| At present,China’s economy is in the transition from a stage of high-speed growth to a stage of high-quality development,and scientific and technological innovation,which is self-reliant and self-reliant,has become an important support for China’s overall economic development.Strategic emerging industries,which take innovation as the driving force for enterprise development and are characterized by knowledge and technology intensive and great growth potential,are a powerful combination of China’s economic development and transformation.In the 14th FiveYear Plan,it is proposed that "we should gradually improve the market-oriented technological innovation mechanism,strengthen the dominant position of enterprises in the process of innovation,encourage all kinds of innovation factors to gather in enterprises,and establish a market-oriented technological innovation system with enterprises as the main body".Including "the strengthened enterprise in the innovation main body status in the process of the indication that we shall transfer the enterprise as the main incentive object,by implementing innovation incentive policies regulating financial support to the enterprise development investment decision,the influence of perfect market-oriented technical innovation mechanism,improve the efficiency of technology innovation and achievements conversion rate.As the blood of economic development,finance plays an extremely important role in the marketization mechanism that affects the independent innovation of enterprises and provides multi-channel fund guarantee for the sustainable development of strategic emerging industries.The purpose of this paper is to empirically test,to explore the effect of financial support for self-directed innovation behavior,and change the way of combining the local government performance appraisal,to explore the different aspects of government promotion pressure influence on enterprise innovation behavior,and for the enterprise and the government puts forward Suggestions for the optimization of enterprise innovation financing environment,gradually promote the marketization of enterprise innovation mechanism.Through the combination of theory and empirical research,this paper concludes that equity financing has a positive promoting effect on the R&D investment of strategic emerging industries,while debt financing has no significant effect on the R&D investment of strategic emerging industries.This paper attributed the reason to the counterbalance between the double-sided effects of debt financing.Local government innovation incentive has a positive moderating effect on equity financing innovation incentive.According to the regression and adjustment effect test of state-owned enterprises and non-state-owned enterprises,it is found that there are obvious differences in the role of financial support on these two types of enterprises,and the impact of local government incentive on them is also very different.The promoting effect of equity financing on R&D investment of strategic emerging industries decreases in the order of eastern,central and western regions,but all of them show positive promoting effect.Based on the above analysis,this paper holds that the enterprises of strategic emerging industry should be based on their attributes and geographic position choose appropriate financing way,the government shall be adjusted according to different types of corporate support for financial incentives,when made full use of the capital market direct effect and indirect effect of the credit market,but also need to accelerate the special financial system reform,We should constantly improve the government’s performance assessment system and management system,and strengthen the construction of the financial system for the innovation of the strategic emerging industries,so as to guarantee the development and innovation of the strategic emerging industries and improve the ability of independent innovation. |
