Research On The Impact Of Government R&D Subsidies On Manufacturing Enterprises’ Innovation Output

Economic development has shifted to high quality,innovation is not only the core driver of economic growth,but also an efficient driving force for coordinated,green,open and shared development.To implement the innovation-driven development strategy,it is necessary to adhere to the demand-oriented and industrialization development direction,and promote enterprises to become the main force of innovation.However,on the whole,there are still problems such as insufficient development of basic scientific research and low level of independent innovation.In order to promote the independent research and development of enterprises and improve their innovation ability,the government encourages enterprises to innovate with R&D subsidies as a policy tool.However,due to differences in data indicators,research methods and model selection,the conclusions of the study on subsidies on the output of innovation are controversial.Based on the above problems,the effect of government subsidies on the innovation output of manufacturing enterprises needs to be further studied and considered.Based on the theory of market failure theory,asymmetric information,signaling theory,principal-agent theory and innovation,to explore the effect of government R&D subsidies for manufacturing enterprise innovation output,and the function of the shareholding structure to adjust the relationship between the two,and further from the aspects of property right,life cycle,the district three analysis R&D subsidies for manufacturing enterprise innovation output of heterogeneity.This thesis selects manufacturing enterprises from 2015 to 2019 as the research object.The research results show that:first,government R&D subsidies significantly promote the innovation output of manufacturing enterprises.Second,ownership concentration significantly moderates the positive effects of the two,and ownership balance significantly negatively moderates the positive effects of the two.Third,government R&D subsidies can significantly improve the innovation output of state-owned enterprises,but the relationship is not obvious in non-state-owned enterprises.R&D subsidy only has a significant incentive effect on the innovation of enterprises in the growth stage,but has no significant effect on the innovation of enterprises in the mature stage and the declining stage.R&D subsidy has a significant incentive effect on enterprise innovation in western China,but has no significant effect on enterprise innovation in eastern and central China.Finally,some policy suggestions are put forward for the government and enterprises.First of all,government subsidies play an important role in encouraging the improvement of manufacturing enterprises’ innovative output.The government should implement active subsidy policies to create favorable conditions and space for technological innovation and industrial development.Second,the government should implement differentiated subsidy policies based on different enterprises and take targeted measures.In addition,enterprises should improve and upgrade the ownership structure,establish relevant supervision mechanism,supervise the operation of government subsidy funds,and ensure the use efficiency.