Research On Financing Constraints,government Subsidies And R&D Of Strategic Emerging Industries

China’s economic growth has changed from a high-speed stage to a high-quality stage,and strategic emerging industries are important engines that can drive the economy to a high-quality stage of growth,and provide an important driving force for China’s innovation-driven development strategy.In recent years,in order to optimize the industrial structure and change the development mode,China began to focus on the cultivation and development of strategic emerging industries.In strategic emerging industries,the ability to master core technologies is key.However,due to the high risk and uncertainties of the company’s R&D activities,and the serious externalities,the company will face financing constraints and lack of enthusiasm for R&D innovation.The “invisible hand” of the market alone cannot solve this problem.Therefore,as an effective policy tool to adjust this contradiction,the government can not only give direct financial subsidies to R&D enterprises,but also continuously pass on relevant enterprises to the outside world.The “good news” has increased the confidence of external investors in strategic emerging industries,thus effectively alleviating the external financing constraints of enterprises.Based on the above background,this paper focuses on the manufacturing,information transmission,software and information technology services,scientific research and technical services,and the next 20 categories of water conservancy,environment and public facilities management in strategic emerging industries.The 2013-2018 data as a sample of research empirically examined the relationship between financing constraints,government subsidies,and R&D investment.Firstly,this paper combs the relevant literature research on financing constraints,government subsidies and R&D investment.Secondly,it defines the related concepts involved in this paper,including strategic emerging industries,financing constraints,government subsidies and R&D investment,and sorts out the topics related to this article.Theories include principal-agent theory,information asymmetry theory,market failure theory,and signal transmission theory.Based on the above theories,the relevant research hypotheses are put forward and empirical analysis is carried out.The results show that:(1)financing constraints have a restrictive effect on R&D investment;(2)government subsidies have an inductive effect on R&D investment;(3)government subsidies are applied to enterprises.The financing constraints faced by R&D investment have a regulating effect;(4)Government subsidies alleviate external financing constraints by reducing information asymmetry and increasing external financing.Finally,relevant recommendations were made from both the government and the enterprise.This paper provides a new perspective for understanding the influencing factors of strategic emerging industry R&D investment,and provides new evidence for understanding the relationship between financing constraints,government subsidies and R&D investment,and proposes based on empirical research conclusions.Relevant suggestions,I hope that the government and enterprises can work together to continuously improve the financing environment outside the enterprise,improve the innovation capability of the enterprise,enhance the country’s comprehensive economic strength,and become an innovative country as soon as possible.