Research On The Impact Of Government Subsidy On Innoation Performance From The Perspective Of Corporate Goernance

For China,it is a important stage to realize the comprehensive transformation and upgrading of the industry.Most labor-intensive enterprises need to be upgraded to capital and technology-intensive enterprises urgently,where technological innovation plays a pivotal role.The technological innovation activities have the characteristics of high cost,high risk,severe lag in the economy and externality,which make the innovation force of enterprises insufficient,and require the government to provide necessary policy support such as government subsidies and tax incentives.However,in recent years some government subsidies have not improve corporate innovation performance,but worsen the phenomenon of large shareholders invading the corporation interests,intensifying the contradiction between shareholders and managements,reducing the innovation performance,even causing some enterprises to fabricate innovation projects to defraud the government subsidies,which a important reason is the governance structure of enterprises.Therefore,from the perspective of corporate governance,it is of great significance to study the impact of government subsidies on corporate innovation performance and the role of different governance factors in regulating the relationship between the two,and to improve the governance structure of listed companies and promote government subsidies.This study adopts a combination of theoretical research and empirical research.Based on stakeholder theory,market failure and externality theory,information asymmetry theory and principal-agent theory,this paper analyzes the impact of government subsidies on corporate innovation performance,and the impact of corporate governance factors,which include equity concentration,independent directors and management incentives,on the relationship of the government subsidies and corporate innovation performance.Then constructed a corresponding econometric model.Next,Using the economic data of the listed companies as the research sample verification research hypothesis,and the conclusions were drawn.The study find that government subsidies have a significant correlation with corporate innovation performance,and the more government subsidies,the higher the innovation performance of enterprises.As for the impact of corporategovernance factors on the relationship between government subsidies and innovation performance,it is found that enterprises with lower equity concentration have a stronger positive impact on the relationship between government subsidies and corporate innovation performance than those with high concentration of equity;the proportion of independent directors has a significant positive effect on the relationship between government subsidies and innovation performance;executive compensation incentives has no effect on the relationship between government subsidies and innovation performance is not significant;and increasing the degree of equity incentives for executives will increase the effect of government subsidies on promoting innovation performance.