| At the end of 2009,Chinese strategic emerging industries were confirmed and launched.The development of strategic emerging industries is a major strategic choice for China to respond to the current economic slowdown and focus on long-term development.As the core driving force of China's scientific and technological innovation capabilities,the survival and development of strategic emerging industries are inseparable from the R&D investment,which R&D investment reflects the scientific and technological level and innovation capabilities of enterprises as well as the potential of national economic growth.For a company,its innovative R&D behavior is influenced by both market and government factors.The paper selects industry concentration and financial subsidies to represent market and government factors respectively.By the influence of industry concentration and financial subsidies on R&D investment of enterprise,the paper discusses the respective roles of market and government factors in R&D activities of enterprises,and provides some inspirations for the construction of market structure and government policies that can effectively stimulate the R&D of enterprises.Firstly,the paper sorts out the R&D investment,industry concentration,and financial subsidies.Based on this,it summarizes the related theories of industry concentration and financial subsidy's Influence on R&D Investment.Secondly the paper analyzes the current situation and problems of R&D investment,industry concentration and financial subsidy for strategic emerging industries in China.And based on these,the research hypothesis are provided:I currently,the increase of the industry concentration of strategic emerging industries in China can promote the R&D of enterprises;?,there is a nonlinear relationship between financial subsidy and R&D investment in strategic emerging industries.Thirdly,using the sample data of strategic emerging industries listed companies from 2009 to 2015,firstly,the paper verifies hypothesis I by using the fixed effect model;secondly,taking the financial subsidy intensity as the threshold variable,the panel threshold model is built,and the linkage analysis between financial subsidy and industry concentration is conducted to verify the hypothesis II.The results show that the concentration of strategic emerging industries is low in China,which is a relatively decentralized competitive market structure,and the improvement of industry concentration will promote the R&D investment of enterprises.The linear impact of government subsidies for R&D investment is not significant,with a strong threshold effects,when the financial subsidy is lower than the threshold value,the industry concentration has a significant effect on the promotion of R&D investment;while the financial subsidy is higher than the threshold value,there is no significant change in the promotion effect of industry concentration on R&D investment.It can be seen that market factors play a leading role in R&D activities of enterprises,and appropriate government intervention can play a supporting role.In view of this,in order to increase the R&D investment and improve the innovation,on the one hand,we should improve the industry concentration of the strategic emerging industries and promote the effective competition of the market.On the other hand,the government should improve the subsidy system to ensure that financial subsidies can effectively promote technological innovation. |
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