Research On The Impact Of Policy Subsidies On Enterprise Innovation Performance

The 19th national congress of the communist party of China(CPC)sounded a strong call for accelerating the building of an innovation-oriented country.In recent years,China's technological innovation has demonstrated vigorous vitality.According to the 2018 global innovation index report released by the world intellectual property organization(wipo),China has risen to 17,making it the only middle-income economy in the top 20.The innovation and development of high-tech enterprises will help speed up China's industrial upgrading and the transformation of old and new drivers of growth,promote the development of the national economy and enhance China's international competitiveness.Therefore,this paper takes high-tech enterprises as research samples.Policy subsidy is a necessary means to guide the innovation of high-tech enterprises.From a macro perspective,it can improve the overall innovation ability and enthusiasm of the industry and promote the transformation and upgrading of China's economy.However,policy subsidies are also restricted by some factors,so it has become a very important research topic to explore whether they have incentive effect on enterprise innovation and how to make policy subsidies guide and promote enterprise technological innovation.Therefore,based on China's national conditions and different subsidy methods,this paper adopts innovation input and output to reflect the technological innovation performance of enterprises,and conducts in-depth research from the perspective of enterprise scale,ownership and ownership concentration.Based on the theories of tax regulation theory,resource-based theory,externality and market failure theory and information asymmetry theory,this paper has thoroughly sorted out relevant theories and existing research results at home and abroad,and demonstrated the mechanism of policy subsidies affecting enterprises' innovation input and output.Based on the above theoretical basis,combined with the development status of high-tech enterprises and the status quo of policy subsidies,this paper took 565 a-share listed high-tech companies from 2015 to 2018 as the research objects.The relationship between policy subsidies and innovation performance of enterprises is analyzed by regression model.In addition,regional heterogeneity and the lagging relationship between policy subsidies and enterprise innovation output are also taken into account to further study,so as to more comprehensively analyze the actual effects of current policy subsidies in China.The research conclusions of this paper are as follows :(1)From the overall perspective of high-tech enterprises,government subsidies and tax incentives can increase innovation input and output of enterprises;From the perspective of subsidy means,the incentive effect of government subsidy is better than that of tax incentives.(2)There is significant regional heterogeneity between government subsidies and tax incentives on enterprise innovation performance.Government subsidies have a more positive effect on innovation input and output of enterprises in central and western China.(3)The government subsidies and tax incentives obtained by the high-tech listed enterprises have a delayed impact on the enterprise's patent application.Finally,based on the empirical results and conclusions,policy recommendations are as follows.First of all,government direct subsidy is still an important subsidy policy in China,and tax incentive policy is the development direction of subsidy policy,so that the advantages of the two policy tools can complement each other and jointly encourage enterprises to carry out innovative R&D activities.Second,the use of differentiated policy supply can reshape the local performance evaluation system.Thirdly,with the policy guidance of encouraging innovation output,we will improve the current government subsidy policy and furtherly give play to the incentive role of government subsidy policy in transforming innovation input into innovation output.At the enterprise level,it is necessary to improve the information disclosure system and the internal supervision mechanism of enterprises,cooperate with scientific research institutions and universities,realize resource sharing,strengthen the collaboration between enterprises,universities and research institutes,and establish the integration mechanism of enterprises,universities and research institutes.