Research On The Impact Of Government Subsidies On Innovation Efficiency Of High-tech Enterprises

With the continuous acceleration of the process of globalization,the competition between countries and enterprises has become increasingly fierce,and innovation,as a key factor for countries to enhance their international status and enterprises to gain competitive advantages,has become the focus of common debate between countries and enterprises.Among them,high-tech enterprises,as the main force of national competitiveness,are highly valued by the government.In order to promote the process of enterprise innovation and stimulate the enthusiasm of enterprise innovation,the government has issued a series of innovation promotion policies.At present,the government uses more and more subsidies for high-tech enterprise innovation,and studies have shown that government subsidies have a significant impact on the innovation efficiency of enterprises,but whether government subsidies can promote the innovation efficiency of high-tech enterprises;whether the subsidy effect will be affected by certain intermediary factors;what is the difference between the impact of different property rights,these are the problems that will be studied in this article.Based on this,this thesis takes the high-tech enterprises listed in Shanghai and Shenzhen from 2016 to 2020 as a research sample,measures the innovation efficiency of high-tech enterprises in recent years with the help of the BCC model,and then uses the three-step method of intermediary effect testing to study the relationship between government subsidies and innovation efficiency and the role played by enterprise R&D investment between the two,and finally further explores the differences in the impact of government subsidies on innovation efficiency under different property rights.The results show that:(1)there is a positive "U" relationship between government subsidies and the innovation efficiency of high-tech enterprises;(2)there is an inverted "U" relationship between government subsidies and enterprise R&D investment;(3)enterprise R&D investment plays an intermediary effect between government subsidies and the innovation efficiency of high-tech enterprises;(4)in high-tech enterprises with different property rights,enterprise R&D investment plays an intermediary effect in government subsidies and innovation efficiency,and the intermediary effect is more obvious in state-owned enterprises.Finally,this thesis puts forward relevant suggestions from the perspective of government and enterprises,in order to help enterprises use government subsidies to improve innovation efficiency.