Abstract:  The impact of government subsidies and tax incentives on business performance is empirically tested based on micro-enterprise data of strategic emerging industries And the property rights and the degree of marketization are used to conduct group tests, as a robustness test for policy tools to examine the heterogeneous impact of policy tools in different dimensions Finally, the multiple mediating effects model based on structural equations is used to further explore the internal conduction mechanism of this effect The empirical results show that: in the benchmark regression results, government subsidies have significantly promoted the improvement of the operating performance of strategic emerging industries, and tax incentives are not as effective as government subsidies In the study of conduction effects, the mechanism of R&D investment is a concealing effect, rather than an intermediary effect This is mainly because government subsidies have crowded out the company’s own R&D investment to a certain extent; while the enterprise scale is significant in inhibiting the partially intermediary effect in government subsidies effects

Key words: strategic emerging industries, government subsidies, tax incentives, business performance, multiple intermediary effects