The Relationship Among R&D Investment,Government Subsidies And Enterprise Value

Nowadays,globalization has become the main theme of the world economic development,which also means that Chinese enterprises are facing is not only from their own country,but also from the international market.How to achieve sustainable development in the fierce competition,one of the magic weapons is scientific and technological innovation.The ability of scientific and technological innovation has become the differentiated competitiveness of enterprises,and it plays an important role in the healthy and sustainable development of enterprises.Therefore,China takes"invigorating the country with science and technology" and "strengthening the enterprise with science and technology" as the long-term development strategies.In order to promote the development of the scientific and technological research,China gives corresponding research and development subsidies for free to ease the financial pressure of enterprises.However,the country's economic resources are limited after all,so it is impossible to provide all enterprises with R&D support,which will inevitably tend to the enterprises that play a positive role in promoting the economic development of the country and make the subsidy funds play the greatest value.How to maximize value of government subsidy funds and get the optimal allocation is a problem that government and academic fields need to solve.This thesis based on the data of China's A-share market from 2015 to 2018,this thesisempirically analyzes the relationship between R&D investment,government subsidy and enterprise value from three dimensions:industry attribute(whether it is a high-tech enterprise),property right nature(whether it is a state-owned enterprise)and government subsidy source(whether it is a central government subsidy).This thesis draws the following conclusions:(1)government subsidies will not affect the R&D input for high-tech enterprises;government subsidies will produce crowding out effect for non high-tech enterprises,and reverse regulate the impact of R&D input intensity on enterprise value;(2)government subsidies will produce extrusion effect for national enterprises,reverse regulate the R&D input intensity of enterprises to enterprise value impact;for non-state-owned enterprises,government subsidies have a positive effect on adjusting the impact of R&D input intensity on enterprise value;(3)compared with non-central subsidies,enterprises from central subsidies have a stronger effect on the promotion of government subsidies,and a positive effect on enterprise value.