Research On The Impact Of Government Subsidies On Enterprise Innovation Investment

At present,China’s economy has entered a new normal,economic transformation is gradually promoted,and industrial structure is adjusted rapidly,which puts forward new requirements for the level of scientific and technological development.Innovation is the fundamental driving force for the development of enterprises.Through improving the level of scientific research technology and enhancing the ability of independent innovation,high-tech enterprises need to increase innovation investment in the original field,so as to maintain an advantage position in the fierce domestic and international competitive market,but the innovation activities have large investment,long cycle The uncertainty of results and spillover effect affect the innovation enthusiasm of high-tech enterprises.The increase of innovation investment not only needs government support and guidance,but also needs the enterprises to improve the internal equity structure and make decisions conducive to the sustainable and healthy development of enterprises.Firstly,this paper reviews the relevant literature about the influence of government subsidies,property rights,ownership concentration and other factors on innovation investment;Then,the paper explains the influence of government subsidy on innovation investment by using market failure theory,stakeholder theory and signal transmission theory,and explains the influence of equity structure on innovation investment by principal-agent theory and equity balance theory;Then,the policy environment and implementation status of government subsidies,as well as the growth of the number of high-tech enterprises and the development of business in recent years are analyzed.In the empirical part,the research object of this paper is listed high-tech enterprises of Shanghai Stock Exchange and Shenzhen Stock Exchange.6783 samples were selected from 2010-2019 to study the impact of government subsidies on R&D innovation investment of enterprises,and further explored the adjustment effect of equity structure on the above two relationships.The government subsidy is chosen as the explanatory variable,the innovation investment of the enterprise is regarded as the explanatory variable,and the property right nature,the degree of ownership concentration,the equity balance and the institutional investor are taken as the adjustment variables.The relevant hypotheses are confirmed by empirical analysis.Finally,the following conclusions are drawn:①the government subsidies have positive correlation with the innovation investment of high-tech listed enterprises;②When the property right is state-owned,it weakens the positive influence of government subsidy on innovation investment of high-tech listed enterprises;③The degree of ownership concentration weakens the positive influence of government subsidy on innovation investment of high-tech enterprises;④Equity balance strengthens the positive influence of government subsidy on innovation investment of high-tech enterprises;⑤Institutional investor shareholding weakens the positive effect of government subsidy on R&D investment of high-tech enterprises.Based on the above conclusions,this paper puts forward corresponding suggestions from the government support level and the enterprise equity structure level.This paper,from the micro perspective,takes high-tech enterprises as the research object,discusses the impact of government subsidies on innovation investment and the regulation of equity structure on both.It has certain theoretical and practical significance for making up for the literature and enriching the empirical data,It provides some decision reference for government to optimize subsidy policy and improve equity structure governance of high-tech enterprises.