Research On The Impact Of Government Subsidies And Financial Redundancy On Enterprise Innovation Performance

Strategic emerging industries play an important leading role in the national economy.Since the 13 th five year plan,in the face of increasingly fierce scientific and technological competition and industrial revolution in the world,as well as the actual needs of China entering a new stage of development,the importance and necessity of promoting the innovative development of strategic emerging industries have become increasingly prominent.Since resources are the most basic guarantee for enterprises to carry out innovation activities,scientific allocation and coordinated use of enterprises’ limited internal and external resources are very important to effectively improve enterprises’ innovation performance.Chinese governments at all levels have intervened in the innovation activities of enterprises with the help of subsidies,but the actual effect is not satisfactory,and the internal and external resources have not been effectively coordinated.In addition,the fluctuation and change of the external environment will also distort the promotion of resource innovation.Based on this,the main purpose of this paper is to test the direct and interactive impact of government subsidies and financial redundancy on the innovation performance of strategic emerging enterprises from the perspective of external and internal resources,and to test the regulatory effect of environmental uncertainty from the perspective of environmental impact.In addition,the heterogeneity of property rights is considered.Through the above research,this paper aims to put forward countermeasures to optimize government subsidies,enterprise resource allocation and innovation mode selection from the perspective of internal and external resource impact and environmental impact.Firstly,this paper combs the research literature in relevant fields at home and abroad,defines the related concepts of government subsidies,financial redundancy,innovation performance,environmental uncertainty and strategic emerging enterprises,and summarizes the resource-based theory and organizational redundancy theory.Secondly,it analyzes the impact of government subsidies and financial redundancy on innovation performance,the impact of environmental uncertainty on innovation performance and the mechanism based on the impact of property heterogeneity,and puts forward the research hypothesis of this paper.Then,it analyzes the current situation and existing problems of government subsidies,financial redundancy and innovation of China’s strategic emerging enterprises.Finally,407 listed strategic emerging enterprises are selected.Taking 2013-2020 as the time window,a fixed effect model is constructed to empirically analyze the direct and interactive impact of government subsidies and financial redundancy on the innovation performance of strategic emerging enterprises,as well as the regulation of environmental uncertainty.At the same time,the method of lag explanatory variable is used to test the robustness.In addition,this paper further selected 368 strategic emerging enterprises from the whole sample,divided them into state-owned and private sample groups,and analyzed the heterogeneity of the above research.The conclusions of this paper show that:(1)government subsidies have a positive effect on the innovation performance of strategic emerging enterprises,and the promotion effect on the innovation output performance of state-owned samples is more significant than that of private samples;(2)The impact of financial redundancy on the innovation performance of strategic emerging enterprises is different among enterprises with different property rights.The innovation incentive effect on state-owned samples only exists in the performance dimension of innovation investment.In the whole sample and private sample,the effect of innovation incentive is widespread;(3)Government subsidies and financial redundancy play a complementary role in promoting the innovation investment performance of strategic emerging enterprises,and this complementary role widely exists in state-owned and private samples under high environmental uncertainty;(4)The regulatory effect of environmental uncertainty will be different due to different innovation links.In the aspect of innovation investment,the promotion of government subsidies and financial redundancy on the performance of innovation investment will be negatively regulated by environmental uncertainty.In the innovation output link,it is not established.Finally,according to the research conclusion,at the government level,it is suggested to increase the precise subsidy for strategic emerging enterprises,select the subsidy object in combination with the enterprise’s financial resources,and optimize the subsidy policy according to environmental factors;At the enterprise level,it is suggested that enterprises establish and improve the management and supervision mechanism of financial redundancy,reasonably allocate internal and external resources,and scientifically select innovative models.