Research On The Impact Of Government Subsidy On R&D Investment Of Listed Companies In Electronic Information Manufacturing Industry

In today’s era,the global 5G into commercial period,5G for a new generation of digital economy and information technology development direction plays a very important role,which makes more and more countries understand computer,communication and other electronic equipment manufacturing(the following use "national economy industry classification" referred to as "electronic information manufacturing")will have a significant impact in economic development and scientific research.In the past ten years,the R&D investment intensity of China’s Shanghai and Shenzhen A-share listed companies has exceeded 4.4%.However,due to the externalities and high uncertainty of research and development activities,it is easy to cause market failure only under the guidance of market mechanism.At this time,in order to balance the benefits and costs of research and development activities,government subsidies have become one of the important factors for enterprises to consider in research and development activities.This paper focuses on the government subsidies and market competition factors affecting the R&D investment of listed enterprises in the electronic information manufacturing industry.first,Combing the relationship between government subsidies and enterprise R&D investment and the impact of market competition on the relationship between the two related documents;then,Based on the corresponding theoretical analysis from the theory of technological innovation,information asymmetry and signal transmission,and the theory of market failure and externality,So that the research of this paper has been the corresponding theoretical support;next,According to the analysis,This paper presents the relevant research hypotheses,Identified the measures of the variables,The research model is constructed;last,By collecting relevant data of listed companies in the electronic information manufacturing industry from 2015 to 2021,Using Stata SE 15.1,It empirically tests the relationship between the government subsidies,the market competition degree and the R&D investment of the listed enterprises in the electronic information manufacturing industry,And further analyzes the relationship between regional heterogeneity and enterprise nature heterogeneity.The results show that:(1)the government subsidies will stimulate the increase of R&D investment of listed enterprises in the electronic information manufacturing industry,and the market competition degree positively regulates the relationship;(2)from the perspective of regional heterogeneity,the R&D investment is the most significant,and the positive regulation of market competition in the eastern region is optimal.(3)From the perspective of the heterogeneity of enterprise nature,the positive effect of government subsidies on the R&D investment of listed enterprises in the electronic information manufacturing industry and the positive regulation effect of market competition are all shown that non-state-owned enterprises are significantly more important than state-owned enterprises.In view of the above research results,this paper puts forward corresponding suggestions from the perspective of enterprises and government.For enterprises,they should continuously increase R&D investment,adhere to technological innovation and strengthen their competitiveness;and improve the local situation;optimize the ownership structure and improve the supervision and disclosure mechanism.For the government,the government should increase the intensity of government subsidies,promote the marketization process and improve the corresponding system;accordingly,to implement different government subsidy policies for different regions;and should improve the subsidy policies and strengthen the supervision of subsidy funds.