Government R&D Funding,Enterprise Innovation Investment,and High-Tech Industry Innovation Performance

At present,under the guidance of the innovation-driven development strategy,all walks of life are accelerating the pace of innovation.As the main fronts of innovation development,high-tech industry is becoming an important engine for promoting innovation and development of the Chinese economy.Fundamentally speaking,the innovation and development of high-tech industry depends on two elements,namely capital factor and labor factor.At the same time,it depends on two subjects,namely the industrial market subject and the government subject.Coordinating the two elements and the two subjects,and clarifying their relationship and mechanism of action,can make the pace of innovation in high-tech industry faster and more stable,and thus assist China in building an innovative country smoothly.This article combines the actual situation of government R&D funding and high-tech industry innovation development in China,as well as the research results of relevant scholars at home and abroad,to explore the goal of "the impact effect and path of government R&D funding on high-tech industry innovation performance".Starting from the Cobb-Douglas production function of innovation,the research divides enterprise innovation investment into two parts: R&D capital input and R&D personnel input.On this basis,with the help of microeconomics theory,this paper comprehensively discusses the direct effect,mediator effect and moderating effect of government R&D funding on the innovation performance of high-tech industries.Furthermore,selecting and constructing the panel data of high-tech industries in 30 provinces,municipalities and autonomous regions(except Tibet)from 2009 to 2020 for empirical research.The main conclusions are as follows:(1)At the national level,there is a significant inverted U-shaped relationship between government R&D funding and high-tech industry innovation performance,which indicates that there is an optimal level of government funding,and the critical value of inverted U-shaped is 11.742,beyond which the government’s direct innovation support will inhibit the high-tech industry innovative development.At present,China’s overall funding level is still on the left side of the inverted U-shape,indicating that there is still some room for government R&D funding to play a role in the innovation performance of high-tech industries.(2)When dividing into the eastern and central western regions,there is a significant inverted U-shaped relationship.The critical value(11.282)in the eastern region is lower than the critical value in the central and western regions(12.717),indicating that the development of high-tech industries in the eastern region is less dependent on government funding.The state-owned enterprises in the eastern region have shown outstanding performance in improving innovation performance,and increasing the intensity of education support and wage levels can also effectively support the innovative development of high-tech industries in the eastern region.However,the technological resources formed in the past will actually inhibit high-tech industry innovation.In addition,the implementation space of direct innovation support from the government is greater in the central and western regions,where high-tech industries still have a certain scale advantage in improving innovation performance.The intensity of education support in the central and western regions can also effectively support high-tech industry innovation.(3)When considering the capital elements of enterprise innovation investment,government R&D funding has a significant incentive effect on R&D capital investment and further promotes the innovation performance of high-tech industries,which has a strong mediating effect and is an important way for government R&D funding to play a role.(4)When considering the human capital elements of enterprise innovation investment,R&D personnel investment has a significant effect on the improvement of innovation performance in high-tech industries,and government R&D funding plays an important positive regulating role in this process.There is still significant policy space for the government to mobilize the enthusiasm of human capital innovation.Finally,based on the empirical analysis,this paper puts forward policy suggestions on how to effectively subsidize the high-tech industry by the government.How to choose the innovative development mode according to own characteristics by the different regions and different enterprises.How to scientifically invest in innovation.The significance of improving education level and the main ways to stimulate the innovation vitality of human capital in different regions.Hope to provide reference for relevant subjects.