Empirical Study On The Impact Of Government Science And Technology Subsidies On The Performance Of GEM Listed Companies

According to the Statistics Bulletin of National Science and Technology Funds Input in 2017,the total expenditure on research and experimental development in China in 2017 was 1760 billion yuan,an increase of 12.3% compared with the previous year,and the intensity of R&D investment was 2.13%.This shows that the scale and speed of R&D investment in China have been greatly improved.In 2017,China’s financial science and technology expenditure amounted to 838.36 billion yuan,an increase of more than 60 billion yuan over the previous year,and the proportion of financial science and technology expenditure in the total fiscal expenditure of this year was 4.13%.In recent years,enterprises have benefited from the government’s support for science and technology activities.With the continuous increase of science and technology subsidies,the government’s science and technology subsidies have become a good drug to drive enterprises to implement innovation activities.But the phenomenon of corporate fraudulent subsidies and unreasonable use subsidies still exists.In order to enable the government to formulate a more comprehensive science and technology subsidy policy,constantly optimize the allocation of subsidy resources,improve the efficiency of science and technology subsidies,we should conduct in-depth research on the impact and effectiveness of technology subsidies on corporate performance and R&D investment.Whether government science and technology subsidy can influence enterprise performance by guiding and driving enterprises to increase R&D investment deserves our attention.Based on the previous scholars’ research,this paper takes the cross-sectional data of China’s GEM listed companies for 2013-2017 as a sample,and uses the mediation effect model for empirical analysis.The study found that:(1)Government science and technology subsidies help to improve the performance of enterprises significantly,and there is a lag.(2)The current government science and technology subsidies have significantly promoted the current R&D investment and the next phase of R&D investment.(3)The current government technology subsidy has a positive mediating effect on corporate performance through the current enterprise R&D investment and the next R&D investment.(4)The intermediary effect of the current subsidy model is relatively poor.The mediation effect of the pre-subsidy model is the largest.Under this model,the subsidy of science and technology through the R&D investment has the greatest impact on the performance of the enterprise,and is more in line with the guidance of the science and technology subsidy policy.After further research,it is found that the incentive effect of government science and technology subsidy on enterprise R&D investment will be affected by the R&D intensity of the enterprise,and the incentive effect of the group with lower R&D intensity is better.From the grouping results,the government science and technology subsidy policy of enterprises with higher R&D intensity is better oriented by the in-process subsidy model,while the government science and technology subsidy policy orientation of lower R&D intensity group is better in pre-subsidy model.This paper proves that government science and technology subsidy has a positive impact on the performance of GEM enterprises,and R&D investment has a mediating role between them.Generally speaking,R&D investment has a poor mediating role,Enterprises are not good at using science and technology subsidies.At the same time,this study solves the problem of how to choose the Optimal Subsidy mode under different conditions of subsidy.At the same time,this study solves the choice of the optimal subsidy mode under different circumstances.And how to choose the most reasonable subsidy mode when the R&D intensity of enterprises is different,It provides decision-making basis for the implementation of government science and technology subsidies and policy trends.