Research On The Impact Of Financial Subsidies On R&D Investment Of Information Technology-based SMEs

In recent years,China's economic development has entered a new normal stage.Information technology-based SMEs,with their advantages in creativity and vitality,have played a great role in China's efforts to foster new economic growth points.Direct and effective,financial subsidy is an important measure to support information technology SMEs.However,compared to numerous theoretical studies which focus on whether the fiscal subsidy policy can promote the development of SMEs in China,there are few empirical analyses,much less those involving information technology-based SMEs.Therefore,this paper argues that it is of great practical significance to study the impact of financial subsidies on information technology SMEs' R&D investment from an empirical perspective.Combining theoretical and empirical methods,this paper takes the effect of financial subsidies as independent variable and R&D investment of information technology SMEs as dependent variable.Firstly,this paper reviews the relevant literature and analyses the contribution of financial subsidies to the innovation of enterprises supported by the economic growth theory,externality theory and government intervention theory.Secondly,based on the data of listed companies from 2015 to 2017,this paper proposes the research hypothesis,establishes a model,and analyses the impact of financial subsidies on R&D investment of information technology SMEs.Finally,for the problems in the financial subsidy policy and the development of information technology-based SMEs in China,combining with relevant data,this paper makes some suggestions,aiming at helping the financial subsidy to stimulate the R&D investment of information technology-based SMEs.