An Empirical Study On The Impact Of Government Subsidies And R&D Investment On The Financial Performance Of Chinese High-Tech Enterprises

In recent years,China has strengthened its support for technological innovation of high-tech enterprises at the institutional level,and issued more subsidies and preferential tax policies.Government support plays a key role in enterprise R&D and innovation,and is a key force in funding scientific and technological development.However,for China,the efficiency of government science and technology funding is relatively low.China has implemented various types of solutions to address the problem of low efficiency.In order to maximize the value of inclusive fiscal and tax policies,it directly replaces the previous investment model.In recent years,China has paid special attention to safeguarding the interests of intellectual property rights,and gradually realized that to promote enterprise innovation,we must protect intellectual property rights.Comprehensively thinking about how to actively use the national financial subsidies and tax incentives to support R&D innovation has become the focus of attention.Therefore,it has obvious value to bring government subsidies,R&D investment and financial performance into a unified model for analysis in this paper.Through the understanding of the overall development of China’s high-tech industry,it is relatively late compared with foreign countries.However,currently,enterprises with 5G network as the core technology have occupied an important position in the world,and have achieved good results.This is obviously related to government incentives and support.In recent years,our government has issued different types of preferential tax policies,whose main purpose is to promote the rapid development of China’s high-tech industries.From the perspective of financial subsidies given by the government,it is mainly to optimize and apply the incentive system to enhance the enthusiasm of enterprises for R&D,thus acting on performance.However,in this positive development trend,there is a significant gap between the development of some enterprises receiving government subsidies and expectations.The overall situation is not very positive,and there are many negative phenomena,such as compensation fraud and compensation seeking.The government subsidies have not played their due role,and whether they have a positive impact on R&D investment and financial performance has not been unified.Based on this,this study establishes a research framework for the impact of government subsidies and R&D investment on the financial performance of high-tech enterprises.Taking the listed companies in the high-tech industry from 201 1 to 2020 as a sample,this study selects relevant indicators of government subsidies,R&D investment and financial performance.In order to comprehensively obtain and analyze enterprise information,it needs to use Excel and Stata methods to carry out descriptive statistics.Based on the analysis results,And establish panel regression model.The final results are:for high-tech enterprises,government subsidies have a positive impact on R&D investment of high-tech enterprises;R&D investment can promote enterprises to obtain higher financial performance;The financial subsidies given by the government have a positive impact on the growth of corporate financial performance,and R&D plays a part of the intermediary role in this process;Due to the characteristics of high innovation and high risk of high-tech enterprises,compared with traditional enterprises,government subsidies play a stronger role in improving the financial performance of high-tech enterprises than traditional enterprises.First,based on the research of domestic and foreign literature,combined with the empirical analysis results,this paper puts forward suggestions on promoting the innovative development of high-tech enterprises in China and the implementation of government subsidies:strengthen financial investment in science and technology,innovate the investment mechanism;Actively implement the preferential tax system,focusing on the transformation of achievements;Optimize the standard system of enterprise R&D investment structure;Improve the profitability of commercialization of R&D achievements;Strengthen the protection of intellectual property rights and give play to the synergy of innovation policies.The main purpose of this research is to provide reference for governments,enterprises and other scholars.