State Ownership,Government R&D Subsidy And Corporate Innovation

In recent years,China's economic growth has gradually slowed down and entered the "new normal".Traditional industries,such as state-owned enterprises,generally have problems of overcapacity and high inventory and high costs.For a long period of time,innovation activities will be the only way for enterprises to add value and the country to achieve economic growth."Innovation" has also become the first of the five development concepts of Chinas "13th Five-Year Plan".With the advancement of the national strategy of "Mass Entrepreneurship and Innovation",the key path of industrial transformation and upgrading began to change from "Made in China" to "Created in China".Therefore,how to increase the innovation input and output of enterprises will become the key points for the success of Chinas industrial transformation and upgrading,the smooth progress of state-owned enterprise reform,and the sustainable growth of the national economy.Under the guidance of the "Strategy of Science and Technology" strategy,the governments R&D investment has increased rapidly,and R&D subsidies are the most direct means for the government to play a "supporting hand" Whether to promote corporate innovation has been controversial,and there is no consistent conclusion.Different from previous studies that explored the relationship between government R&D subsidies and corporate innovation from a resource perspective,this article,based on the signal theory,divides R&D subsidies into national R&D subsidies,provincial R&D subsidies,and local R&D subsidies,or into Ex-ante subsidy incentives and expost incentives examine the impact of the level and timing of government-issued R&D subsidies on corporate innovation.Considering that the Ministry of Finance of the People's Republic of China issued new government subsidy accounting standards in 2017 and officially implemented them on June 12,2017,this article takes the 2009-2016 Shanghai and Shenzhen A-share non-financial listed companies as a research sample,and considers that government R&D subsidies The different levels of granting entities are positively related to corporate innovation.There is no significant difference in the direction of the impact of R&D subsidy issuers on corporate innovation,but the R&D subsidies issued by provincial entities have the strongest incentive for R&D investment,followed by the national level and finally R&D subsidies issued at the local level.The impact of R&D subsidies at different time on corporate innovation is the same,but the R&D rewards issued afterwards obviously have a stronger incentive to R&D investment.This paper further studies whether R&D subsidies at different levels have different effects on enterprise innovation under different ownership arrangements from three aspects of marketization,market competition and high-tech enterprises,and tests whether R&D subsidies at different time points have different functions on enterprise innovation.The higher the degree of marketization is,the more conducive the national R&D subsidy and local R&D subsidy are to increase the R&D investment,and the post research and development subsidy has a stronger effect on the R&D investment.The higher the degree of market competition,the better the innovation effect of state-owned enterprises National R&D su bsidies and local R&D subsidies,and the greater the promotion effect of afterwards R&D subsidies on the innovation of state-owned enterprises.Among the high-tech enterprises,the influence of state-owned enterprises R&D subsidies is stronger than that of non-high-tech enterprises;among the non-hightech enterprises,the influence of state-owned enterprises R&D subsidies in advance is stronger than that of high-tech enterprises,while the influence of post research and development subsidies on enterprise innovation is not significantly different.The conclusion of this paper not only enriches the relevant research of property right system,but also enriches the existing theoretical research on the relationship between Government R&D subsidies and enterprise innovation.From the perspective of the government,this paper studies whether the government that provides innovation support is the state,the province or the local,and whether it gives subsidies in advance or rewards after the event.This paper comprehensively tests the effect of government level and timing of R&D subsidies on enterprise innovation under different types of control rights,and provides operable policy suggestions for the government to optimize financial support for innovation policies,promote further property rights reform and improve enterprise efficiency in the future.