Research On The Impact Of Government Subsidy On Technological Innovation Investment Of Manufacturing Enterprises

In recent years,as the globalization process has deepened,competition has become more intense.As a deep driving force of social development,technological innovation has become an important way to enhance China's comprehensive competitiveness.With the advent of national-level documents such as "Made in China 2025",technological innovation has risen to new heights.However,in the past year,the situation in the international community has been complicated and volatile,and the trend of the global economy is still unclear.Therefore,only by actively promoting the ability of independent innovation can we maintain the comprehensive competitiveness of China's manufacturing industry for a long time.Under this circumstance,government subsidies have become the “control hand” for the Chinese government to promote enterprise innovation activities,to solve the phenomenon of “Market failure” and promote the strategic upgrading of economic structure.Although the Chinese government has gradually increased its support for the manufacturing industry,some enterprises still have a low level of innovation for a long time,and the leverage effect of government subsidies on corporate innovation investment is quite different.Therefore,in order to maximize the promotion of government subsidies to the innovation investment of manufacturing enterprises,it is very important to avoid the "system failure" between policies.Compared with some existing researches on a certain industry or some industries to explore the relationship between government subsidies and corporate innovation investment,this paper takes the 2011-2016 A-share listed manufacturing enterprises as a sample to explore how government subsidies affect corporate R&D investment.And further explored the relationship between financial subsidies and tax incentives,and on this basis introduced the regulatory variables of product market competition,to study how it affects financial subsidies and tax incentives and enterprise technology innovation investment relationship.The results of this paper show that: First of all,financial subsidies and tax incentives can positively promote enterprise innovation investment,and the promotion effect of tax incentives is better.The two subsidy methods will mutually restrict each other's promotion role,and there is a certain policy “system failure”.Phenomenon;the incentive effect of government subsidies on enterprise innovation investment is more obvious in enterprises with higher degree of marketization,state-owned enterprises and capital-intensive industries;product competition will positively regulate the promotion of tax incentives for innovation investment of manufacturing enterprises.Secondly,the improvement of marketization level can improve the leverage effect of financial subsidies and tax incentives on enterprise innovation investment,and can effectively alleviate the phenomenon of “system failure” between policies,realize product market competition,positively regulate tax incentives,and promote the innovation investment of enterprises.effect.Furthermore,both financial subsidies and tax incentives can promote innovation investment in capital-intensive and technology-intensive enterprises,and the incentive effect in capital-intensive industries is better,but it is accompanied by the phenomenon of “system failure” between subsidy policies.Finally,financial subsidies and tax incentives can increase the leverage effect of state-owned enterprises' innovation investment and achieve the “complementary effect” between subsidy policies,but they will alleviate the competitive pressure of state-owned enterprises and reduce the enthusiasm of enterprise innovation to a certain extent.In state-owned enterprises,product market competition can positively regulate the promotion of tax incentives for corporate innovation investment.