Research On The Impact Of Government Subsidies And Internal Incentives On Enterprise Innovation

In July 2018,the Trump Administration of the United States provoked the economic and trade conflict between China and the United States under the banner of"America First".How to maintain the sustainability of China's economic growth in such a severe situation as the Sino-US trade war has become the Come down to the key work of China's development.Innovation is the strategic support for promoting national economic growth and improving overall national strength,and is also an important guarantee for the sustainable and healthy development of enterprises.Enterprises are one of the main subjects of innovation,and the problems of R&D and innovation of enterprises have become the focus of attention of enterprise managers and governments.From the perspective of the government,the government may formulate corresponding policies to promote R&D and innovation of enterprises to enhance regional competitiveness.From the perspective of the enterprise,the enterprise will increase employees' enthusiasm for R&D and innovation through corresponding incentive measures,thereby increasing the core competitiveness of the enterprise.Therefore,in-depth study of the effects of government subsidies and internal incentives on corporate R&D innovation is of great significance for enhancing the country 's innovation capability and promoting sustainable economic growth.The purpose of this article is to compare the effects of government subsidies(external incentives)and internal incentives on corporate R&D innovation through empirical research,explore more effective incentive models to promote corporate R&D innovation,and provide reasonable suggestions to the government and listed companies in order to provide government Formulate innovation incentive policies with listed companies to provide certain reference value.This article first sorts out the theories and research literature related to government subsidies,internal incentives and enterprise R&D innovation,and then analyzes and summarizes the current status of government subsidies,internal incentives and R&D innovation in China.On the basis of theoretical research and analysis of the status quo.the research hypothesis of this paper is proposed for the purpose of this paper,the variables are defined and the research model of this paper is designed.In addition,the paper also changes the sample size and variable definition to test the robustness of the empirical test results,which enhances the reliability of the empirical research conclusions.This paper has conducted empirical research using panel data of 386 listed companies in China from 2013 to 2018.The empirical results are as follows:(1)The government subsidies for enterprise R&D innovation have a significant positive incentive effect on enterprise R&D innovation.Policies to macro-control the R&D and innovation of enterprises to achieve the national strategy of innovation-driven development;from the perspective of internal incentives,whether it is executive compensation incentives,executive equity incentives or core technology business employee equity incentives,are significant for corporate R&D innovation Positive impact effect.(2)The positive impact of subsidies and internal incentives on R&D of enterprises from small to large is in order of:executive equity incentives,executive compensation incentives,government subsidies,core technology business employee equity incentives;government subsidies(external(Incentives)The positive effect on corporate innovation is lower than the sum of internal incentive effects,and also lower than the impact of core technology business employee equity incentives on corporate R&D innovation,but higher than the effects of executive incentives(equity incentives and salary incentives)The sum of effects.(3)The scale of the enterprise has a significant negative adjustment effect on the effect of government subsidies on the R&D and innovation of the enterprise;the larger the enterprise scale,the greater the positive influence of executive incentives on the R&D and innovation of the enterprise;The positive impact of innovation gradually decreases as the size of the enterprise increases.Based on the theoretical analysis and empirical results of the paper,the article puts forward corresponding countermeasures and suggestions.In order to guide enterprises to plan and continue to increase R&D investment,the government can promote and encourage enterprises to accelerate the establishment of R&D reserve system,and strengthen the classification assessment and evaluation of R&D input and output in different industries.The government should adjust the amount of enterprise R&D innovation subsidies according to the size of the enterprise,and establish a perfect government subsidy supervision mechanism,so as to realize the high efficiency of government subsidy fund allocation.Enterprises should always pay attention to the changes in government's technological innovation support policies,and pay full attention to the important role of employees in enterprise R&D and innovation,especially core technology business employees.Enterprises should also base on the scale and future development of their own enterprises,scientifically assess the impact of core technology business employees and senior management teams on the innovation effect of the enterprise,optimize the internal incentive plan of the enterprise and regulate the disclosure of relevant information on innovation and government subsidies.