Research On The Impact Of Government Subsidies On Enterprise Performance In Strategic Emerging Industries

Strategic emerging industries are the key industries that the State vigorously develops and supports.With the introduction of relevant policies and the support of the 13 th Five-Year Plan,the government and society pay more attention to strategic emerge industries.In this context,the effect of government subsidies on the performance of strategic emerging industries enterprises has profound practical significance.In addition,capital structure is important factors in the process of enterprise development,and its role in the relationship between government subsidies and corporate performance is also worthy of research and attention.The article takes the balance panel data of 286 strategic emerging industry quoted companies from 2012 to 2017 in China as a sample.Based on the comprehensive analysis of the relevant theoretical basis and relevant literatures,the corresponding empirical analysis is constructed.The model studies the direct and continuing impact of government subsidies on firm performance,and explores the impact of capital structure on government subsidies and firm performance.And we measured the performance level of enterprises with business performance and corporate growth indicators.In the process of empirical research,firstly we carry on descriptive statistics,correlation analysis and multi-col-linearity test on the variables.Then the fixed effects model is empirically constructed and tested,and the empirical research results show that:(1)The current and late three-phase government subsidies have a significant effect on business performance.Government subsidies in the lag period have a significant positive effect on the growth of enterprises.These indicate that government subsidies have a continuing impact on the developm ent of strategic emerging industrial enterprises.(2)The positive effect of government subsidies on the performance of strategic emerging industrial enterprises exists in both state-owned and non-state-owned enterprises,and there is no major difference.(3)The asset-liability ratio and the short-term debt ratio have a significant positive adjustment effect on the positive correlation between government subsidies and business performance.At last,the model is tested for robustness and the results are consistent with the results of empirical research,indicating that the mod el has stability.Based on the above conclusions,it is found that government subsidies can promote the performance of strategic emerging industry enterprises and have a continuous impact on them.And the capital structure has a positive impact on the relationship between government subsidies and corporate performance.The corresponding countermeasures and suggestions were proposed for the two major entities of the enterprise and the government,in order to achieve the improvement of business performance and the rapid growth of enterprises of strategic emerging industries.