Research On The Threshold Effect Of Government Subsidies On R&D Investment Of High-Tech Enterprises

High-quality development is currently the primary task of building a socialist modern country comprehensively.The 14 th Five-Year Plan also emphasizes that science and technology self-reliance and self-strengthening should be the core support of national strategic development,and efforts should be made to break through the "neck-breaking" problem.Hightech enterprises are the main force in cultivating and creating new technologies and breaking through core technologies.They are the objects of key policy support in China.In recent years,high-tech enterprises have shown vigorous development momentum in various fields,thanks to the encouragement and preferential measures provided by national policy support.It is of great significance to scientifically and reasonably design the intellectual property protection system and promote the effective release of the innovation incentive effect of government subsidies for high-tech enterprises.This is particularly important in the critical period of China’s economic transformation,and to achieve the transformation of technological innovation from "quantity" to "quality."Based on the above background,this paper takes 504 high-tech enterprises listed on the A-share market from 2015 to 2020 as samples,and from the perspective of intellectual property protection,studies the impact of government subsidies on R&D investment in high-tech enterprises.The main research contents include:(1)Analyzing the current situation of government subsidies and intellectual property protection in various regions,and proposing relevant hypotheses through analyzing their impact mechanism on R&D investment in hightech enterprises,combined with the current development status of high-tech enterprises.(2)By constructing a panel model,exploring the impact of government subsidies on R&D investment in high-tech enterprises,and analyzing the innovation spillover effects of government subsidies from multiple dimensions of different regions and different ownership properties of enterprises.(3)Using Hansen’s panel threshold regression model,taking intellectual property protection as the threshold variable,exploring the non-linear impact of government subsidies on R&D investment under different levels of intellectual property protection.Based on empirical tests,this paper draws the following conclusions: Government subsidies can significantly increase the level of R&D investment in high-tech enterprises,and the results of the discussions on different regions and ownership properties of enterprises are significantly different.Using intellectual property protection as a threshold variable,the impact of government subsidies on R&D investment in high-tech enterprises has a significant singlethreshold effect,and after crossing the threshold,the positive promotion effect on R&D investment shows a characteristic of strengthening.Finally,based on the above research,in order to improve the effectiveness of government subsidies for high-tech enterprises and enhance the level of R&D investment in high-tech enterprises,corresponding policy recommendations are put forward.These include the government increasing its support for R&D investment in high-tech enterprises through funding and resource allocation,optimizing government subsidy policies and implementing effective supervision and evaluation measures.Additionally,leveraging digital technology to enhance the intellectual property protection system and regulatory framework,and strengthening the protection and supervision of intellectual property rights for high-tech enterprises to provide a stable innovation environment for these companies.