Financing Structure,Government Subsidy And R&D Investment

In recent years,the Chinese government has continuously increased its support for high-tech industrial enterprises.In 2020,the high-tech industry as a whole maintained a trend of rapid development,and the sales income increased by 14.7%,higher than the national average level of 6%.While the government subsidy promotes the development of the scientific and technological level of enterprises,some scholars suggest that due to the lack of effective supervision on the government subsidy,the subsidy funds cause repeated construction,exceeding the reasonable demand level of the market,which will cause the government subsidy to have a negative impact on the R&D investment of enterprises.In this context,further analysis and exploration are needed on whether government subsidies can promote enterprise R&D investment and whether changes in financing structure will affect the role of government subsidies.Based on this,on the basis of literature review and theoretical analysis,this paper uses econometric analysis to select GEM companies as the research object of this paper.It builds a panel analysis model based on the data from 2015 to 2019,and conducts research and Analysis on the impact of financing structure and government subsidies on the R&D investment of listed companies.The research finds that:(1)in the gem enterprises,government subsidies can promote R&D investment,and the effect on R&D manpower investment is less than that on R&D fund investment.(2)In gem enterprises,a more uniform and optimized financing structure can promote R&D investment,and the role of R&D manpower investment is greater than that of R&D funds.Increasing the proportion of equity financing can promote enterprises to increase their investment in R&D projects.(3)When the financing structure changes.the promotion effect of government subsidies on R&D investment will appear threshold effect.The positive promotion effect of government subsidies on R&D investment is effective when the financing structure is between two thresholds.When the financing structure exceeds the specified range,this promotion effect may not be fully exerted.On the basis of empirical analysis and combined with the actual situation of China’s development,this paper puts forward three policy suggestions from the two dimensions of enterprise managers and government departments.From the perspective of enterprise managers,measures can be taken to improve the credit status of enterprises and reasonably adjust the financing structure.From the perspective of government departments,measures can be taken to build a sound audit process and supervision mechanism;Optimize the subsidy mechanism and adopt diversified forms;Set up an information platform and improve the market mechanism.