Analysis of Impact of Government Incentive Policies on Growth-Exit of High-Tech Enterprises from a Dynamic Perspective

Abstract:

In order to evaluate the real effect of government industrial policy incentives， in this paper a full sample of high-tech enterprises in Shanghai Zhangjiang High-Tech Park from 2012 to 2018 is used， and a panel data regression model and a Cox proportional risk model are applied to analyze the main factors affecting the growth and exit risks of high-tech enterprises from a dynamic perspective. The research result show that enterprises with high-tech recognition will indeed improve their level of development， profitability and innovation， but the enhancement effect varies significantly. In addition， the strength of the research and development subsidies and tax incentives of government is inversely related to the exit risk of high-tech enterprises. Besides， from the innovation dimension， the scale of enterprise innovation and the number of patents can more robustly reflect the relationship between innovation and the recognition of high-tech enterprises. Therefore， the central and local governments need to take these factors into account when optimizing the recognition criteria and improving the incentive policies system.