| China has become the second largest economy in the world.It has become the theme of competition among countries to support the innovation of scientific and technological enterprises,break down foreign technological barriers and seize the international market.Based on this strategy,China has issued a large number of policies to support the development of strategic emerging industries.In 2009,the term "strategic emerging strategy" was first proposed in official documents.In 2010,the State Council issued the decision of the State Council on accelerating the cultivation and development of strategic emerging industries(GF 2010(32)),proposing to develop seven emerging industries,namely,energy conservation and environmental protection,new generation information technology,biology,high-end equipment manufacturing,new energy,new materials,and new energy vehicles.Since then,in order to match the national strategy,local governments have issued policies to support strategic emerging industries and set up special funds to promote the development of strategic emerging industries through financial subsidies and other means.This paper applys 2011-2018 data to study the relationship between government subsidies and the business performance of strategic emerging industry related listed companies.This paper uses multiple regression analysis to verify the effects of the direct subsidies and the indirect subsidies.At the same time,considering the transmission effect of innovation activities,this paper focuses on the intermediary effect of innovation activities in government subsidies and corporate performance.In this study,innovation activities are divided into three parts: willingness to invest in innovation and R & D investment intensity and innovation performance.According to this study,we can summarize the following conclusions.First,government subsidies can positively promote the business performance of enterprises in strategic emerging industries.Both direct and indirect subsidies have positive effects on business performance.Secondly,there are differences between direct subsidies and indirect subsidies in the positive effect on the business performance of strategic emerging industry related enterprises.Indirect subsidies have more positive effect on the performance of strategic emerging industries than direct subsidies.Direct subsidies have the characteristics of timeliness and emergency.Compared with direct subsidies,indirect subsidies are more flexible and sustainable.Third,government subsidies have a positive impact on R & D and innovation of enterprises in strategic emerging industries.Government subsidies have positive effects on the willingness of investment,R & D investment intensity and achievement output.To some extent,both direct and indirect subsidies can promote R & D investment and R & D activities of enterprises in strategic emerging industries.Fourth,R & D innovation improves the business performance of enterprises in strategic emerging industries.The increase of R & D investment intention,R & D investment and achievement output can promote the business performance of strategic emerging industries.Fifth,innovative R & D plays an intermediary role in the relationship between government subsidies and business performance of strategic emerging industries.The willingness of R & D investment,R & D investment intensity and innovation achievements as intermediary variables play an intermediary role in the relationship between government subsidies and business performance of strategic emerging industries related enterprises.That is to say,government subsidies can promote the willingness of R & D investment,improve the R & D investment and innovation output of enterprises,improve the competitiveness of enterprises and increase business performance.Based on the above conclusions,the following suggestions can be put forward: at the government level,it is suggested that a variety of subsidies should be combined to reasonably allocate the amount of subsidies;at the same time,a reasonable threshold of subsidies should be set to strengthen management and supervision.At the enterprise level,it is suggested to improve the efficiency of subsidies use,strengthen R & D investment and achievement transformation. |
PDF Full Text Request