Research on the Impact of Fiscal Subsidies on the Performance of High-Tech Enterprises – Empirical Evidence Based on High-Tech Listed Companies in Guangdong Province

This paper relies on the data of high-tech listed companies in Guangdong Province during the period from 2012 to 2022. With the return on total assets as the explained variable, financial subsidies as the explanatory variable, and enterprise age, enterprise scale, asset-liability ratio, and enterprise growth as control variables, a panel data regression model is constructed to empirically examine the influence of financial subsidies on the performance of high-tech enterprises. The findings indicate that financial subsidies exhibit a notable positive impact on the performance of high-tech enterprises within Guangdong Province and have passed the robustness test. Based on the research conclusions, targeted suggestions and countermeasures are proposed from both the government and enterprises to jointly propel the high-quality development of high-tech enterprises.