The Influence Of Government Subsidies On The Innovation Investment Of Electronic Communication Manufacturing Companies

In November 2019,the official commercialization of 5G fully demonstrated the importance of independent research and development to enhance the country’s comprehensive national strength.At the same time,the official commercialization of 5G has also made more countries aware of the important role of the development of computer,communications and other electronic equipment manufacturing industries for a country’s scientific research and economic development.This article focuses on government subsidies and institutional environmental factors that affect corporate R&D investment.Selecting listed companies in this industry from 2012 to 2018 as the research object,based on a total of 1211 sample data from 173 companies,using PSM to determine the direction of government subsidies affecting the R&D investment of enterprises in the industry.On this basis,the panel threshold regression model proposed by Hansen is used to study the threshold effect of the institutional environment in the process of government subsidies affecting the R&D investment of enterprises in the industry.At the end of the article,it also analyzes the differences in the threshold effect of the institutional environment under different ownership properties and different enterprise scales.The research found that: First,government subsidies have a significant positive impact on the R&D investment of enterprises in this industry,and this impact will undergo structural mutations with changes in the institutional environment,which is manifested as a double-threshold effect of the institutional environment.The threshold values are 8.09 and 9.94 respectively.When the institutional environment index exceeds9.94,government subsidies have the greatest effect on promoting the R&D investment of enterprises in the industry.Second,the threshold effect of the institutional environment between government subsidies and R&D investment of enterprises in this industry differs among enterprises of different ownerships.State-owned enterprises are more sensitive to the institutional environment,and when the institutional environment index is lower than 7.85,the positive effect of government subsidies on the R&D investment of non-state-owned enterprises is more obvious.But when the institutional environment index is higher than 7.85,the government subsidy will be converted to a stronger effect on the R&D investment of state-owned enterprises.Third,the threshold effect of the institutional environment between government subsidies and enterprise R&D investment in this industry differs among enterprises of different sizes.There is a single threshold effect of the institutional environment between government subsidies and the R&D investment of small-scale enterprises,with a threshold value of 9.94.However,between government subsidies and large-scale enterprise R&D investment,there is a dual-threshold effect of the institutional environment,and the threshold values are 6.18 and 9.94 respectively.Moreover,the promotion effect of government subsidies for R&D investment of large-scale enterprises as a whole is better than that of small-scale enterprises.In response to the above research conclusions,this article puts forward the following suggestions on how to make better use of government subsidies in promoting enterprise R&D investment in computer,communications and other electronic equipment manufacturing industries.First,the government must continue to increase subsidies and expand the scope of subsidies.On the basis of reviewing enterprises before subsidies,appropriately increase subsidies for private enterprises that are developing well.Second,formulate different subsidy policies based on the differences in the institutional environment of various regions.Third,create a more complete institutional environment.Carry out appropriate government intervention,establish an information disclosure platform,and improve the legal environment.Fourth,companies must gradually develop internal conditions that support innovation.Based on its own positioning and industry market environment,find the starting point for innovation,change the development mode,put more energy into R&D and innovation as much as possible,and appropriately expand the scale of the enterprise.