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作为创新驱动发展的新引擎，高科技企业在优化我国产业结构，推动我国经济高质量发展方面贡献突出，其发展状况备受国家关注。由于创新过程复杂，高新技术企业常面临较大的研发压力和风险，仅靠企业自身抗衡难以实现行业整体快速发展，政府干预显得尤为重要。统计表明，事实上高新技术企业确实更容易获得政府的青睐，且近几年政府扶持力度一路加大。那么，巨额的政府补助究竟带来何种效益，是为高新技术企业的发展增添新动力？还是资源错配？这些问题值得深入探讨。

因此，本文选取高新技术企业中较具行业代表且获助争议较大的科大讯飞为案例对象，以2016-2020年科大讯飞年报数据为基础，围绕着企业获助原因、规模以及政府补助对企业绩效产生哪些影响，又存在哪些问题亟需解决这一思路展开研究。在财务绩效方面，首先借助灰色关联分析法构建评价体系，对政府补助与科大讯飞财务绩效关系进行总体评价，紧接着从现金流、盈利、偿债、营运、成长五个方面展开分析，通过对比剔除政府补助前后相关财务指标变动得出政府补助对科大讯飞财务绩效的具体影响。在非财务绩效方面，重点从直接和间接两方面分析各类政府补助对其创新能力和社会责任履行情况的影响效果。研究表明，政府补助并未实质提升科大讯飞的财务绩效，反而虚增企业报表利润，美化企业当期盈利状况，致使科大讯飞对政府补助产生依赖效应；反之，在资金流和信息流的双重作用下，科大讯飞的创新水平和质量得到有效提升，税收贡献和公益能力也明显增强。总体来看，政府补助对科大讯飞企业绩效的影响是利大于弊，但未来政府和企业仍应就消除“政府补助负面影响”做出努力，争取最大化发挥政府补助的积极效应。

基于此，本文建议未来政府应健全与政府补助相关绩效考核评价体系，充分发挥政府补助引导作用，搭建并推动产学研一体化平台运转，为社会创新保驾护航；与此同时，科大讯飞应着力提升自身盈利能力，健全企业内部监督机制，摆脱对政府补助的依赖，实现“增收又增利，创新又发展”等多重目标。

关键词：政府补助 科大讯飞 高新技术企业 财务绩效 非财务绩效

As a new engine of innovation driven development, high-tech enterprises have made outstanding contributions in optimizing China's industrial structure and promoting China's high-quality economic development, and their development has attracted much national attention. Due to the complex innovation process, high-tech enterprises often face great R & D pressure and risks. It is difficult to achieve the overall rapid development of the industry only by relying on their own competition. Government intervention is particularly important. Statistics show that, in fact, high-tech enterprises are indeed more likely to win the favor of the government, and the government's support has increased all the way in recent years. So, what kind of benefits does the huge government subsidy bring to the development of high-tech enterprises? Or resource mismatch? These problems deserve in-depth discussion.

Therefore, this paper selects iFLYTEK, which is more representative in the high-tech enterprises and has a great controversy about the assistance, as the case object. Based on the data of iFLYTEK's annual report from 2016 to 2020, this paper focuses on the idea of the reasons, scale, impact of government subsidies on enterprise performance, and what problems need to be solved. In terms of financial performance, firstly, the evaluation system is constructed with the help of grey correlation analysis method to comprehensively evaluate the relationship between government subsidies and iFLYTEK's financial performance, and then analyze it from five aspects: cash flow, profit, debt repayment, operation and growth, By comparing the changes of relevant financial indicators before and after excluding government subsidies, the specific impact of government subsidies on iFLYTEK's financial performance is obtained. In terms of non-financial performance, it focuses on analyzing the impact of various government subsidies on their innovation ability and social responsibility performance from both direct and indirect aspects. The research shows that the government subsidy does not substantially improve the financial performance of iFLYTEK, but falsely increases the profits of the enterprise statements and beautifies the current profit situation of the enterprise, resulting in the dependence of iFLYTEK on the government subsidy; On the contrary, under the dual effects of capital flow and information flow, iFLYTEK's innovation level and quality have been effectively improved, and its tax contribution and public welfare ability have also been significantly enhanced. Overall, the impact of government subsidies on iFLYTEK's enterprise performance is that the advantages outweigh the disadvantages. However, in the future, the government and enterprises should still make efforts to eliminate the "negative impact of government subsidies" and strive to maximize the positive effect of government subsidies.

Based on this, this paper suggests that the future government should improve the performance evaluation system related to government subsidies, give full play to the guiding role of government subsidies, build and promote the operation of the integration platform of industry, University and research, and escort social innovation; At the same time, iFLYTEK should strive to improve its profitability, improve the internal supervision mechanism of the enterprise, get rid of the dependence on government subsidies, and achieve multiple goals such as "increasing income and profits, innovation and development".

Keywords：Government subsidies; IFlytek; High-tech enterprises; Financial performance; Non-financial performance