Research On The Impact Of Government Subsidies On The R&D Performance Of Enterprises In Different Life Cycle

Innovation-driven is an important guarantee for the high-quality development of China’s economy,and it is also the foundation for the sustainable development of enterprises.In order to grow in a complex environment,enterprises need more R&D innovation to seek competitive advantages.Although the Chinese government has introduced a series of government subsidy policies,which are expected to encourage enterprises to invest in R&D.However,Chinese enterprises as a whole are still characterised by a weak capacity for independent innovation and a lack of core key technologies,and at the micro level,problems such as "R&D manipulation" and "fraudulent innovation" have been revealed in some enterprises.Therefore,it is important to understand precisely what characteristics of enterprises’ R&D performance are more significantly enhanced by government subsidies,and where the focus and core of future subsidies should be placed.This article consists of four parts.Chapters 1 and 2 are the first part of this paper,which mainly introduce the background and significance of the research,the review of domestic and foreign literature and the analysis of theoretical basis.The second part of the paper,Chapter 3,is an introduction to the research hypothesis and design.Under the guidance of enterprise life cycle theory,this paper specifically analyzes the impact mechanism of government subsidies on enterprise R&D performance,as well as the moderating effects of ownership nature and R&D investment volatility on the relationship between the two,and then put forward the corresponding hypotheses.The third part refers to Chapter 4 of this paper,which is the analysis of the results of the empirical tests.The two-way fixed effects model is mainly used to test the reliability of the proposed research hypothesis.The fourth part refers to Chapter 5 of this article,which is a presentation of the research conclusions and countermeasure recommendations.Based on the summary of the conclusions,the corresponding countermeasure recommendations are presented.The main conclusions of this paper are as follows:First,the government subsidy policy has a significant incentive effect on the innovation performance and growth performance of Chinese listed companies.Based on this,it is suggested that the government should continue to improve the government subsidy policy,the purpose is to further enhance the independent innovation ability of enterprises and promote the rapid growth of enterprises.Secondly,from the perspective of life cycle stages,the dual incentive effect of government subsidies is mainly reflected in the growing stage,while the single incentive effect of government subsidies is reflected in the influence of the growth performance of enterprises in the mature stage and the innovation performance of enterprises in the declining stage.Based on this,it is suggested that the government needs to identify and judge the life cycle stage of the enterprise before implementing the government subsidy policy,so as to improve the accuracy of the government subsidy policy.Finally,from the perspective of the moderating effect of the nature of ownership and the degree of volatility of R&D investment,the dual incentive effect of government subsidies is mainly reflected in the non-state-controlled enterprises and enterprises with less volatility in R&D investment.Based on this,it is recommended that the government should expand the scope of government subsidies to focus more on non-state-controlled and less volatile R&D investments.