关键词: 政府R&, D投入；创新绩效；零膨胀模型；所有制

Abstract:  Innovation presents a new trend of development under the current scientific and technological revolution. Innovation promotes economic development, mass entrepreneurship, innovation and other topics on innovation have been the focus of national and regional attention. Innovation is the first driving force for development and the strategic support for building a modern economic system. With the rapid development of economy, innovation is the main force for high-tech enterprises to gain competitive advantage. Whether or not innovation directly determines the survival and development of high-tech enterprises. For high-tech enterprises, R&D activities are not only the cornerstone of innovation ability, but also the core of enhancing the technological and technological advantages of high-tech enterprises. However, there are many factors affecting the innovation activities of enterprises. On the one hand, for individuals, enterprises have many individual characteristics, such as enterprise size, enterprise nature, enterprise age, etc. On the other hand, because of market failure such as knowledge spillover, the innovation expenditure of high-tech enterprises will be lower than the optimal level of society. As the representative of public welfare, the innovation activities of high-tech enterprises can not be separated from the government’s scientific research investment. Therefore, the impact of government R&D investment on enterprise innovation has always been the focus of policy and theoretical circles. Based on this background, this paper comprehensively studies the impact of government investment in scientific research on innovation performance of high-tech enterprises from both enterprises and government, and the difference of ownership in its impact.
Firstly, this paper reviews the research status at home and abroad, combs the relevant theories of government investment in scientific research, enterprise ownership and enterprise innovation, and summarizes and analyses the impact of government R&D investment on enterprise innovation performance. It is found that the research on the relationship between government R&D investment and enterprise innovation mainly focuses on two aspects. On the one hand, it studies the impact on the enterprise’s own scientific research investment. Based on different theoretical perspectives, there are mainly three kinds of relationships: complementary relationship, substitutional relationship and no significant relationship. On the other hand, it is to study the impact of government R&D investment on innovation output or efficiency, mainly to test whether government R&D investment is conducive to enterprises to have more innovation output and improve enterprise innovation efficiency. Most studies have shown that government R&D investment can break the restriction of enterprise R&D capital, make enterprises have more output in innovation, help enterprises improve innovation ability and improve innovation efficiency; but some scholars have put forward the paradox of R&D growth, believing that the increasing R&D investment has not turned into ideal innovation output, besides the market failure mentioned above, there is still room for improvement. As a kind of factor input, R&D investment follows the law of diminishing marginal return, that is, when R&D investment reaches a certain limit, marginal cost will exceed marginal return, and increasing R&D investment is not conducive to maximizing profits.
In view of the particularity of China’s high-tech enterprises, because of the different nature of enterprise ownership, their innovation performance with the help of government R&D investment is also different. This is mainly due to the differences in resource endowment, operating environment and financing difficulty underdifferent enterprise ownership structure, which makes enterprises present different R&D incentives, innovative ways and technological capabilities, and ultimately leads to innovation performance. There are some differences in effectiveness. According to the theory of resource dependence, state-owned enterprises have obvious advantages in resource endowment. They are often controlled by local or local governments. When faced with losses, state-owned enterprises will soon receive subsidies, tax relief or other compensation measures from local governments. But the principal-agent theory points out that the long-term separation of ownership and management rights of state-owned enterprises, the absence of enterprise owners, the lack of incentive, supervision and accountability mechanisms, even if they enjoy more innovative resources and government preferences, will result in double losses of production efficiency and innovation efficiency. Therefore, the incentive effect of government subsidies on innovation of state-owned enterprises will be weakened or even have a negative impact. On the contrary, non-state-owned enterprises do not have highly internalized production systems, redundancy of personnel and other issues. They have greater autonomy and flexibility in innovation activities, can quickly make decisions and implement innovation activities, and have better innovation effect. According to the literature review, three hypotheses are put forward: H1: enterprises with government R&D investment have more incentive effect than inhibition effect, and government R&D investment has significant promotion effect on enterprise innovation performance; H2: government R&D investment can be beneficial to enterprise innovation within a reasonable range; H3: state-owned enterprises will weaken the impact of government R&D investment on enterprise innovation performance.
In view of these three hypotheses, this paper takes high-tech enterprises as the research object, carries out a deeper statistical analysis on innovation input, innovation output and innovation performance of Shanghai high-tech enterprises from the micro-level; then elaborates the theoretical model and data sources, through empirical analysis of the impact of government R&D investment and innovation performance of Shanghai high-tech enterprises, and joins the ownership of enterprises. The regulation function of the system is analyzed and the corresponding conclusions are drawn.
This paper uses the negative binomial regression of zero inflation, and finds that: 1) For Chinese high-tech enterprises, government R&D investment can restrain their own scientific research investment, but it also has a significant incentive effect on enterprise innovation performance, and its incentive effect covers its restraint effect. Generally speaking, government R&D investment has a significant promotion on innovation performance of high-tech enterprises. 2) The government R&D investment is not a simple linear relationship to the innovation performance of high-tech enterprises, but has a suitable "interval" and has an overall "inverted U" effect. That is to say, when the government provides scientific research funding to enterprises, too high or too low scientific research funding rate will inhibit the innovation of high-tech enterprises; 3) The impact of government R&D investment on innovation performance of high-tech enterprises with different ownership will be different. The government R&D investment of state-owned high-tech enterprises has little effect on the innovation performance of high-tech enterprises. On the contrary, for private enterprises, foreign-funded enterprises and limited companies, appropriate government R&D investment will promote the innovation of enterprises.

Key words: government R&D investment, innovation performance, zero-inflated model, ownership