Research On The Influence Of Government Subsidies On S Company's Investment Behavior

In recent years,the economy has developed rapidly,science and technology have been improved increasingly.At the same time,the exploration of strategic emerging industries has become the focus of the new energy war.China also concerned about the new energy industry.The first project government started to support the development of LED industry was"National 863 Program" National Semiconductor Lighting Project",it was mentioned that LED semiconductor lighting integrated application technology should be formed and the technical specifications of LED products should be formulated.In 2010,the government began to provide a large amount of financial subsidies for emerging industries with new energy strategies for energy conservation,environmental protection and reducing waste of resources.LED have also become the focus of government subsidies because of their long life,energy saving,and environmental protection.However,whether government subsidies can achieve their goals and intentions,whether the production and sales of subsidized companies in the LED industry have improved,how does government subsidies affect the company's investment behavior,does investment behavior affect the company's performance,and does government subsidies affect the company.The question of whether the benefits outweigh the disadvantages or the benefits outweigh the benefits deserves in-depth study.This article takes the background and problems mentioned above as the starting point of research,and studies the performance of enterprises' investment behavior after receiving government subsidies,and what impact government subsidies have on enterprise investment scale,investment direction,and investment efficiency.This paper selects S company,which has the widest range of subsidies and the largest amount in the LED industry as the source of the case in this article.Firstly introduces the case from the basic overview of S company and the status of S company receiving government subsidies.Secondly,it analyzes the impact of government subsidies on the investment behavior of S company from three aspects: investment scale,investment direction and investment efficiency.In terms of investment scale,it mainly started from two aspects: intangible asset investment and fixed asset investment.It was found that government subsidies eased the financial pressure faced by enterprises in a short period of time,which helped enterprises expand their investment scale,butdue to crowding out effects and rent-seeking phenomena existence,the policy effect of government subsidies has not been realized.The impact of government subsidies on the investment direction of S company is obvious in the investment business,but after entering the mature period,in addition to the consideration of government subsidies,S company will also consider the aspect of market and transportation.This article mainly analyzes the impact of government subsidies on investment efficiency from two perspectives of financing constraints and environmental uncertainty.The analysis finds that different forms of government subsidies have different effects on company investment efficiency in different situations.Finally draw conclusions based on the above analysis and research,and put forward relevant suggestions from the two levels of government and S company.