중국 정부의 보조금과 하이테크기업 성과의 관계: 연구개발투자의 매개효과와 합법성의 조절효과를 중심으로

In the 4th Industrial Revolution, the changes in high-tech industry are taking place rapidly. Because of this rapid changing environment, diversification of consumer needs, shortening product life cycles, and integrating global markets, it becomes very important to develop new technological capabilities faster than competitors. However, developing new technological capabilities requires a lot of money and time to invest. Many high-tech companies rely on government subsidies to secure money for new technologies and acquire competitive advantage. Thus, in this study, we examine the impact of government subsidy on the performance of high-tech companies through the impact on securing technological resources. We also examined how 'corporate social responsibility (CSR) can help to ensure legitimacy of corporate existence and strengthen the effectiveness of corporate resources and competitive advantages. According to the findings, the Chinese government subsidy helps high-tech companies improve their performance. It was also found that the relationship between government subsidies and corporate performance is generated only through the mediating effect of technological resources. Furthermore, the impact of technical resources of high-tech companies on performance vary depending on the level of legitimacy of the company. These findings imply that Chinese high-tech companies should use government subsidy more actively to delivery signals to internal and external stakeholders for the company's potential growth. On the other had, government should establish a system to monitor whether the subsidies paid to high-tech companies have been utilized for the development of technical capabilities of companies. The findings also provide some theoretical implications for the researchers on resource-based views.