The Impact Of Financial Subsidies On Innovation Performance Of High-tech Enterprises

Innovation is an important way to enhance China’s international competitiveness,change the economic development mode,and promote the upgrading of the industrial structure.High-tech enterprises are the main carriers of innovation activities,and the electronics and communication equipment manufacturing industry plays a leading and exemplary role in the development of high-tech enterprises.The government supports the innovation and development of high-tech enterprises through financial subsidies,but the impact of financial subsidies on the innovation performance of enterprises has been controversial in the academic circles.This paper reviews the literature on the impact of financial subsidies on enterprise innovation performance,draws on government intervention theory,technological innovation theory,externality theory,and principal-agent theory.Based on the above theoretical research,combined with the financial subsidies and innovation status of high-tech enterprises,this paper takes 299 electronics and communication equipment manufacturing enterprises listed in A-share Market of our country from 2011 to 2020 as examples,by using the DEA-SBM model and Tobit regression model,this paper discusses the relationship between financial subsidies and innovation performance of high-tech enterprises,and also considers the influence of heterogeneity of enterprise equity.This paper comes to the following conclusion:Firstly,there is an inverted U-shaped relationship between financial subsidies and innovation performance of high-tech enterprises.Secondly,based on the analysis of the heterogeneity of enterprise equity,there is no significant positive correlation between financial subsidies and innovation performance of state-owned enterprises,but there is a positive correlation between financial subsidies and innovation performance of non-state-owned enterprises.In addition,this paper selects enterprise size,equity balance,shareholder equity,development ability,debt-paying ability as control variables to study the factors that affect innovation performance of high-tech enterprises,to further improve the relevant theory.This paper has reference value and practical significance to promote the innovation performance of high-tech enterprises in our country.