Government Subsidies For China’s High-tech Enterprises Research On The Impact Of Innovation Performance

China is vigorously promoting the innovation driven development strategy.The national "14th Five Year Plan" clearly states that innovation is at the core of China’s modernization drive.High and new technology enterprises are of great significance to the development of economy and society,and their sustainable development is closely related to national policy support.Currently,governments at all levels in China are very concerned about the development of high-tech enterprises,and provide certain support and subsidies in various aspects such as finance and taxation.In the development process of such enterprises,technology and innovation are key influencing factors,which largely determine the competitiveness and future development space of enterprises.Therefore,it is particularly important to focus on analyzing the impact of government subsidies to high-tech enterprises on their innovation performance.Firstly,in response to the current debate about the effectiveness of government subsidies on enterprise innovation,this article explores the impact mechanism of government subsidies on enterprise innovation performance through reading and combing relevant literature,combining signal transmission theory,principal-agent theory,and rent-seeking theory.Secondly,empirical research selects listed high-tech enterprises from2010 to 2020 as a sample to analyze the impact of government subsidies on their enterprise innovation performance.The study found that there is an inverted U-shaped relationship between the two,that is,only the size of government subsidies within an appropriate range can promote the growth of enterprise innovation performance;Then,from the perspective of enterprise resource acquisition,analyze the role of government subsidies on high-tech enterprise innovation performance,and conduct a mechanism test;Further,based on the different nature of enterprises,regional differences,and industry differences,it explored the ways in which government subsidies affect the innovation performance of high-tech enterprises under different industries,regions,and nature,and explored the differences between the impact effects under different conditions.Due to the non-linear influence relationship between the two,this article conducts research from the perspective of enterprise development,setting the threshold variable as the fixed asset growth rate of the enterprise,focusing on the role of government subsidies and the threshold effect between them and the innovation performance of high-tech enterprises.The empirical results show that there are dual thresholds for both state-owned and private high-tech enterprises,but there are significant differences in threshold effects;High and new technology enterprises in different regions and industries also present different threshold effects.Unlike most studies based on a macro perspective,this article explores government subsidies to high-tech enterprises from a micro perspective,and explores the impact of enterprise innovation performance.This article focuses on the threshold analysis from the perspective of enterprises,enabling relevant research to break through the limitations of a single dimension,and be able to conduct research on enterprise innovation performance and its relationship with government subsidies in various industries,regions,and ownership systems,seeking effective strategies to promote the innovative development of enterprises.