How do Government Subsidies Affect the R&D Investment Intensity of Livestock Enterprises?From the Perspective of Enterprise Life Cycle and Executive Equity Incentives
Enterprises are the main body of scientific and technological innovation.Livestock enterprises are an important driving force to promote scientific and technological innovation and high-quality development of animal husbandry.Based on the background of the weak innovation ability of livestock enterprises and the tightening government finance,this paper empirically analyzes the impact of government subsidies on the R&D investment intensity of livestock enterprises by using the data of China's listed livestock companies from 2007 to 2021.The results show that government R&D subsidies significantly increase the R&D investment intensity of livestock enterprises after dealing with endogenous problem and carrying out robustness tests,while government non-R&D subsidies have no significant impact on the R&D investment intensity of livestock enterprises.Classifying the sample enterprises into growth stage,maturity stage,and decline stage according to their life cycles,we find that government R&D subsidies have a significant and positive impact on the R&D investment intensity of livestock enterprises in the growth stage,but have no significant impact on livestock enterprises in the maturity and decline stages.Executive equity incentives play a positive moderating role in the impact of government R&D subsidies on the R&D investment intensity of livestock enterprises in the growth stage,but have no significant moderating effect on the R&D investment intensity of enterprises in the maturity and recession stages.The heterogeneity analysis shows that government R&D subsidies have a more obvious effect on the R&D investment intensity of private livestock enterprises,dairy processing,and animal health enterprises,as well as livestock enterprises in eastern and central regions.Therefore,the proportion of R&D subsidies in government subsidies is supposed be increased,and livestock enterprises in the growth stage is encouraged implementing executive equity incentive plans.The government should distribute R&D subsidies differently according to the different life cycles,nature of ownership,industries,and regions where livestock enterprises are located.
Government SubsidiesLivestock EnterprisesR&D Investment IntensityEnterprise Life CycleExecutive Equity Incentives