신흥국에서 기업의 R&D 투자 활동과 정부 보조금이 기업성과에 미치는 영향

This study examined technological innovation and government subsidies of private listed companies in China affect corporate performance. In order to measure the relationship between the company and the government, existing studies have focused on whether the top management is fully utilized, whether it is lobbying the government, and whether there are government personnel among the top management in the company. In this study, using newly discovered data, the size of subsidies supported by the government was measured by the degree of connection with the government. Through a total of 4,700 data from 2015 to 2018, this study first found that the degree of technological innovation of a company and the size of subsidies supported by the government directly improved the financial performance of each company. Meanwhile, in the relationship between technological innovation and financial performance, it was found that government subsidies had a negative (-) moderating effect. This means that if a company receives a subsidy from the government in the process of technological innovation, moral hazard and agent problem occur due to information asymmetry between the government and the company, and as a result, the performance of the company is negatively affected. In addition to the fact that the existing research mainly looked at factors such as market innovation and nonmarket capability, this study has a theoretical contribution point in that it has found the negative synergy effect of these two factors. Also, it is expected to have practical implications for companies considering obtaining subsidies from the government for technological innovation activities in developing countries.