Research On The Impact Of Government R&D Subsidies Policies On The Innovation Process Of Enterprises

Since 2010,the government has continuously emphasized the core position of innovation in the overall modernization drive and implem ented an innovation-driven development strategy.Therefore,the government has promulgated many policies on financial subsidies and tax incentives for corporate R&D activities,dedicated to stimulating the innovation power of enterprises and improving the level of innovation capabilities.However,the effects of government subsidies policies and the role of government subsidies in process of enterprise innovation activities are still a topic of in-depth discussion in the academic community.This article is based on innovation theory,market failure and government intervention theory,information asymmetry theory and signal transmission theory.The research objects are listed companies on the SME board and ChiNext from 2015 to 2017.This article focuses on exploring the influence mechanism of government R&D subsidies on the innovation process of enterprises.Specifically,government R&D subsidies include government financial subsidies and tax incentives;the enterprise innovation process includes three stages:innovation decision-making,innovation input,and innovation output.The research results show that:(1)Both methods have a positive impact on corporate innovation decision-making,but compared with fiscal subsidies,tax incentives have a greater positive impact.(2)Direct subsidies from government fiscal subsidies have a positive impact on innovation inputs,while indirect subsidies such as tax incentives have a negative impact on innovation inputs,and the negative impact is greater.(3)Government financial subsidies have a positive effect on innovation output,and tax incentives have a negative effect on innovation output,and the negative effect is greater.(4)In general,government financial subsidies have a positive impact on the entire process of enterprise innovation.They have the greatest impact on innovation input,followed by innovation decision-making,and have the least impact on innovation output.(5)Tax incentives positively affect the innovation decision-making of enterprises,but have a negative impact on innovation input and innovation output,and have a greater degree of negative impact on innovation input.(6)Corporate financing plays a part of the intermediary role between tax incentives and innovation output.This research enriches the empirical research on the influence of government R&D subsidies on the innovation process of enterprises.