Research On The Impact Of Government Subsidy On The Performance Of Enterprises Listed On The Growth The GEM

From the perspective of global economic development,countries attach great importance to the development of high-tech enterprises.China continues to implement the innovation-driven development strategy,vigorously optimizes the innovation ecology,and mobilizes the enthusiasm of various innovation entities.The state's support for innovation and research and development has been increasing,and the GEM market as a gathering place for innovative R&D has become very comm on for GEM companies to receive government subsidies.In the era of the smart economy and the increasingly cruel market environment,innovative R&D has become particularly important.It has increased the competitiveness of the organization and enabled the country to have true independent innovation capabilities.Due to tlhe differences in market economic system,domestic and foreign scholars have not formed a unified conclusion on the impact of government subsidies on corporate performance.In addition,innovative R&D activities are characterized by complex and long-term characteristics.This paper believes that the impact between the two may be lagging.Therefore,under the special market economy system in China,it is of great theoretical and practical significance to explore the impact of government subsidies on firm performance and its lag.A sound and effective corporate governance mechanism is the guarantee for the daily operation of the enterprise,and the shareholding structure is an important part of the corporate governance system.There is a close relationship between corporate performance and the shareholding structure.Therefore,this paper considers the relationship between government subsidies and corporate performance.Affected by the ownership structure.Based on this,this paper expllores the impact of government subsidies on firm performance and its lag,and tests the adjustment effect of ownership structure on the relationship between the two,and finally gives corresponding policy recommendations.After expounding the research background and significance of the article,this paper combs the related theoretical foundations of Pigou theory,signal transmission theory and government intervention theory,and summarizes the related literatures at home and abroad.On this basis,taking 2012-2017 as the research period,the balance panel data of China's Shenzhen GEM listed companies is taken as the research obj ect,and the financial performance of the enterprise is taken as the starting point.The empirical analysis shows that the government subsidies have a significant positive effect on corporate performance,and there are at least two periods of lag in this positive impact;the equity structure is used as a regulatory variable between the two,and further tests reveal that the concentration of equity is improved.It will inhibit the positive impact of government subsidies on corporate performance;and equity checks and balances will promote the positive impact of government subsidies on firm performance.Finally,combined with the research conclusions of this paper and the actual situation of government subsidies in China's GEM market,the corresponding policy recommendations are given from the aspects of improving enterprise management mechanism,supervising government subsidy utilization and improving external policy support and guidance.