Implementation Of Government R&D Subsidies In High-tech Enterprises

The relationship between the government subsidies and enterprise innovation investment has attracted much attention of the government and enterprises.At present,many studies on this relationship remain at the micro mechanism level,without taking into account changes in corporate governance and product market competition to the government and corporate behavior decision-making.In practice,different external competitive environment,even different internal governance structure of the company are likely to directly affect the use of government subsidies.Therefore,it's meaningful to explore the impact of corporate governance and product market competition,which would cause changes in the relationship between government subsidies and innovation investment,and changes in business performance.Based on the perspective of corporate governance and product market competition,to select 2010--2014 actual data of relevant companies and to use panel regression to discuss the relationship between government subsidies and innovation investment,the following are the conclusions:(1)government subsidies for enterprises increase,innovation investment increase.(2)internal corporate governance structure will affect the role of government subsidies to promote investment in innovation,specific performance:?ownership structure:the largest shareholder stake increase,state-owned enterprises play an inhibitory effect;equity balance plays a role in promoting.?board structure:the board size has no significant impact on the relationship;CEO duality will promote the relationship;increase in the proportion of independent directors play an inhibitory effect.?executive incentive:Shareholding ratio of top management has no significant impact on the relationship;executive compensation plays a role in promoting.(3)The effect of internal governance on government subsidy and innovation investment will have different performance under different product market competition.Finally,government subsidies,innovation investment and corporate performance were discussed,including financial performance and patent performance.The results showed that:(1)In the first order lag between the government subsidies and financial performance,the first order lag innovation investment plays the role of incomplete intermediary effect.The first order lag of government subsidies and the first lag of innovation investment is to promote financial performance.(2)In the first order lag between the government subsidies and the patent performance,the first order lag innovation investment plays the role of the full mediation effect.The innovation investment of first order lag is promoting patent performance.The research of this paper has a good reference value for the implementation of government subsidy policy and high-tech enterprise investment decision-making,whether the government or the enterprise.