Research On The Impact Of Government Subsidies On Incubator Incubation Performance

As a platform that directly contacts with and provides various services for new start-ups,incubators play an important role in promoting innovation and entrepreneurship,high-tech industry development,and improving national and regional innovation system.In order to encourage the development of incubation industry,the state and local governments have also introduced a number of government subsidy policies to subsidize the level and quality of incubation services.In the current stage,government subsidies are also an important source of incubator income.For example,among the eight incubators listed on the new third board,more than half of the incubator government subsidies account for more than 50% of the net profit.The performance of incubator depends on government subsidies,which has also become an important point of view to criticize the inefficient development of incubator industry.China is still in the period of economic transformation,and the government will still have a lot of resources for a long time.It is also one of the commonly used industrial policy tools for the government to support the development of the industry through government subsidies.This also leads us to think about whether government subsidies will have an impact on Incubator Performance? What are the mechanisms through which they have an impact? Will the government subsidized incubators have an impact on the incubated enterprises? Therefore,this paper will theoretically explore the direct impact of government subsidies on Incubator Performance and the possible indirect impact on the growth of incubated enterprises,and take the incubator industry in Guangdong Province as an example to test the impact of government subsidies on Incubator Performance.In order to provide evidence for the government to optimize the policy of incubator subsidies.Based on the sample of technology business incubators in Guangdong Province,this paper first describes the situation of different types,different ownership and different regions of incubators in Guangdong Province getting government subsidies through descriptive analysis.Secondly,this paper analyzes the influence mechanism of government subsidies on Incubator Performance from two perspectives of resource effect and signal effect.One is the direct impact of government subsidies on Incubator Performance,the other is the indirect impact of government subsidies on Incubator Performance.It also puts forward the research hypothesis of this paper,and uses the method of propensity score matching(PSM)to test the effect of government subsidies on Incubator Performance The impact of performance.The results show that:(1)the government subsidy has a significant positive impact on the operation performance of the incubator,but not on the economic performance and social performance.(2)the government subsidy has a signaling effect,which reduces the information asymmetry between the outside investors and the incubator,and has a significant positive correlation with the external financial support of the subsidized incubator,The effect on the external network support of the subsidized incubator is not significant.