the impact of government subsidies on technological innovation of enterprises.In view of this,this thesis systematically sorts out the relevant literatures on the impact of government subsidies on enterprise technology innovation at home and abroad,based on the theory of government subsidy,innovation theory and enterprise life cycle theory,comprehensively analyzes government subsidies for enterprise R&D investment,technological innovation and the impact of economic output,based on this,this paper put forward the research hypothesis,and take the 2013-2017 China’s Shanghai and Shenzhen listed manufacturing companies as the research object,and divide the manufacturing listed companies into long-term enterprises,mature enterprises and declining enterprises.The influence of government subsidy on R&D input,innovation output and economic output of enterprises is analyzed.Through the regression analysis of the sample population,the thesis draws the following conclusions:(1)Government subsidies can effectively affect the R&D investment of enterprises,and present an inverted “U” relationship;(2)Government subsidies have significant effects on the innovation output of enterprises.(3)government subsidies have a significant role in promoting the economic output of enterprises.Through regression analysis of enterprises in different life cycle stages,the empirical results show that government subsidies and the life stage of enterprises have a significant correlation with independent innovation:(1)government subsidies have a positive effect on corporate innovation investment,and present an inverted “U” relationship.Government subsidies have a significant role in promoting the R&D investment of enterprises in the long-term and recession period,and have less impact on the independent innovation of mature enterprises;(2)the effects of government subsidies on the innovation output of enterprises are different;For long-term enterprises,the effect is greater than that of mature and declining enterprises;(3)the effect of government subsidies on the economic output of enterprises is different,and it has a significant role in promoting mature enterprises.The impact on mature and declining enterprises is not significant. |
