Government Innovation Subsidy,enterprise R&d Investment And Enterprise Innovation Performance

This paper uses panel data of 496 listed companies in strategic emerging industries from 2012 to 2017 as observation data to study the impact of government innovation subsidy policies on corporate innovation,and explore the role of corporate R&D investment in the relationship between government innovation subsidies and corporate innovation performance.Then it analyzes the impact of the differences in the property rights of enterprises,the scale of enterprises,and the regions where they are located on the effectiveness of industrial policies.First of all,this article clarifies the research background and significance.With the advent of a new generation of scientific and technological revolution,innovation has become an important grabber for various countries and regions to seize a strong position.Strategic emerging industries play a key role in shaping core competitiveness,but Since the Sino-US trade war,China's government subsidy policy has been quite controversial,which has caused widespread concern about the effectiveness of government subsidy policies.This article summarizes domestic and foreign related research literature on government innovation subsidies,corporate R&D investment and corporate innovation performance,and describes the research content and research framework of this article.Secondly,this article defines and explains the related concepts,and summarizes the relevant theories involved in the article.On the basis of previous studies,based on relevant theories,it analyzes the necessity of government support and fostering the growth of listed companies in strategic emerging industries,and the principle that government innovation subsidies have an effect.After completing the theoretical analysis,putting forward hypotheses,and establishing a research model,this article uses sample data for empirical analysis and draws relevant conclusions.This paper analyzes the correlation of the data and analysis of the robustness standard error correction model,and concludes that government innovation subsidies can effectively promote the improvement of corporate R&D investment and corporate innovation performance,and that corporate R&D investment plays a part mediation effect between government innovation subsidies and corporate innovation performance.After considering the differences in the nature of corporate property rights,the size of the enterprise,and the geographical location of the enterprise,it finds that government innovation subsidies of statecontrolled enterprises have a greater effect on promoting innovation performance of enterprises than non-state-controlled enterprises.However,in non-state-controlled enterprises,corporate R&D investment in government Intermediate effects are played in innovation subsidies and corporate innovation performance;government innovation subsidies for large-scale enterprises have a stronger promotion effect on corporate R&D investment and corporate innovation performance,and corporate R&D investments play an intermediary role;government innovation subsidies for enterprises in eastern regions have an impact on corporate innovation The promotion of performance and corporate R&D investment is stronger,and corporate R&D investment plays a part of the mediating effect,while corporate R&D investment of the central and western regions plays a full mediating role.Finally,based on the results of empirical analysis,this article summarizes the relevant conclusions and proposes that the government should continue to implement innovation subsidies for strategic emerging industries,and at the same time,it should be formulated and designed according to the nature of enterprise ownership,enterprise size,and the characteristics of the region in which the enterprise is located.Recommendations on subsidy programs;at the corporate level,it is recommended that the role of "regulatory certification + signal certification" played by government innovation subsidies should be fully explored to actively explore the possibility of cooperation with financial institutions,venture capital enterprises and strategic investors,and broaden social capital channels.In terms of technology,attract inflows of technology from universities,research institutes,etc.,enhance the innovation ability of enterprises,and look forward to future research directions.