| In order to better help listed companies develop and grow and improve economic and social benefits,the government has introduced a series of incentive policies,of which subsidies for enterprises are the most common incentive methods.As the leader of China’s economic development and the national key development industry,the government attaches great importance to the growth and development of high-tech enterprises,in the process of stimulating the development of high-tech enterprises,government subsidies can have an impact on the financial performance and innovation performance of enterprises,in order to promote the smooth transformation and development of the country,China’s support for hightech enterprises has gradually increased,and the scale of government subsidies is also expanding.Scholars from various countries have studied the relationship between government subsidies and firm performance,but the conclusions reached are different due to different starting angles and different research enterprises.Therefore,in the process of topic selection,high-tech enterprises in line with the new national strategy are selected as the research objects,which makes the research have practical significance.The theoretical basis of this theies mainly includes signal transmission theory,government intervention theory and externality theory,and introduces in detail from the aspects of financial performance,innovation performance,sales volume and market share.First of all,financial performance,mainly reflected in profitability,solvency,operating capacity and development ability,through the corresponding analysis of government subsidies and various indicators,observe the changes and differences of various indicators before and after deduction of government subsidies,and systematically analyze the specific impact of government subsidies on various indicators and even financial performance.At the same time,the factor analysis method was selected to analyze the correlation between government subsidies in the previous period and various financial indicators of enterprises.Finally,the comparative analysis of subsidies before and after from the aspects of innovation performance,sales volume and market share was carried out,so as to conclude the impact of government subsidies on SMIC’s non-financial performance.According to the results of this theies,SMIC’s financial performance plays a positive role under the incentive of government subsidies,and the incentive effect of government subsidies is more obvious in terms of operating capacity and solvency,which can improve the shortterm profitability of enterprises,but the lasting impact on enterprises still needs to be improved.The effect on the improvement of enterprise development ability is not obvious.Therefore,government subsidies do not substantially improve the financial performance of enterprises,and may even have negative effects that mask the actual financial status of enterprises.Enterprises still need to improve their own strength,increase innovation investment,improve innovation capabilities,strictly control costs,improve profits,and promote development;It is necessary to rationally optimize the use of funds so that government subsidy funds can have a positive effect on enterprise performance,and at the same time reduce dependence on government subsidies,improve the efficiency of the use of government subsidy funds,reasonably optimize the allocation of enterprise resources,and improve the development ability of enterprises.For non-financial performance,a larger amount of government subsidies can promote SMIC’s investment in innovation and improve the company’s innovation output capacity.The increase in government subsidies has also helped to increase companies’ share of the market.Through the research on the impact of government subsidies on enterprise performance,the research on related aspects can be supplemented and expanded,and the relevant literature can be enriched.At the same time,relevant suggestions are given in response to the raised problems,aiming to promote enterprises to improve their performance under the new subsidy policy and promote the healthy and good development of enterprises. |
