Innovation Incentive Subsidies,Corporate Innovation Output And Profitability

With the development of science and technology and the deepening of economic globalization,the competition between countries is gradually transformed into the competition of technology and talents,and innovation is a necessary means to improve their competitiveness.It is not enough to rely on the construction of scientific research institutions and universities to improve the level of national innovation,and enterprises are also the main force to improve the national innovation ability,and high-tech enterprises occupy an extremely important position.Due to the fierce competition in the environment,high-tech enterprises need to continue to innovate technology and products in order to maintain their own development.In the process of the operation and development of high-tech enterprises,the overall technological level and innovation ability of our society have also been improved.Therefore,the Chinese government actively encourages high-tech enterprises to carry out independent research and development activities,and guides them to increase investment in R&D activities to improve their own level of innovation,thereby injecting a steady stream of power into the country's technological and economic development.However,research and development activities are extremely external,and the innovation output of enterprises are easily stolen by other competitors or copied at low prices.Enterprises that lead innovation pay a high amount of R&D costs,but their economic benefits are shared by all companies in the same industry.This will greatly dampen the R&D enthusiasm of the company,inhibit the R&D willingness of the company,and cause a "market failure" phenomenon.At this time,it is necessary to involve the government,to give financial support to the research and development activities of enterprises,to guide enterprises to actively participate in innovation activities.However,some scholars and the public have doubts about whether enterprises can make reasonable use of such subsidies,fearing that the mismatch of resources will be caused.What role do these funds play in enterprises? Do they improve the innovation output of enterprises as expected by the government? From the point of view of enterprises,can the innovation incentive subsidy bring economic benefits and profitability to the enterprise by raising the level of innovation? In this regard,this article distinguishes the innovation incentive subsidy from many types of government subsidies,chooses the gross profit margin as the agent of the enterprise's profitability and introduces the enterprise innovation output as an intermediary variable,and then studies the above problems.This article takes China's high-tech enterprises as research samples from 2012 to 2016,and uses multiple linear regression methods to study and analyze them,and obtains the following research conclusions:(1)The positive correlation between innovation incentive subsidy and the innovation output of high-tech enterprises is significant,that is,innovation incentive subsidy can effectively improve the level of innovation output of high-tech enterprises.In addition,the growth of the company's growth period may bring obstacles to the company's innovation and development.(2)The innovative output of high-tech enterprises can significantly improve the profitability of enterprises,indicating that high-tech enterprises can effectively convert the innovation results into enterprise productivity after obtaining them,and thus improve the economic efficiency of enterprises.(3)Innovation incentive subsidy can significantly improve the profitability of high-tech enterprises,in which innovation output plays a significant positive intermediary role.It shows that high-tech enterprises pay attention to cultivating their own innovation ability and make reasonable use of the innovation incentive subsidy provided by the government.They can achieve certain innovation results,and effectively convert the innovation output into economic benefits.(4)Among the high-tech enterprises,companies whose industry code is C39 or I usually have better performance in making full use of innovation incentive subsidies to improve their innovation output and profitability.This article focuses on innovation incentive subsidies in government subsidies and designs relatively new agency variables,demonstrating the relationship between innovation incentive subsidies,innovation output and corporate profitability.It has strong theoretical significance.In addition,the research conclusions of this article help to guide the public to rationally view the innovation incentive subsidies given by the government,and provide reference for the government to formulate relevant policies,which has very important practical significance.