Research On The Impact Of Government Support On R&D Investment Of Strategic Emerging Companies

In the past 40 years of reform and opening up,China's economic development has been in the period of important strategic opportunities for a long time,and the characteristics of high-speed growth to high-quality development have become more apparent.Since the "13th Five-Year Plan",China's strategic emerging industries have continued to develop strongly,and the growth rate has been faster than the overall economic growth rate,forming a good economic development trend.Strategic emerging industries support China's economic development towards high quality and are the pillar industries of China.As a new economic growth point,strategic emerging industries are in a period of coexistence of opportunities and challenges.Th e government has clearly introduced various support policies,put a large amount of funds,and increased the cultivation of its leading enterprises,but there is still no industry development.Less difficulties are mainly reflected in the lack of core technologies and large talent gaps.Putting policies on the ground and promoting corporate R&D activities to effectively carry out the development of strategic emerging industries and even the national economy.Advanced technology and market prospects are key to driving the growth of strategic emerging companies.Enterprise production,operation and R&D innovation activities require a large amount of capital,especially strategic emerging companies.Due to the vast territory of China and the large differences i n regional resources between different regions,the level of marketization development is not the same.In order to maximize the effectiveness of government support,it is necessary to pay attention to the level of financing of strategic emerging companies and the degree of marketization in their regions.Since the major databases do not have strategic emerging industry segmentation,this paper is based on the information report published by the Wind database and the classification of the concept stocks,an d manually organizes the sub-sectors under the strategic emerging industries,with the strategic emerging enterprises listed on the Shanghai and Shenzhen stocks as the research object.In the final screening,314 companies were selected,and a total of 1570 observations from the 2013-2017 five-year data were used to demonstrate the relationship between the government's main support measures and the company's R&D investment by constructing an empirical model applicable to the context of this paper.That is,the relationship between government subsidies,tax incentives and R&D investment of strategic emerging companies,and further study the differences between these companies in different financing levels and the differences in market-oriented development areas.Finally,the conclusions of this paper are drawn,and policy recommendations are made from the enterprise and government levels to promote the development of strategic emerging industries.The study found that:(1)government financial subsidies have a positive impact on strategic emerging enterprise R&D investment.(2)The government's tax incentives have a positive impact on corporate R&D investment.(3)From the perspective of industry as a whole,the policy of financial subsidies is better.(4)The level of external financing significantly negatively regulates the relationship between government support and R&D investment of strategic emerging companies.(5)In areas with low marketization,the government's support for the promotion of investment in strategic emerging enterprises is more obvious.