Research On The Impact Of Government Subsidy On Enterprise Technology Innovation

Technological innovation is the core element in industrial upgrading and enhancing corporate competitiveness.However,the non-competitive and external characteristics of technological innovation often lead to insufficient motivation for technological innovation.In order to encourage enterprises to carry out technological innovation activities,the government invests huge amounts of subsidies every year.According to the China Science and Technology Statistical Yearbook,the proportion of science and technology appropriations to fiscal expenditures from 2015 to 2016 was 3.98% and4.13%,respectively,while the R&D investment intensity of enterprises was only2.07% and 2.11%.It can be seen that the growth rate of government subsidies is higher than the growth rate of internal funds.Based on the above-mentioned realistic background,this paper studies the supply chain of enterprise technology innovation activities from government subsidies,and verifies the role of government subsidies on enterprise technology innovation.First,the relevant concepts are defined by combing and summarizing relevant literature.Secondly,based on theories of "externality theory","information asymmetry theory" and "signal transmission theory",the author analyzes the ownership structure and incorporates the ownership structure into the analysis framework to establish the theoretical model of this paper.Then,the micro data of 1198 listed companies of Shenzhen-Shanghai A-share high-tech industry from 2008 to 2017 were selected as research samples,and regression analysis was performed using stata14.0.Further,the data envelopment method(DEA)is used to measure the efficiency of enterprise technology innovation from the perspective of government subsidies,and compare the effect of government subsidies on the technical efficiency of different ownership enterprises,with a view to expanding research ideas and more comprehensively judging the effectiveness of government subsidies.The study found that: First,as a direct means of government intervention in the market,government subsidies have a positive impact on R&D investment,that is,government subsidies can encourage enterprises to increase R&D investment.Second,for sample enterprises with different ownership characteristics,government subsidies The incentive effect is obviously different.Compared with state-owned enterprises,the incentive effect of government subsidies on non-state-owned enterprises' R&D investment is more obvious.Based on the above research conclusions,this paper proposes the following policy recommendations: focus on increasing innovation support;set fair and clear subsidy application standards,establish a dynamic government subsidy mechanism,supervise and eliminate subsidies that do not meet the standards,and increase subsidies(innovation resource reconfiguration)efficiency.