Research On The Impact Of Government Subsidies On R&D Innovation Of High-tech Enterprises

From 2006,when China formulated the outline of technology development plan,to the 19th National Congress of the CPC,it was pointed out that innovation is the first power to lead the development.At the same time,our government has been strengthening subsidies to stimulate enterprise innovation.Many people believe that government subsidies have an incentive or crowding-out effect on the R&D expenditure of enterprises,but they are not classified according to the nature of government subsidies,less research has been done on the impact of government subsidies on corporate R&D expenditure in the microcosmic field.This paper is based on the background of the continuous reform of government subsidy and innovation.On the basis of reviewing relevant domestic and foreign literature,this paper first makes a theoretical analysis combining the market failure theory,priority financing theory and rent-seeking theory,at the same time,this paper defined"government subsidies","high-tech enterprises" and "R&D Innovation" related concepts.Secondly,this paper analyzes the impact of government subsidies on Corpro's R&D Innovation.Based on the basic situation of Corpro and the government subsidy from 2014 to 2018,this paper analyzes the operating situation of the company in the past five years by using financial indicators,Classified Corpro's government grants as research-type government grants and non-research-type government grants,analyzes Corpro R&D innovation input type and R&D innovation expenditure.Thirdly,based on the capital structure,cash strength and financing constraints,this paper analyzes the impact of government subsidies on the R&D innovation system of Corpro,and discusses the existing problems,analysis of government subsidies in the role of Corpro's R&D Innovation by what factors.Finally,in view of the problems and phenomena in the process of Corpro's government subsidy to R&D expenditure,the paper summarizes some guiding significance of a series of government subsidies to the reality,it provides the reference suggestion for the government to formulate the government subsidy policy reasonably and the enterprise to utilize the government subsidy reasonably.This paper found that:(1)government subsidy has incentive effect on R&D Innovation as a whole,and the effect of Government Subsidy on R&D Innovation is obvious.(2)the impact of government subsidies on R&D Innovation is sustainable.(3)the government subsidy of Corpro has an obvious incentive effect on the R&D expenditure of the company,which is mainly reflected in the following aspects.First,the ratio of assets and liabilities in government subsidies and R&D Innovation between a negative regulatory role.Second,Corpro's internal cash is sufficient,the cash holding level is high,government subsidies are conducive to the company's R&D Investment Increase.Third,government subsidies speed up the process of enterprises' R&D investment,this increases the value of the company.Fourth,the impact of government subsidy on R&D Innovation varies with the life cycle.Through the research of this paper,the impact of different types of government subsidies on enterprise innovation is detailed,which enriches the research of micro-area government subsidies on R&D expenditure,in order to improve the efficiency of government subsidies,increase enterprise R&D Innovation to provide experience for reference.