The Impact Of Government Subsidies On Innovation Investment Of High-tech Enterprises

Nowadays,international competition is becoming increasingly fierce.In order to seek development,many countries have devoted themselves to scientific and technological innovation,setting off a "innovation heat".Among them,as an important part of scientific research,high-tech enterprises play an important role in promoting the core competitiveness of our country.However,due to the long cycle of innovation activities and knowledge spillover,innovation results are likely to be stolen by competitors,resulting in market failure,which makes enterprises lose more than they gain.Moreover,the market changes with each passing day,and it is difficult to maintain new innovation advantages.So most enterprises can only wait and see in the face of innovation activities,dare not invest too much.In order to alleviate this situation,promote enterprises to carry out innovative research and development,and enhance the overall competitiveness of science and technology,our government often takes measures to intervene.Government subsidies are one of the most commonly used means.The data shows that in recent years,the government has been increasing the input of research subsidies,but whether the government subsidies have achieved the expected results has been concerned.However,due to the complex process of innovation activities and many influencing factors,there is no unified conclusion on this issue at home and abroad.After sorting out the relevant literature,the author found that most of the current research is on the macro industry,not on the micro enterprise level.And most of them take the important factor of enterprise life cycle into account.Therefore,this paper will use the enterprise report data to study the impact of government subsidies on innovation investment from the perspective of enterprise life cycle.The data in this paper were selected from the annual report data of high-tech enterprises listed on A-shares of Shanghai and Shenzhen stock exchanges from 2016 to 2018,205 in total.First,according to the relevant theories,the research hypotheses are made,and the total samples are divided into different life cycle stages.Then,the empirical analysis is carried out by establishing multiple regression model.The results show that the government subsidy can promote the innovation investment of high-tech enterprises to some extent,but the effect is different for enterprises in different periods.For the enterprises in the growth and decline period,the government subsidies play a more significant role in promoting,among which the innovation investment growth of the declining enterprises is more significant;However,the effect of government subsidies is not very clear for enterprises in the mature stage.Finally,according to the research conclusion,this paper puts forward some personal suggestions for the grant and application of government subsidies.The details are as follows:Chapter one,introduction.The background,content,significance and methods of this paper are elaborated in detail.The limitations of the existing research are summarized and the innovation of this paper is put forward.Chapter two,theoretical basis and literature review.The related concepts,theoretical basis and main literature involved in this paper are summarized.1.Main concepts:government subsidies,high-tech enterprises.2.Main theories:technology innovation theory,enterprise life cycle theory,market entrustment theory,market failure.Chapter three,system background and current situation of government subsidy.1.List the current system and policies on the issue of government subsidies,including 863 plan,torch plan,etc.2.According to the data disclosed by the National Bureau of statistics,this paper introduces the general situation of the government subsidy investment in China at present,and preliminarily studies the increase of the government subsidy investment in China year by year,but the strength needs to be strengthened,and the pertinence needs to be improved.Chapter four,research design.1.Make research hypothesis according to the existing research conclusion.2.Select variables and control factors,including government subsidies,innovation investment,asset yield,enterprise scale,human capital,equity concentration,asset liability ratio,3.Divide enterprise life cycle according to cash flow portfolio.4.Establish multiple regression model.Chapter five,empirical analysis.1.Descriptive statistical analysis,correlation analysis and multicollinearity test were carried out for the overall sample.2.Classify the samples according to the enterprise life cycle and conduct multiple regression analysis.Chapter six,conclusion.This paper summarizes the research results of the paper,and puts forward feasible suggestions from the perspective of government and enterprise.For example,the government needs to increase the input of subsidies,and according to the different life cycle of the enterprise,issue targeted subsidies;according to the different cycle of the enterprise,timely apply for government subsidies.Then it points out the shortcomings of this paper,and points out the areas that need to be improved in the future.