| After the financial crisis in2008, almost all countries have suffered from theeconomic depression, so they began to explore a new economic developmentmomentum. In the process of exploring, many countries found they can use new andhigh technology and scientific innovation strategy as a way to promote rapid economicgrowth. They have realized that it is the time to focus their struggle on the highest pointof the world economy on the high-tech sphere, and empower the force of economy withinvestment in science and technology innovation. According to our current nationalstatus being in the primary stage of socialism and the characteristics of the marketeconomy development itself,government in November3,2009formally put forward todevelop the strategic emerging industries in order to enhance the status andcompetitivenessof our country in the world economy. At present the country putsforward many related policysupporting for the industry, hoping it can develop rapidlythrough the support of national policy, and promoting the economic growth of theindustry. Thus, for the purpose of policy support to ensure the business performance isat present the key point of leading strategic emerging industries.Whether thegovernment’s policy supports for enterprise business performance takethe expectedeffect? Will the strategic emerging industry policy support affect theirperformance?How much the extent ofinfluence of policy support? This paper willdeeply discuss all these problems, in order to obtain reasonable and effective solution.Therefore, firstly this paper standing in the views of scholars both at home andabroad, puts forward the opinion that how does the strategic emerging industries policysupport influence the business performance, and analyze the current situation in thestrategic emerging industry policy support and the status of the enterprise economicperformance; Secondly, by analyzing the relevant theories of policy support andbusiness performance to deeply discuss the proposition of the study, it is concluded thatin the past research of the economics, some scholarsfully affirm the policy supporthas aclose relationship with business performance, while some scholars think that policysupport cannot promote economic growth, nor can stabilize development of marketeconomy; Therefore, this article chooses the latest financial data of the strategicemerging industries from stock exchange in Shenzhen, and use the empiricalanalysis ofregression for whether there is a relationship between the policy support and the business performance, and how is the relationship is if exists with short-terminterest-bearing debt ratio, long-term interest-bearing debt ratio on behalf of the policysupport, and the return on equity and earnings per share measuring the operatingperformance of listed companies.In this article, through the empirical analysis, it is concluded that the policy supportand business performance are related, and the effects of short-term interest-bearing debtratio is the biggest, while the long-term interest-bearing debt ratio is the smallest; Fiscalfinancing rate has a significant positive correlation for economic performance, andshort-term interest-bearing debt ratio, long-term interest-bearing debt ratio and thecompensationratiohas a significant negative correlationfor business performance; Theindustry did not produce scaleeconomies effect. Finally, through the result of empiricalanalysis, the paper advises and outlooks how to optimize China’s strategic emergingindustries policy support.This paper uses the data of strategic emerging industries in listed companies to carryon empirical analysis,thus the conclusion has certain limitations, which the results canonly represent the performance of the listed companies; Secondly, because theexplanatory variables are the indirect variables, its explaining power is not large enough;Finally, hopethat the proposition under research in the paper can be more accuratelydemonstrated in the future. |
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