Abstract Based on the data of Chinese listed companies from 2017 to 2019, this paper studies the impact of fiscal subsidies on the high-quality development of enterprises. The empirical results show that government subsidies, as an important financing channel for enterprises, significantly promote the high-quality development of enterprises. The analysis of the mechanism shows that government subsidies can promote the high-quality development of enterprises by alleviating financing constraints, promoting technological innovation and improving enterprise performance. Further study finds that this impact has obvious heterogeneity in different cycles of industrial development. In other words, although government subsidies significantly improve the high-quality development of enterprises in the formation period and growth period, the impact on the mature period and recession period is not significant. This difference is also reflected in the nature of enterprise property rights. This study theoretically and empirically explains the impact mechanism and heterogeneity of government subsidies on the high-quality development of enterprises. And from the perspective of optimizing the allocation of funds, it gives some policy suggestions to improve the efficiency of government subsidies.
2022, Vol. 39 
