Research On The Relationship Between Government Subsidy And R&D Investment Under Enterprise Heterogeneity

In recent years,technological innovation has always been a hot spot of concern.In the report of the 19 th National Congress of the Communist Party of China,"Innovation is the first driving force for development and the strategic support for building a modern economic system." The main body of a country's scientific and technological innovation is the enterprise,and the foundation for the enterprise to achieve innovation is undoubtedly the R&D investment.In order to encourage local enterprises to invest in R&D,local governments transfer funds to enterprises with innovative potential in the form of government subsidies such as tax incentives or fiscal transfers.This kind of fiscal transfer payment affects investment,production and financing of enterprises.Behaviors such as R&D have existed for the past 20 years in the A-share market.According to the data released jointly by the research institutes of listed companies in China,the government subsidies for A-share companies in the 2018 government subsidy related annual report data totaled 152.738 billion yuan,an increase of more than 20 billion yuan over the previous year.A total of 3,487 listed companies received government subsidies.The total number of A-share listed companies is 97.76%,and government subsidies are closely related to the company's R&D and innovation activities.Based on the above background,based on the literature review and theoretical mechanism analysis,this paper uses Chinese manufacturing listed companies as research objects.The research direction is the relationship between the intensity of government subsidies and the R&D investment of enterprises under heterogeneity.Score Matching(GPSM)examines the “ moderate interval ” of the role of government grants on R&D investment in enterprises with different ownership and industry.In addition,the spatial measurement model is used to analyze the spatial relationship between government subsidies and R&D investment at the enterprise level,and the impact of government subsidies and R&D investment from surrounding enterprises on core enterprises.Through empirical research,the following researchconclusions are obtained:(1)There is a “ moderate interval ” for the effect of government subsidy intensity on R&D investment of enterprises.When government subsidies are gradually increased to a certain value,they will replace the company's own R&D input costs.The true moderation range of government subsidy intensity(government subsidy amount/total assets)is 1.59%~1.90%,and the corresponding enterprise R&D investment intensity is 2.75%~3%,that is,when the government subsidy intensity is less than 1.59%,its investment in R&D It has a promoting effect.After exceeding the moderate interval,it has an inhibitory effect on the R&D investment of the enterprise;(2)The effect of the government subsidy is significantly different among the heterogeneity of the enterprise.This paper divides the heterogeneity of enterprises into state-owned enterprises and non-state-owned enterprises.The appropriate range of government subsidies for non-state-owned enterprises is slightly higher than that of state-owned enterprises,while the R&D intensity of non-state-owned manufacturing enterprises is higher than that of state-owned enterprises.The marginal effect of the state subsidy intensity of state-owned enterprises on the R&D investment intensity of enterprises is lower than that of non-state-owned enterprises.(3)The effect of government subsidies is significantly different between industry heterogeneities.This paper divides the industry heterogeneity into two major manufacturing industries,namely automobile and information technology.It is concluded that the appropriate range of government subsidy intensity in the automotive industry is lower than that in the IT technology industry,and the R&D investment of the automotive industry is under the same government subsidy intensity.The intensity is lower than the information technology industry.In addition,from the slope of the dose response function line of the two graphs,the marginal effect of the government subsidy intensity of the automotive industry on the R&D investment intensity of the enterprise is lower than that of the IT technology industry;(4)The R&D investment of the listed companies in China is spatially agglomerated.The effects,R&D investment and government subsidies are spatially related in space,that is,the R&D investment and government subsidies of surrounding enterprises will affect the R&D investment and government subsidies ofthe enterprise.Compared with government subsidies,the R&D investment of surrounding enterprises has a greater marginal incentive effect on the R&D investment of enterprises with geographical proximity,and is positively related to space.In the spatial Dubin error model with good model fitting degree,the spatial lag coefficient of enterprise R&D investment is 0.8701,that is,at the level of significance of 0.1%,that is,for each unit of R&D investment of other enterprises,the company develops The investment will increase by 0.8701 units.For different ownership systems,the R&D investment of state-owned enterprises and private enterprises is positively correlated in space,showing a spatial agglomeration effect.In terms of government subsidies,state-owned enterprises have no spatial correlation and exhibit a random distribution pattern.