Research On The Relationship Between Government Subsidy And Development Of Innovative Enterprises

As the economy comes into the new normal,enterprise transformation and development is the requirement of the new norm.Innovation is a task for every transformational enterprise.Enterprise innovation needs to sacrifice.The government encourages enterprises to carry out innovation and development,and support enterprise innovation by subsidy policy.In the context of developing strategic emerging industries,this paper focuses on analyzing and discussing the relationship between government subsidies and the development of innovative enterprises.It further clarifying the choice of enterprise innovation strategy,and improving the efficiency of government subsidy.This paper uses 2011-2015 GEM listed companies as a sample,collects organize 316 panel data through Shenzhen Stock Exchange,Wind information and other channels.It builds a regression model,puts two assumptions.According to Hausman test selected model,the regression results of the panel data validate effectively the theoretical hypothesis.Firstly,government subsidies and corporate R&D intensity are significantly positive correlation.That is,government subsidies can encourage enterprises to increase R&D expenditure.Secondly,the central anti-corruption,government subsidies on the intensity of R&D significantly positive correlation.The correlation coefficient is obviously improved.After the anti-corruption,government subsidies enhance the incentives of R&D.At the same time,this paper also does a further test analysis according to the seven sub-sectors,for a number of industries,government subsidies and R&D are significantly positive correlation,while others have no significant relationship.