The Impact Of Government Subsidies And R&D Investment On Corporate Innovation Performanc

As China’s development is still in an important period of strategic opportunities,accelerating the improvement of China’s scientific and technological innovation capacity is still the most important task at present.This article through to the relevant theories of scholars at home and abroad and the existing research results,using externality theory,technological innovation theory,market failure theory and the sequential game theory,studies the government subsidy and enterprise R&D influence on innovation performance of listed companies,at the same time combined with our country enterprise government support and R&D development present situation.Firstly,according to the results of the dynamic game process,it is concluded that there are multiple factors influencing government subsidies on enterprise innovation behavior.In order to better study the relationship between government subsidies,R&D investment and enterprise innovation performance,this paper is based on the data of all A-share listed enterprises from 2015 to 2019.Finally,718 listed companies were screened out of the relevant financial indicators and the number of patents granted and other innovation output indicators,Stata16 software was used to establish a fixed effect model,LSDV estimation method was selected for multiple linear regression analysis,but also considering the heterogeneity of property rights,state-owned enterprises and non-state-owned enterprises were grouped regression.In addition,the threshold regression model is used to further explore whether the impact of R&D investment on enterprise innovation performance will have structural mutation with the change of government subsidies investment intensity.By exploring the external influencing factors of innovation performance of listed enterprises in China,including government subsidies and problems existing in R&D investment,and analyzing the impact of government subsidies and R&D investment on innovation performance,the following conclusions are drawn:(1)Both government subsidies and R&D investment can significantly improve the innovation performance of enterprises.When both exist,they still have an incentive effect on innovation performance.(2)There is a significant positive correlation between the impact of government subsidies and R&D input on enterprise innovation performance for both state-owned and non-state-owned enterprises,but the positive impact is different under different property rights.(3)The positive effect of R&D investment on innovation performance increases significantly when the intensity of government subsidy investment reaches a certain threshold value.The research of this paper is conducive to exploring whether these two approaches can promote or inhibit the improvement of enterprise innovation performance.It can enrich the existing data on the impact of government subsidies and R&D investment on enterprise innovation performance,and make up for the inadequacy of the existing literature on the impact of a single external approach on innovation efficiency.