Research On The Impact Of Government Subsidies On R&D Investment Of National Defense Industry Enterprises

The innovative capability of national defense industry enterprises plays an important role in national defense security and social economy,and the development of cutting-edge science and technology,thus more and more attention has been paid to the R & D investment of national defense industry enterprises.However,China's capital market started late,and the financing of national defense industry enterprises was restricted by many factors,so the investment channels for R & D investment of national defense industry enterprises were not smooth.Therefore,it is of great significance to study the impact of government subsidies on R & D investment of national defense industry enterprises and the role of external financing in this process.This paper studies the relationship between government subsidies,external financing and R & D investment of national defense industry enterprises,using the research method of combining theoretical research and empirical research.First of all,this paper reviews the research status,and analyzes the limitations of the existing research on R & D investment of national defense industry enterprises.Then,it defines the connotation of the related concepts such as national defense industry enterprises,government subsidies,external financing,R &D investment,and expounds and analyzes the current situation of R & D investment and financial support of domestic and foreign national defense industry enterprises.Afterwards,based on the theories of government subsidy,corporate financing structure,signal transmission and intermediary function,this paper puts forward the research hypothesis.Then,based on the SCP model,a theoretical model of R & D investment of national defense industry enterprises is established,and a fixed effect panel model between government subsidy,external financing and R & D investment of national defense industry enterprises is constructed.In addition,the existing intermediary effect test models are compared,and the empirical model of external financing's intermediary effect test is constructed by the sequential test method.Finally,the annual data of 60 listed national defense industry enterprises from 2014 to 2018 are selected for empirical research,and GLS method is used for regression to get the results,and the results of the model are analyzed in this paper.The empirical results show that government subsidies can indeed alleviate the financing constraints of national defense industry enterprises,and promote the increase of innovation and R & D investment of state-owned national defense industry enterprises;there are two ways to influence the innovation and R & D investment of state-owned national defenseindustry enterprises,both direct and indirect,in the process of indirect influence,external financing plays an intermediary role.Based on the above conclusions,this paper puts forward some suggestions for the relevant government departments and the managers of national defense industry enterprises.