Research On The Influence Of Strategic Emerging Industrial Policy On Corporate Innovation

Since the outbreak of the international financial crisis in 2008,China has adjusted its economic development strategy and strengthened the development of strategic emerging industries led by human capital,with the aim of accelerating the transformation of the current mode of economic development and realizing high-end industrial development.On the one hand,China's support for the development of strategic emerging industries is conducive to the development of new technologies to seize the commanding heights of global competition.On the other hand,it is possible to achieve industrial transformation and upgrading through scientific and technological innovation.Considering the immature development of China's strategic emerging industries in China,some scholars advocate that government subsidies should be used to support the development of strategic emerging industries.However,other scholars believe that government subsidies will induce enterprises to rent-seeking behavior,so the effect of government subsidies is not obvious.Industrial policy is an important means by which the government intervenes in the operation of the economy.Whether the strategic emerging industrial policy can achieve its original purpose,promote enterprise R&D and innovation activities,and promote high-quality development has attracted widespread attention from all sectors of society.Based on this background,based on the perspective of acquiring innovative resources,this article takes the implementation of the "Twelfth Five-Year Plan" as a strategic experiment for the development of national emerging industries,and uses sample data of Shanghai and Shenzhen A-share listed companies from 2007 to 2017.The double difference method is used to test the impact of strategic emerging industry policies on corporate innovation.Then,this article from the government subsidies,financing constraints,as well as the nature of property rights three aspects to explore differences in different enterprise innovation resources access and strategic emerging industrial policy and the influence of the relationship between enterprise innovation behavior,and starting from the personal characteristics of managers further to explore this relationship,and the effect on the stability of the human capital to the company.Finally,the robustness test is carried out for the benchmark regression results based on a variety of robustness test methods.The benchmark regression results of this paper show that the implementation of strategic emerging industry policies significantly stimulated the corporate innovative,and the above conclusions were still valid after a placebo test.Further research finds that: in higher government subsidies,looser financing constraints,and non-state-owned enterprises,the positive impact of strategic emerging industry policies on corporate innovation is more obvious;when managers within the company have academic or overseas experience,strategic emerging industry policies have a stronger role in promoting corporate innovation;strategic emerging industry policies may increase the probability of abnormal departures of corporate executives,leading to the loss of excellent human capital.In summary,this article further expands the relationship between industrial policy and corporate innovation from the perspective of obtaining innovative resources.The research conclusions have important reference and enlightenment significance to improve the allocation of corporate innovative resources and improve the incentive mechanism of corporate innovation to promote corporate innovation.