Impact Of Financial Science And Technology Subsidies On The R&D Investment Of High-tech Enterprises

Based on the above viewpoints,this article focuses on the research object to hightech enterprises,and explores the ultimate impact of financial science and technology subsidies on high-tech enterprises' R & D investment.First,based on related theories,this article introduces the relevant policies and specific subsidies for high-tech enterprises to obtain financial science and technology subsidies,and analyzes the positive and negative effects of financial science and technology subsidies on high-tech enterprises' R & D investment.It was found that the negative effects of financial science and technology subsidies can be overcome through the improvement of government subsidy policies and the improvement of the system.Therefore,it is concluded that the positive effects of financial science and technology subsidies on the R & D investment of high-tech enterprises are greater than the negative effects.Further demonstration through empirical analysis.Second,using the listed high-tech enterprises in 2013-2018 as a sample,the fixed-effect model was used to test the hypothesis.The results are as follows:(1)In the current period,the final impact of financial science and technology subsidies on the R & D investment of high-tech enterprises is a positive incentive;(2)in the long run,the impact of financial science and technology subsidies on the R & D investment of high-tech enterprises is "inverted." "Type,the critical value of the financial technology subsidy is calculated to be 23% of the average operating income,and the government's existing average subsidy level is 0.31% of operating income.Therefore,under the current circumstances,high-tech enterprises will generally not experience fiscal technology subsidies to curb R & D investment.Finally,based on the conclusions,relevant policy recommendations are proposed: through the improvement of laws and regulations,the introduction of third-party regulatory agencies,and increased post-event supervision to improve the transparency and use efficiency of financial science and technology subsidies;through the strengthening of regional exchanges and the modest strengthening of subsidies for backward areas,etc.Coordinated regional development;moderately increase subsidies for small and medium-sized enterprises and other means to promote balanced development among high-tech enterprises;strengthen the cultivation of scientific and technological personnel and give full play to the role of financial science and technology subsidies as an inducement.