Government Subsidies,R&D Investment And High-tech Enterprise Performance

With high-tech enterprises as the research object,this paper firstly constructs a comprehensive performance evaluation index system covering three levels of financial performance,technical performance and social performance.Then this paper uses multivariable linear regression model to empirical analysis the data of 180 sample high-tech expertise from 2012-2017,and studies the relationship between government subsidies,R&D investment and performance of enterprise from the aspects of regional differences and property rights.Considering the impact of differences in government subsidy policies on R&D investment and performance of enterprise,this paper analyses and compares the effects of the two subsidy policies on R&D investment and enterprise performance through two subsidy policies:fiscal subsidy and tax preference.Research shows that:First,different subsidy policies have different effects on the performance of high-tech enterprises.Financial subsidies have a stronger role in promoting the performance of state-owned enterprises,and preferential taxation have a stronger effect on the performance of non-state-owned enterprises;Second,different subsidy policies have different incentive effects on R&D investment and high-tech enterprise performance.Financial subsidies have more significant incentive effects on performance of enterprise.The incentive effect of preferential taxation on R&D investment is more significant;Third,The effect of R&D investment of high-tech enterprises in different regions on enterprise performance is different.In the eastern region with high level of scientific and technological innovation,tax incentives have more significant promotion effect on R&D investment and enterprise performance;Fourth,R&D investment has a full mediation effect between government subsidies and high-tech performance of enterprise.Last,based on the results of empirical analysis,this paper proposes policy recommendations for the government and high-tech performance of enterprise.The government should supervise the issuance and use of subsidies,systematically disclose corporate R&D information,and optimize incentives of preferential taxation.Enterprises should improve the efficiency of government subsidies by planning R&D activities rationally,and establish perfect talent development scheme.