Research On The Impact Of Government Subsidies On The Efficiency Of Corporate Resource Allocation

At present,China’s economic development is changing from high-speed development to high-quality development.The 20 th CPC National Congress pointed out that high-quality development is the primary task of comprehensively building a modern socialist country,and we should adhere to the theme of promoting high-quality development,accelerate the construction of a modernized economic system,focus on improving total factor productivity,and promote the economy to achieve effective improvement in quality and reasonable growth in quantity,but there are still many cardinal points and bottlenecks in the process of promoting high-quality development in China.Improving total factor productivity is one of the key tasks of high-quality development,and enhancing resource allocation efficiency is an important way to improve total factor productivity.Government subsidies are one of the important tools of industrial policy,through which the government can directly “blood” the enterprises,alleviate the problem of insufficient funds for enterprise development,and send a good signal to the outside world through the act of government subsidies,attract more investors to invest and make it easier for enterprises to obtain bank financing.Sufficient funds can stimulate the enthusiasm of enterprise innovation activities,and the policy guidance of government subsidies can also increase the confidence of enterprises to invest in R&D.Through technological innovation,enterprises can effectively improve the efficiency of resource allocation within the enterprise.The efficiency of resource allocation of enterprises is an important factor in the economic efficiency of enterprises.A high efficiency of resource allocation of enterprises will bring good economic benefits,which can help to solve the current employment difficulties and other livelihood problems in China and enhance people’s welfare.Although there are more studies on the factors influencing enterprise resource allocation efficiency,fewer scholars have focused on the influence of government subsidies on enterprise resource allocation efficiency.This paper composes and summarizes the existing related literature and puts forward the research ideas and hypotheses of this paper.Then,this paper selects the data of listed enterprises in Shanghai and Shenzhen A-shares from 2007 to 2021 as the sample,excluding the data of listed companies in financial industry and ST and*ST categories,in order to verify whether government subsidies will have an impact on the resource allocation efficiency of enterprises.Descriptive statistics,correlation analysis,and regression analysis are first conducted,and then the analysis results are tested for robustness,followed by heterogeneity of property rights and heterogeneity of financing constraints.The research results show that government subsidies have a significant enhancing effect on improving government resource allocation efficiency,and this effect is achieved by increasing enterprises’ R&D investment;the enhancing effect of government subsidies on enterprises’ resource allocation efficiency is more significant for non-state-owned enterprises than state-owned enterprises,and more significant for enterprises with high degree of financing constraints than those with low degree of financing constraints;the enhancing effect of government subsidies on enterprises’ resource allocation efficiency will be weakened in more market-oriented regions,and in enterprises with higher levels of corporate governance.Finally,based on the results of this paper,this paper argues that the government can encourage the innovation activities and stimulate the innovation potential of enterprises through subsidies,and enterprises should also make good use of government subsidies as a policy to carry out innovation activities,optimize the internal resource allocation of enterprises,and improve economic efficiency.The research done in this paper can enrich the study of the relationship between government subsidies and enterprise resource allocation efficiency.This paper introduces R&D investment(RD)as a mediating variable and confirms that government subsidies have a great influence on enterprises’ resource allocation efficiency,and this influence is achieved by increasing enterprises’ R&D investment,which enriches the research on the relationship between government subsidies,R&D investment,and resource allocation efficiency,and argues that using government subsidies to increase R&D investment can effectively improve enterprises’ resource allocation efficiency,and provides an opportunity for government subsidies It provides a reference for how government subsidies can be efficiently used to promote the high-quality development of China’s economy.