Government Subsidies?Enterprise Financialization And Enterprise R&D Expenditure

At a time when science and technology are developing at a high speed,advances in technology play an important role in current economic activities.Innovation is primary engine of development,and it has become the consensus of many countries.China conforms to the trend of the times and puts forward the"innovation-driven development strategy at the 18th National Congress.At the same time,our R&D intensity(gross domestic spending on R&D)has increased rapidly in recent decades,so the number of patent and scientific research results have grown exponentially.Recently,regarding enterprises as the main body of technological innovation,Chinese government support their independent research and development through financial allocations,tax incentives and other government subsidy.But does government subsidy actually contribute to enterprise R&D spending?Or not?With the development of financial markets and the increasing emphasis on capital management,many companies now hold some financial assets.Will the internal factors of holding financial assets promote the impact of government subsidies on R&D expenditures?Or not?Based on the above analysis,this paper mainly studies the impact of government subsidies on R&D expenditure of enterprises based on the perspective of corporate financialization.We analyze the relevant issues and proposes research hypotheses,combined with the research of scholars and related theories.Then,using the panel data of non-financial enterprises from 2009 to 2017 as a research sample,this paper conducts relevant empirical tests on the above issues,and further considers the possible heterogeneity in different equity nature and different industries.According to the empirical results,the following conclusions are drawn:First,government subsidy can significantly stimulate enterprise R&D expenditure;Second,enterprise financialization can significantly promote the incentive effect of government subsidy on enterprise R&D expenditure;Third,government subsidy has stronger incentive effects for non-state enterprises,and enterprise financialization can significantly promote the incentive effect of non-state enterprises,but not for state enterprises;Fourth,the R&D expenditure of high-tech industries is stronger by the incentive effect of government subsidies,and the promotion effect of enterprise financialization on high-tech industries is more significant.The main innovations of this paper are as follows:Firstly,based on the existing research on government subsidies and R&D expenditures of enterprises,the impact of government subsidies on R&D expenditures of enterprises is further studied from a new perspective of corporate financialization.This paper comprehensively considers the impact of external factors and internal factors on R&D expenditure of enterprises,and comprehensively analyzes the influencing factors of R&D expenditures of enterprises,which provides a new research idea for the impact of R&D expenditures in the future.Secondly,the latest data grouping is used to consider the heterogeneity impact of government subsidies and corporate financialization on corporate R&D expenditure.