Research On The Influence Mechanism Of Government Subsidies On Technological Innovation Of Enterprises

The Thirteenth Five-Year Plan clearly puts scientific and technological innovation at the core of the country's overall development.As the main body of innovation and an important source of driving economic innovation,enterprises have spurted unprecedented innovation vitality.However,compared with developed countries,Chinese enterprises generally face two bottlenecks in the process of innovation: financing constraints and insufficient ability of independent innovation.Government subsidy,as an important tool for government to intervene in the economy,is an important means for the state to participate in and guide enterprise innovation.Under the circumstance that China vigorously advocates innovation,our government provides more and more subsidies for innovation of the enterprises.However,with the same huge government subsidies,the innovation achievements of enterprises are far from each other,which has become a hot issue of academic concern.Therefore,as for the practical problems of financing difficulty and large capital demand commonly existing in the process of enterprise innovation activities,A series of questions are worth further discussion,including whether the government subsidy can play the role of stimulating enterprises to carry out technological innovation as expected and what are the factors between them.Based on the above realistic background,this paper combed and summarized about motivation of government subsidy,the effect mechanism of government subsidy to the enterprise technology innovation at home and abroad,the economic consequences of government subsidies and the related literature on the impact of financing structure on enterprise technology innovation,with principal-agent theory,externality theory,information asymmetry theory and signaling theory as the theoretical basis,by choosing our country between 2010 and 2016 all empirical data of a-share listed companies as research samples,aiming at the effects of government subsidy to the enterprise technology innovation system in empirical research.Firstly,it explores the resource supplemental effect of government subsidies on enterprise innovation,and further tests its regulating effect on the relationship between government subsidies and enterprise technological innovation by combining the property right nature and industry heterogeneity.Secondly,based on the perspective of signal transmission effect,the paper verified the influence path of government subsidies on enterprise technology innovation,and tested the intermediary effect of equity financing on the relationship between government subsidies and enterprise technology innovation.The research findings are as follows:(1)Government subsidies can effectively supply resource and directly promote the improvement of technological innovation ability of enterprises.(2)The impact of government subsidies on technological innovation of enterprises is different due to different property rights and different industries.Compared with state-owned enterprises,in non-state-owned enterprises,government subsidies play a more positive role in technological innovation of enterprises,and government subsidies play a more important role in non-state-owned enterprises.Compared with non-high-tech enterprises,government subsidies play a more significant role in promoting technological innovation in high-tech enterprises.(3)Government subsidies can also play a signal transmission effect and convey a positive signal of government policy tendency to the outside world,so as to influence the decisions of investors,increase the scale of external financing,and promote the innovation of enterprises.Among them,equity financing is the intermediary variable between government subsidies and technological innovation of enterprises.In addition,on the basis of the above research conclusions,this paper proposes to expand the coverage of government subsidies and financial support for innovation-oriented enterprises within a reasonable range.Pay attention to the competitive environment and industry background of innovative enterprises,and develop all industries in a balanced way;we will improve the government subsidy system and improve the efficiency of allocating government-subsidized resources.