Government Subsidies,R&D Investment And Corporate Performance

With the continuous development of the economy and society,the importance of scientific and technological innovation in the development of the country has become increasingly apparent.To realize the sustainable development of the national economy,we must attach importance to scientific and technological innovation,and take the road of independent scientific and technological innovation with Chinese characteristics.For enterprises,improving the core competitiveness of the market also requires enterprises to continuously improve their scientific research and innovation capabilities,so that they can gain a firm foothold in a rapidly changing market environment.Actively responding to innovation and development strategies and policies,the intensity of China's investment in research and development has been increasing year by year.Among them,government subsidies play a unique role in the development of innovation strategies as one of the means for the state to intervene in market behavior.In recent years,the rapid growth of the high-tech industry is inseparable from the national macro-technological innovation strategy and specific policy support.As the main direction of government subsidies,high-tech industries will focus more on the development of their own scientific and technological research and development capabilities on the premise of guaranteeing funds,which is very beneficial to the company's performance and even social progress.However,from another point of view,government subsidies may also become a bandage for the receiving companies.The state of being too comfortable may cause companies to reduce research and development because of avoiding risks.To a certain extent,this will bring greater losses to the enterprise.This paper selects the high-tech enterprises on the GEM as the research object,puts forward the point of view of the positive impact of government subsidies on company performance,and attempts to explore the degree of influence of R&D investment in this promotion relationship.In order to improve the research system as much as possible,this paper introduces three variables of the governance structure and studies its moderating role in the relationship between government subsidies and R&D inputs.By constructing a main effect model,a mediating effect model,and a moderating effect model,SPSS 25.0 was used to conduct empirical research on related hypotheses.The research results in this paper indicate that government subsidies can positively promote corporate financial performance and corporate innovation performance.R&D investment also has a positive effect on corporate performance,and R&D investment shows some mediating effects in the study of the impact of government subsidies on corporate performance.The results of research on governance structure show that the shareholding of the largest shareholder,the proportion of independent directors in the board of directors,and the shareholding of executives all have a regulating effect on the relationship between government subsidies and R&D investment.Among them,the largest shareholder's shareholding ratio negatively regulates the relationship between government subsidies and R&D investment,and the proportion of independent directors positively regulates the relationship between the two.When the shareholding of executives is low or high,it will negatively regulate government grants and R&D.The relationship between inputs is positively adjusted when the ratio is moderate.The innovation of this article first introduces R&D input,systematically empirically studies the relationship between government subsidies,R&D inputs,and corporate performance,and tests the mediating effect of R&D inputs on government subsidies and corporate performance.Secondly,this article uses a dual dimension to measure corporate performance,namely corporate financial performance and corporate innovation performance,and more comprehensively demonstrates the impact of R&D investment on corporate operating conditions.Finally,this paper introduces the governance structure as a moderating variable,and groundbreakingly studies its regulating effect on government subsidies and R&D investment,filling research gaps in related fields,and providing a good reference for companies to optimize their governance structures and improve subsidy utilization efficiency.