A Study On How Government R&D Subsidies Will Impact The Independent Research And Development Of Enterprises

In recent years,in order to have core competitiveness in the era of change,and for the smooth transformation and upgrading of the economy,China has invested a large amount of research and development.In view of the absolute dominant position of enterprises in research and development,both the R&D expenditure of enterprises and the government's subsidies to enterprises in research and development are on the rise.However,in terms of subdivision,although the overall R&D investment of enterprises has increased,spontaneous investment has declined.The performance is partially extruded.The main reason for the extrusion effect is market failure and the existence of positive externalities of R&D products.According to the theory of market failure and spillover effects,government subsidies can directly increase the funds used by enterprises for R&D,but they may also squeeze out the R&D of enterprises.Invest.In view of the above background,it is of great theoretical and practical significance to study the impact of China's government R&D subsidies on independent R&D expenditures of enterprises.The existing literatures that analyze the effects of government R&D subsidies are mostly based on sample companies in a specific industry,such as high-tech industries,and use the government's overall subsidies instead of R&D subsidies.Most of them use static panel model methods to study and strictly distinguish them.There are few studies on government R&D grants and independent research and development.There are two different views on the relationship between the analysis of more government subsidies and the total R&D level of enterprises: one thinks that government subsidies can positively promote R&D investment,while the other holds the opposite view.Will squeeze out corporate research and development.In view of this,this paper selects the panel data of non-financial enterprises in all A-share markets from 2007 to 2017,and further analyzes the impact of government R&D subsidies on independent R&D expenditures of enterprises by comparing the changes in independent R&D investment of enterprises before and after government R&D subsidies.In the choice of empirical methods,this paper uses dynamic panels to estimate the generalized moments of the system to reduce the endogenous problems of enterprise R&D investment.The empirical research found that: First,the government's total subsidy is positively related to corporate R&D.For the government's total subsidy,its “incentive effect” is more obvious.Second,the government R&D subsidy is significantly negatively correlated with the overall R&D and independent R&D of the enterprise.Third,the larger the scale,the government R&D subsidies for the independent R&D of the enterprise.The more obvious the extrusion effect.Based on the research conclusions of this paper,the following suggestions are proposed: improve the government R&D support mechanism,do not rely solely on increasing the amount of R&D subsidies,and establish scientific and effective R&D subsidy methods to ensure subsidies based on various factors such as the nature of the enterprise,industry,region or subsidy.Get the most effective use and achieve tangible results;in addition,attach importance to the company's own research and development incentives,mobilize the enthusiasm of the company.The innovation of this paper is mainly reflected in the fact that the government research and development subsidies are separately distinguished based on the existing literature,and the impact of R&D subsidies on independent research and development rather than overall R&D is analyzed,and the noise of non-R&D parts is avoided.In addition,dynamics are adopted.The panel model mitigates endogeneity issues.This paper expands relevant research,including not only the research on government subsidies,but also research on enterprise R&D,which provides a theoretical and empirical basis for the Chinese government to promote enterprise R&D,which is conducive to the government to choose reasonable subsidies and subsidies to promote enterprises.Research and development.