Research On The Relationship Between Financial Subsidies,Corporate Life Cycle And Enterprise R&D Innovation

With the gradual disappearance of China's demographic dividend and the development of emerging technologies such as the Internet,the labor-driven economic growth model has gradually lost its advantage,while the economic growth model driven by technological innovation has been recognized by major economies.Based on this,China has proposed the strategy of innovation-driven development,promotes the progress of national technological innovation capability,and enhances the core competitiveness of China's economy in the world.The national technological innovation capability is largely dependent on the technology of enterprises.The main body of innovation,the same,the overall development of science and technology in society is also closely related to technological innovation of enterprises.This view was put forward in the classic economic theory very early,but the enterprise R&D activities carried out around technological innovation belong to the category of economic market failure.It has certain public goods attributes and externalities,and the market is provided by enterprises.Innovative R&D supply does not reasonably meet the society's need for innovation.Generally speaking,the level of technological innovation required by society is higher than the level that enterprises can provide independently.At this time,government intervention is crucial.The government often encourages companies to increase their R&D investment through financial subsidies to optimize the level of innovation in the market.Financial subsidies are mostly injected into enterprises in the form of funds.This will,to a certain extent,squeeze out some of the technological R&D investment of enterprises.At the same time,the results of financial subsidies affecting enterprise innovation are also highly uncertain,mainly due to the differences between different enterprises.There is a difference,that is,heterogeneity,and the difference of enterprises in different life cycle stages is one of the important manifestations of heterogeneity.Therefore,this paper introduces the enterprise life cycle theory,studies the results of the financial subsidies of enterprises at different stages of development,and provides corresponding policy recommendations for government financial research and development subsidy decisions.This paper uses a combination of empirical research and normative research to logically analyze the impact of financial subsidies on corporate innovation.In theory,it widely quotes and draws on the research results of predecessors,and on this basis,analyzes the application of enterprise life cycle theory in enterprise heterogeneity,and provides an innovative perspective for the impact of financial subsidies on enterprise innovation.On the empirical side,in order to ensure the reliability of the empirical results,the sample data of this paper covers all A-share listed companies,and taking into account the factors that modify the accounting standards ofenterprises,the data from 2013 to 2017 is selected as the research object.The incentive effect of financial subsidies on R&D innovation of enterprises.Then,the enterprises are divided into three groups: growth period,maturity period and recession period.They conduct empirical research and comparative research and obtain research results,and make the research results robust.test.Finally,based on the research conclusions,reasonable suggestions are made for better fulfilling the government's policy objectives and improving the efficiency of government departments' use of funds.The results of this paper show that: on the whole,the impact of financial subsidies on R&D innovation of enterprises is positive and significant;from the perspective of different life cycles of enterprises,the financial incentive effect of growth enterprises is higher than that of mature enterprises,but for the recession For the period of enterprises,the financial incentive effect is not significant.