Abstract
Based on the data of China's GEM companies from 2015 to 2017, this paper uses linear regression analysis model to verify the relationship among government subsidies, R&D investment and business performance. The results show that government subsidies have no significant impact on business performance, but when the intensity of government subsidies increases, the R & D investment of GEM enterprises also increases significantly. On this basis, we also concluded that the existence of R & D investment makes the government subsidies to be positively correlated with the business performance. Therefore, there is a mediating effect of R & D investment between government subsidies and business performance.
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