Study On The Impact Of Internal And External Collaborative Governance Mechanism On The High-quality Use Of Government Science And Technology Subsidies

At present,China’s science and technology innovation is facing a severe international situation,and in order to improve the country’s comprehensive innovation skills and innovation efficiency,and to boost the interest of corporations in engaging in research and development(R&D)and innovation projects,the government is incrementally adding government grants for high-tech enterprises.However,in the process of implementing and using government technology subsidies,due to the significant characteristics of high risk and long return period of R&D investment activities and moral hazard caused by information asymmetry,some enterprises have the tendency to use the subsidies for inefficient projects to avoid risks,and there are also a large number of enterprises catering to fiscal and tax policies to seek support.Therefore,under the special institutional background conditions in China,it is important to study the quality of the use of government R&D grants for hightech enterprises for their sustainable development.Based on this,this paper will research the impact of internal and external governance of high-tech enterprises on the quality of the use of government R&D grants,with a view to providing theoretical guidance for policy formulation and implementation,and tested the internal and external collaborative governance system for high quality use of government R&D grants in high-tech enterprises,enriching the theoretical results in this area.Taking the high-tech enterprises,Shanghai and Shenzhen A-share listed companies as the research object from 2015 to 2020,this paper empirically investigates the impact of internal and external collaborative governance systems on the high quality use of government R&D grants,and to conclude through an analytical study:(1)Corporate governance,internal controls,and internal governance are all positively related to the high quality use of government R&D grants;(2)Audit governance,market level,media attention and external governance are all positively related to the high quality use of government R&D grants;(3)The synergy between internal governance and external governance has a positive effect on the high quality development of government science and technology grants,and the synergistic effect of internal and external governance is significant;(4)After the introduction of executive academic experience as a regulatory variable,it is found a positive moderating effect of executive academic experience on internal governance and high quality use of government R&D grants,but no significant effect in the effect of external governance on high quality use of government R&D grants;(5)Finally,further analysis finds that under different property rights nature,the effects of internal governance and external governance on high quality use of government R&D grants are different,and the promotion effects of internal and external governance on the high-quality use of government R&D grants are more obvious in non-state enterprises than in state-owned enterprises.