Study On The Influence Mechanism Of Government R&D Subsidy On Firm Performance From The Perspective Of Patent

In recent years,driven by the National Innovation-Driven Development Strategy,the government’s R&D funding to enterprises and the R&D investment of enterprises themselves have been increasing.At the same time,since the number of patent applications for invention in China ranked first in the world in 2011,the number of patent applications for invention in China ranked first in the world for six consecutive years up to 2016.Under this background,how does government R&D subsidies and enterprise R&D investment affect the innovation performance and financial performance of enterprises? How to make full use of and integrate internal and external resources to enhance innovation performance and knowledge transformation ability to meet the needs of increasingly fierce market competition is an important issue facing enterprises.By reviewing the relevant literature,we found the following research gaps.First,there was scarcity of the research on the interaction between government R&D subsidies enterprise R&D investment and innovation performance,and the role of absorptive capacity in the above process.Second,there is a lack of comparative study on the impact of patent quantity and patent quality on enterprise performance among different industries.Third,there is a lack of research on the interaction between innovation investment innovation performance and firm performance.According to these gaps in previous literature,this paper takes GEM listed companies from 2009 to 2016 as the research sample and uses three empirical analyses to try to make up for the above research deficiencies.By using the method of empirical analysis,this paper explores the interaction among government R&D subsidies,enterprise R&D investment,innovation performance and firm performance,and the mediating effect mechanism of absorptive capacity and innovation capacity in the above process.In the first empirical study,from the perspective of policy,empirical research studies the interaction between government funding,enterprise R&D investment and enterprise innovation performance,as well as the role of absorptive capacity in this process.Using multiple regression analysis method,we take GEM listed companies as samples.The results show that,government R&D subsidies and enterprise R&D investment have a significant effect on innovation performance;enterprise R&D investment plays a partial mediating effect role between government R&D subsidies and Innovation performance;the absorptive capacity has a positive moderating effect in the process of government R&D subsidies affecting on innovation performance;and the mediating effect role of R&D investment between government R&D subsidies and innovation performance increases with the increase of absorptive capacity.In the second empirical study,the impact of innovation performance on enterprise performance is studied from the perspective of patent quantity and patent quality.Based on the method of cluster analysis,the industry of enterprise is divided into technology-intensive,capital-intensive and labor-intensive according to the factor-intensive degree.The effects of patent quantity and patent quality on firm performance are studied which was used Heckman-Two-step model.The results show that,the number of patents has a significant effect on the performance of the three industries;the impact of patent number on firm performance in capital-intensive and labor-intensive industries is higher than those in technology-intensive industries;patent quality plays a significant role in promoting enterprise performance in technology-intensive industries and capital-intensive industries;technology-intensive industries are more dependent on patent quality than capital-intensive industries,the impact of patent quality on the performance of labor-intensive industries is not obvious.In the third empirical study,from the overall perspective of innovation input,innovation performance and enterprise performance,the interactive relationship between government R&D subsidies and enterprise R&D investment,innovation performance and enterprise performance is studied.And the Moderating effect mechanism of innovation capability in the above process.The results show that,government R&D subsidies and enterprise R&D investment have a significant effect on innovation performance and enterprise performance.Innovation performance plays a partial mediating effect role between innovation input and innovation performance.Innovation capability plays a moderating role between innovation performance and firm performance.The conclusions of this paper provide reference for the evaluation of the implementation effect of the government R&D subsidy policy and empirical evidence for the formulation of enterprise innovation strategy and the management of intellectual property rights.