Research On The Impact Of Government Subsidy On Innovation Performance Of High-tech Enterprises

Under the new situation and background of "mass entrepreneurship and innovation",innovation is still a main important source of long-term economic growth.Although the capital investment in Chinese companies is continuous growing rapidly,innovation performance remains at a low level.Government subsidy is one of the important policies for enterprise development.The scale of government subsidy funds for various industries has increased each year,especially for high-tech enterprises,which has effectively promoted the development of high-tech enterprises,but the impact of subsidy policies on the innovation achievement and efficiency of companies has been debated by economists.First of all,this paper describes the concepts of government subsidy,high-tech enterprises,innovation performance and the relevant basic theories.In next part,it repesents the status of government subsidy and innovation activities of high-tech.Then we put forward relevant hypothesis based on the relationship between government subsidy and innovation performance of enterprises.We take 436 listed companies,from which the high-tech enterprises affiliated to the manufacturing industry in the Shanghai and Shenzhen A-shares,SME board and GEM,as research samples.EBM model and regression model in the DEA model are used to systematically study the intrinsic relationship between subsidy and innovation performance.Results: the statistics show : Government subsidy for high-tech enterprises is significantly positive correlated with corporate innovation performance.State-owned enterprises weaken the positive correlation between government subsidy and innovation performance of high-tech enterprises.Large scale high-tech enterprises strengthen positive correlation between government subsidy and innovation performance.Compared with the defensive corporate strategy,high-tech enterprises with aggressive strategy strengthen the positive correlation between government subsidy and innovation performance.The conclusions of this paper provide theoretical guidance for reasonable and full understanding of the impact of government subsidy on the innovation performance of high-tech enterprises.At last,we provide some suggestions for how to promote high-tech enterprises to carry out research and development innovation activities.