The Impact Of Public Subsidies On Equipment Manufacturing Industry

Equipment manufacturing is the foundation of the industrial system,and innovation is the main engine of a country's economic growth and the core driving force for the country to become rich and strong.Regardless of whether it is domestic or foreign,the government pays more and more attention to R&D innovation.For a long time,the trend of China's government subsidized equipment manufacturing industry has increased.The subsidies aim to promote independent innovation in equipment manufacturing,but the key technical bottlenecks in equipment manufacturing industry still cannot break through.Still can't break the Western countries' blockade of China's core technology.China's equipment manufacturing industry still has big but not strong shortcomings.In order to explore how to solve these problems and improve the efficiency of government subsidy funds,this paper focuses on how government subsidies affect equipment manufacturing.The topic of industry R&D innovation is being studied.First of all,from the existing literature,the focus of the debate is whether government subsidies promote or squeeze out R&D investment.The article believes that the impureness of the data leads to the promotion effect of government subsidies and the crowding out effect.The numerical values of extrusion are also different.It is proposed to separate government subsidies for non-technical research and development subsidies,and examine the impact of different subsidy categories on equipment manufacturing R&D investment and innovation output.Secondly,it analyzes the impact mechanism of technology R&D subsidies on R&D investment in equipment manufacturing industry.Externality,technology spillovers and special R&D resistance lead to insufficient R&D investment.The government uses ?visible hand? to pull R&D investment level to the optimal level.Non-technical R&D subsidies ensure that the survival and other functions of equipment manufacturing enterprises indirectly affect the level of R&D investment under special conditions.Thirdly,technical research and development subsidies,in addition to acting as production factors in the innovation process,also play a guiding role through signal channels,which can be strengthened through the Arunsen effect and promote innovation output.The article takes the listed companies in the general and special equipment manufacturing industry in the equipment manufacturing industry as the research object,and uses the balanced panel data regression to test the impact of government subsidies.It is found that:(1)The squeeze effect of government subsidies after separated on equipment manufacturing enterprises disappears;(2)Non-technical R&D subsidies have no direct effect on R&D investment,but they play a regulatory role in technology R&D subsidies to promote R&D investment;(3)The impact of technology R&D subsidies on the current innovation output of China's equipment manufacturing listed enterprises is not significant.Non-technical R&D subsidies have led to the crowding out effect,but combined with the characteristics of equipment manufacturing industry specificity and large capital occupation,it can be found that non-technical R&D subsidies have their reasons for existence.Finally,in response to the problems found in the research,the corresponding suggestions are put forward from the aspects of government coordination,financial support,market demand,talents and scientific research incentive system.The data acquisition method of the article mainly adopts the combination of first-hand data and second-hand data.Because the first-hand data collection workload is complicated,the data sample of the empirical analysis part is not very large,which may lead to bias in the research conclusion.