The Impact Of Government R&D Subsidies On Corporation Technological Innovation

With China's economic development stepping into the new normal,the Chinese government attaches great importance to the important role of innovation in economic development.in the capacity of the backbone of innovation,enterprises play a significant role in industrial transformation and innovation development.In this context,the state is paying more and more attention to policy support for enterprise technology innovation,and the government R&D subsidy,as an important means of support,has achieved a double growth of scale and speed in recent years.But in fact,the government R&D subsidy has not achieved the desired effect,and there is a low efficiency of it.The main reason for this phenomenon is that there is information asymmetry between the government and enterprises.When the government chooses the subsidized object,it can not identify the credibility and innovation ability of enterprises.Therefore,in order to improve the utilization effect of government R&D subsidy,so it is necessary to find an easily observed corporate behavior as a "signal" to alleviate the information asymmetry between the two.Therefore,this study introduces CSR into the framework of government R&D subsidies and enterprise innovation to study the impact of CSR differences on the economic efficiency of government R&D subsidies on corporation technological innovation.Based on resource-based theory,information asymmetry and signal transfer theory and stakeholder theory,this paper investigates the regulatory role of corporate social responsibility performance on the effect of government R&D subsidies on technological innovation from the perspective of heterogeneity of CSR,and by analyzing existing literature,explores the possible path of corporate social responsibility performance influencing the effect of government R&D subsidies.Then puts forward research hypothesis and establishes model.Then,we use the government R&D subsidy data,CSMAR database and the scoring data of corporate social responsibility report on the "Runling Global" responsibility rating(RKS)list from 2011 to 2014,to make an empirical test.The results show that:(1)After controlling the influence of other variables,the better CSR performance of enterprises,the more promotive effect of government R&D subsidies on innovation input and innovation output of enterprises is.(2)Whether state-owned enterprises or private enterprises,their good CSR performance will have a positive regulatory effect on promoting the use of government R&D subsidies.(3)Compared with large-scale enterprises,CSR shows a more obvious moderating effect on small-scale enterprises.(4)From the perspective of innovation efficiency,enterprises with good CSR performance not only play a positive regulatory role in the absolute number of enterprise innovation input and innovation output of government R&D subsidies,but also play a positive regulatory role in the input-output efficiency of enterprise innovation.The above conclusions provide a policy reference for the government to formulate R&D policies and can improve the efficiency of government R&D subsidies.At the same time,they provide a theoretical basis for enterprises to actively assume social responsibility and continuously optimize social responsibility behavior.