Research On The Impact Of Government Subsidies On The High-quality Development Of Manufacturing Enterprises

Since the 19th CPC National Congress,China’s economy has shifted from seeking rapid growth to pursuing high-quality development.As the foundation and core of the real economy,manufacturing industry is the key and fundamental to achieving high-quality development in the new stage.However,with the increasing international competition situation,the problems of China’s manufacturing industry such as low overall technical level and poor independent innovation ability are increasingly prominent.It is urgent to rely on government subsidies as a macro-control tool to promote the high-quality development of manufacturing enterprises,so as to get rid of the plight of China’s manufacturing industry,which is large but not strong.However,there are still many problems in the current academic literature on high-quality development of manufacturing enterprises,such as unclear definition of the connotation of high-quality development,inconsistent measurement methods,and unclear effect of government subsidies.Based on this,the thesis takes a total of 7936 samples of 1428 listed companies in China’s Shanghai and Shenzhen A-share market from 2015 to 2021 as the research object:firstly,based on reviewing relevant academic literature,clear explanations are provided on the research status,related concepts and theoretical basis;Secondly,on the basis of deeply understanding the connotation of high-quality development of manufacturing enterprises and drawing on the research results of relevant scholars,a comprehensive index system including five sub-dimensions of financial performance,management mechanism,comprehensive benefits,green and innovative development,open sharing,which is constructed to evaluate the high-quality development level of manufacturing enterprises;Finally,the thesis analyzes the effect of government subsidies on the high-quality development of manufacturing enterprises and its sub-dimensions,and analyzes the difference of government subsidies on the high-quality development of manufacturing enterprises in terms of the heterogeneity of manufacturing enterprises in property rights,industry factor density and regional distribution.In addition,the thesis also uses the intermediary effect model to study how government subsidies affect the high-quality development of manufacturing enterprises through financing constraints.The study shows that:(1)The overall level of high-quality development of manufacturing enterprises is relatively low,and the average closeness during the study period is less than 0.4.(2)Government subsidies have a significant role in promoting the high-quality development of manufacturing enterprises,and the impact on different sub-dimensions is different.(3)The impact of government subsidies on the high-quality development of manufacturing enterprises with different property rights,industrial factor intensity and regional distribution is different.(4)Financing constraints play a part of intermediary role between government subsidies and high-quality development of manufacturing enterprises.Therefore,on the one hand,manufacturing enterprises should take achieving high-quality development as the fundamental goal while improving the efficiency of using government subsidies.On the other hand,the government should improve the management level of subsidy policies and optimize the external business environment of enterprises,so as to promote the high-quality development of manufacturing enterprises in China to take greater steps.