| After the subprime mortgage crisis occurred in America in2007,the crisis had spread to other countries and then developed into a global financial crisis, wich has a great impact on the world’s policy, economy and culture. The financial crisis will lead to an adjustment in the economic structure, the world steps into the post-crisis era.It is proved by the history of global economic development, that emerging industry can always grow up with the overcoming of economic crisis, and become a new economic growth point by its unique vitality as well as the major force to get rid of the economic crisis. The emerging industry will promote the economy into a new round of prosperity after the crisis. Currently, no matter the strong demand of the post-crisis era or the energy saving by inner scientific technology are being spawned with a technological revolution marked with a new technology for energy-use and a breakthrough in life science. Facing the severe impact of the financial crisis, major developed countries have to adjust the direction of the industrial development. A package of emerging industry development strategy and continually investment in scientific innovation, accelerate the layout of emerging industry and industrial development and try to get out of the financial crisis by developing new technologies, generating new industries and creating a new economic growth point in order to seize a commanding point in a new round of economic growth. New round of industrial technology revolution is brewing.As a new industrial type, emerging industry has its unique characteristics which are different from traditional industries such as high risk, high investment and high yield. The law of development, pattern and system requirement of emerging industry are quite different from the traditional industry, the government’s policy guidance and institutional guarantee become very important. So the development of emerging industry requires a series of institutional innovation in order to promote industrial resources’agglomeration in emerging industry. Adjust the industrial structure in a new round of economic development on purpose to seize a commanding point in industrial development.Since reform and opening up, China insists on the institutional reform and improvement, but overall, there are still many problems:on financial institution, the commercial banks play a very small role on the development of the emerging industry, the time of venture capital investment’s development is very short, Growth Enterprises Market issue is too slow to meet the financial needs of numerous innovative companies, due to the functional orientation the policy banks are in a state of service vacancy. In the human capital training intitution, personnel education system is disconnect with social needs, the training system of company is in short, incentive system is distempered, so that it is very difficult to fully motivate the initiative and creativity of creative talents. The mechanism that talents can flow freely and reasonably should be improved. In science and technology institution, technology management duplication and long cross, lack of long-term science and technology investment growth mechanism, the enterprise has not become a true technological innovation main body yet, the rate of industrialization is low, phenomenon of "two pieces of skins" in research and production is serious. In government management system, legislation is not systemic and poor coordinated, financial investment growth system is not implemented, way of fiscal expenditure lack of efficiency, pertinence of preferential tax policies is not strong, tax sets unreasonable, fiscal and taxation policies’encouraging and introductory function in emerging industry is not clear yet. All of these problems need continuous insitutional innovation, to break the bottleneck of the development of emerging industry. Provide a good institutional environment and institutional arrangements for the development of the emerging industry.The analysis of context in the dissertation as bellow:First of all, definite emerging industry and the connection and difference between it and other related concepts, clarify the concepts of institution and institutional innovation, and comb the general theory of industrial development systematically.Secondly, do some theoretical research in motivation and development route of emerging industry, and use panel data on the empirical test about the main factors of impact of the development of emerging industry, in particular, examines the degree which institutional change contribute to the development of emerging industry.Thirdly, analyze the role in position that institution plays in emerging industry, discourse the institutional system that emerging industry required in its development,and make use of institutional analysis method in the analysis of institutional innovation in emerging industry and the use of evolutionary game theory in the dynamic analysis of institutional innovation model, thereby laying a posterior analytical framework and a theoretical foundation for this paper.According to this framework, the paper combines the following three chapters with the actual situation of china’s institution context, discuss the emerging industry development of cultivating system innovation elements, the enterprise system innovation and the government management system innovation in detail, and present some feasible, operational opinions.Finally,as the developmental practice of strategic emerging industry in chengdu city a case,paper explain the needed institution in the development of emerging industry and its innovation.The main conclusions of this paper are:(1) The main causes of emerging industrial formation are:"technology push" model,"demand pull" model and "technology push-the market pull" integrated model. The paths of emerging industrial development are:market spontaneous foster type, the government foster type and market spontaneous combined with government support model.(2) Institution, capital, technology and human capital make up the emerging industrial development endogenous elements, but the institiution is higher than the technology, the system is higher than the capital, is the primary factors. The institiution has an important impact on other three elements, the quantity and quality that capital, technology and human capital gathered in an industry depend on the institutional environment and specific institutional arrangement, institiution promote the coupling among talents,capital and technology.Emerging industry divide into formal institiution and informal institiution. Formal institiution includes elements cultivation institiution, enterprise institiution and government managemental institiution. The elements cultivation institiution includes financing system, human capital system and technology system.The enterprise institiution consists of enter[rise organization system, enterprise property right system, corporate governance system, management system, etc, and the government managemental institiution includes taxation, the legal system and industrial policies. Informal system covers the values, ideology, customs, and cultural traditions and so on.(3)The results of empirical shows that the main driving force of emerging industrial development is the physical capital investment, and has not get out of china’s traditional industry "extensive, quantitative growth" consistent pattern, it is necessary to turn to the intensive,the quality-type growth model. Human capital, technology progress play inconspicuous promoting effect on the emerging industrial development, the main reason is that has not been set up a perfect system of human capital and technology management system, limiting the functions that human capital and technology progress played in the emerging industrial development. Institutional factors has become the pull factors that is only second to physical capital in emerging industrial development, it should to noted that, although the progress of non-nationalization, market oriented and outward oriented still continues, the government support have been strengthened, but there are still lager room for institution innovation, we should stick to institution and mechanisms of reform and innovation, and focus on the coupling between the system, making it the chief pull factor of emerging industrial development.(4)As compared with traditional industries of the special needs of the system, the emergence of emerging industry will lead to institution non-equilibrium, and the kind of institution non-equilibrium will exist in a period of time, namely, from the birth, the emerging industry always go through a period of "institutional vacuum" times more or less. Therefore, the government and enterprises should strengthen the basic research in the law on the development of emerging industry, the effecting factors, adaptive system, technology and industry trends and other aspects, and try to minimize the cognitive delay as soon as possible, shortening the time of institution non-equilibrium, creating a good institutional environment and institutional arrangement for emerging industry.Due to the institutional innovation only occurs when the potential gain is greater than the innovation cost, the system imbalance triggered by the emergence of emerging industry trigger does not necessarily lead to institutional "adaptive" innovation,"institutional vacuum" time depends on whether there is an external power to change the comparisons between the potential gain and institutional innovation cost. As a typical external force, the crisis will provide a new opportunity to the rapid development of emerging industry. For the government, taking full advantage of the crisis to bring a development opportunity in emerging industry, innovating the system timely, and turning the crisis into an opportunity.The benefits of main body are greater than the cost of innovation cost, only the necessary condition for the subject institutional innovation, not the sufficient condition, because the institution supply is external, for the subject of innovation, only when the innovation profits on cooperation with other subject are greater than the innovation profits on noncooperation, the subject will be engaged in innovation activities. And once the innovation profits under the condition of cooperation with all subjects is less than the innovation profits under the condition of noncooperation, the evolutionary stable strategy depends on the initial state.(5)The elements cultivation institiution is the core institution in the development of emerging industrial. Any industry can not develop without three elements:capital (physical), human capital and technology, the emerging industry is not a exception, but the characteristic of these elements demand is different from the traditional industry. The supply and concentration of these elements are carrying through in a certain institutional context and institutional arrangements, therefore, elements cultivating system is the core system of emerging industrial development, the coupling of elements cultivating system and the emerging industrial development will have a direct impact on the speed and quality of emerging industrial development.(6) The enterprise institution is the micro basis of the emerging industrial. In view of the characteristics of the emerging industry, and combing the new tendency of modern enterprise development, the structure of emerging industry will move forward to a plat, virtual and modular direction.(7) The government managemental institiution is the important support for the emerging industrial development. The government managemental institiution including legal system, fiscal and taxation system, and industrial policy, through the institutional function, can play a "guide","motivation","service" and "standard" role, so as to promote the development of emerging industry effectively.The possible innovation of this paper includes:(1)Since few formulation of the concept of emerging industry, plus there is no special statistics for the data related to the development of emerging industry, previous studies only analyses the connection among the emerging industry, industrial structure and economic growth from a qualitative standpoint, there has not been a literature about the quantitative studies of the relationship among the three elements. Traditional economic theory believes that the industrial development is mainly in input elements, an innovation of this paper is that as endogenous factors the system change will involved in the analysis framework as a endogenous factors, to use the historical data of the high-tech industry and industry panel model for the verification that the human capital, technology progress and especially the institution change contribute to the development of the emerging industry, to analyze factors affecting the development of emerging industry accurately.(2) Macro institution innovation mechanisms and model research belong to the basic research in the new institutional economic, but a research for specific industry institution innovation is still in the exploratory stage. Based on the new institutional economics, to research the institutional innovation mechanism of emerging industry, and try to use the ideal of evolutionary game to research the institutional innovation model of emerging industry, and to get some useful lessons, which is another innovation of this paper.(3) The research about the macro institutional system is more at present, but as an institutional system necessary to develop the specific industry,,usually borrowed the classification method of new institutional economics school. This paper study the emerging industrial system and its innovation from a unorthodox standpoint, an attempt has been made in this paper to explore the institutional system and innovation category in emerging industry, and the institutional system and innovation category in emerging industry are divided into elements cultivating institiution, enterprise institiution and the government managemental institiution (innovation), of course, the feasibility is open to question. |
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