High-Tech Identification,Financial Support And Firm Innovation

From the middle of the year 2018,the trade war is becoming increasingly fierce between China and USA.The effect of the war is leading some companies,whose products with low tech,to have heavy losses.And from the sanction to ZTE,we can see that the capability of independent innovation of firms need to be improved.In the government work report 2018,Likeqiang,China's deputy prime minister,said that we need to constantly enhance economic innovation and competition.So the innovation capability of firms becomes the hot shot.With the high speed of development and economic globalization,firms have to enhance their capability of independent innovation to let themselves develop stably.Now,the government introduces some policies to support firm innovation.However,the imperfection of policies leads to the non-ideal implementation effect.So this thesis does some researches about the implementation effectiveness of the policy,called"Identification of High-tech Enterprises Policy".In this thesis,we use listed companies data from 2005 to 2016 to do the researches about the effective of High-tech identification policy by using PSM-DID method.In other word,we do the researches about the effect of High-tech identification on company innovation and identifies some factors,which have significant effect on the high-tech promoting process.Then we want to find the effect of the obtaining high-tech certification on subsidies.At the last,we find the relationship between obtaining the certification and firm value.We also do the robustness test and prove that the results are robust.The results show that obtaining the certification can increase the number of patents and promote innovation capacity significantly.At the same time,some factors will affect the promoting degree.We find that the innovation promoting effect will be more significant on the listed company who is first time to apply and obtain this certification,whose subordinate Departments also obtain the certification at the same year and who is private company.Then we also find that obtaining the high-tech certification can increase the subsequent subsidies significantly,which lead to increase the value of company significantly.This shows us that fiscal subsidy is the intermediation between the high-tech certification and firm innovation.In the robustness test,we use the R&D data and associated company's patent number as the proxy variable of innovation and the result is same.So the research result is robust.This thesis investigates the effect of obtaining certification on the company innovation capacity from a new view.So it extends the existing researches in high-tech identification and innovation to some degree.Also,this thesis does further analysis to see whether the company obtain the certification by using some free riding method,which can offer some suggestions to help to implement this policy.However,there are some limitation in this thesis.For example,there are many requires in this policy and we only do the researches from one,which lead us can not find all the problems of this policy.Hope in the future,other researches can make up the shortage.