| 2008 international financial crisis impacted the world economy severely and brought great challenges to every country in the world.For dealing with the crisis and promoting national economic recovery,the governments locked the focus of economic development on the new industries and introduced lots of stimulating policies.Meanwhile,2008 international financial crisis impacted the Chinese economy severely and brought great decline of external demand and exports,many foreign trade enterprises were on the verge of bankruptcy.Moreover,China emphasized on speed too much and ignored the quality of economy in the past.The extensive economic growth mode of "three high and one low"(high input,high energy consumption,high pollution and low efficiency)has brought serious problems.In this critical period,the government decided to develop strategic emerging industries to cope with the impact of the international financial crisis and changes the way of economic development,to achieve long-term stable development of economy.The key to the development of strategic emerging industries is technological innovation.Therefore,our country has introduced a number of policies to stimulate innovation of strategic emerging industries,including fiscal and taxation support policies,financial support policies,talent introduction policy and so on.In the context of governments of different countries actively stimulating strategic emerging industrial innovation,which countries stimulate innovation of strategic emerging industries more successfully?Which are main factors to stimulate innovation of strategic emerging industries in China?How interaction between various factors?These issues are the focus of this paper.Firstly,from perspective of overall layout and specific support policies of strategic emerging industries,this paper comprehensively summaries and compares support policies of five countries and regions,including the United States,European Union,Japan,South Korea and China.So,we find that support policies to strategic emerging industries between different countries have certain similarities and differences.Then,it measures the strategic emerging industries innovation performance of 14 countries from 2008 to 2012.By international comparison,it can be found that,China have high innovation performance in new information and technology industries,biological industries,high-end equipment manufacturing industries and new materials industries,and the innovation performance grow very rapidly.It shows that our support policies and advantages of talents play important roles.However,the number of patent applications is not enough in strategic emerging industries,which limits the increase of innovation performance.Therefore,China should further strengthen protection of IPR and improve patent awareness.Because enterprises are the main subject in strategic emerging industries innovation,the most direct and effective way stimulating innovation is finding factors from itself.On the basis of relevant research,from the perspective of corporate governance,this paper analyzes important factors that affect innovation performance.The study found:in terms of ownership structure,state-owned strategic emerging enterprises have lower innovation performance than private enterprises;in terms of boards governance,independence of corporate boards have a positive impact on innovation performance in strategic emerging enterprises;in terms of features of top management team(TMT),level of education and R&D backgrounds of TMT have a positive impact on innovation performance in strategic emerging enterprises;in terms of manager incentive,manager equity incentive have a positive impact on innovation performance in strategic emerging enterprises.In strategic emerging industries,reasonable market structure can effectively stimulate initiative of enterprise innovation and rapidly improve the level of innovation.Therefore,on the basis of relevant research,firstly,this paper theoretically analyzes in detail the influence of different level of market competition on innovation performance of strategic emerging industries.Then,on the basis of dynamic panel data of listed companies in strategic emerging industries,this paper measures centralization of strategic emerging industries and verifies theoretical conclusions by empirical test from the enterprise and industry perspective.The study found that,from the enterprises and industry perspective,the relationship of market concentration in strategic emerging industries and innovation performance shows an inverted U-shaped curve.Enterprises cannot rapidly improve the level of innovation without government support.Thus,combining dynamic game model from a theoretical perspective,this paper analyzes the impact of fiscal subsidies,tax incentives and financial support on enterprise innovation performance and analyzes the reasons affecting the effectiveness of different policy by comparison.Meanwhile,this paper analyzes direct and indirect effects of protection of IPR on enterprises innovation performance.Then,this paper verifies theoretical conclusions by empirical test and draws the following conclusions:financial subsidies have a significant positive impact on improving the level of innovation of strategic emerging industries,but the impact of tax incentives and financial support is not significant,it is due to the different policies have different the degree of supervision to use of innovation funds;protection of IPR can increase their innovation enthusiasm,so it has a directly positive impact on innovation of strategic emerging industries,meanwhile,protection of IPR also strengthen effects of financial subsidies,so it has an indirect positive effect.Previous studies on innovation factors of strategic emerging industries are concentrated in a certain level,ignoring the cross-level interaction between the key factors.Therefore,this paper theoretically analyzes the effect of funding support to innovation performance under the influence of three corporate governance factors including nature in equity,research and development background of TMT and equity incentive;this paper also analyzes the impact of market structure on innovation performance under different protection of IPR.Then,this paper verifies the above assumptions by empirical test and draws the following conclusions:the effect of financial subsidies,tax incentives is more significant in private strategic emerging enterprises than state-owned enterprises;the effect of financial subsidies is more significant in strategic emerging enterprises whose TMT has more R&D background;the effect of financial subsidies is more significant in strategic emerging enterprises which have higher equity incentive;when the degree of protection of IPR is high,competitive market structure is more conducive to innovation in strategic emerging industries.In addition,it is very important for innovation of strategic emerging enterprises to research what factors combination can play a key role on the different stages of enterprises innovation.Therefore,this paper does the empirical test under the sample of low,medium and high degree of enterprises innovation performance.The conclusions is as follows:for enterprises of low innovation performance,R&D backgrounds of TMT and financial subsidies are two key factors to enterprises innovation;for enterprises of medium innovation performance,the effects of R&D backgrounds of TMT and financial subsidies are weakened,but the improvement of innovation environment is very important to enterprises innovation performance;for enterprises of high innovation performance,the effects of innovation environment are changed,such as the competitive market structure and higher level of protection of IPR can improve innovation performance,and more reasonable corporate governance structure is very critical to further improvement of enterprises innovation performance.To sum up,in the context of intense competition of strategic emerging industries of countries in the world,through the joint efforts of government and enterprises,China's strategic emerging industries have made great achievements and achieve rapid development in the innovation aspect.However,there are many problems in the development process.In order to achieve sustained and rapid innovation in strategic emerging industries,we must further improve the government's support policies and find new driving factors of innovation in a broader perspective.Therefore,across the three levels of enterprise,market and government,this paper analyzes the effects of different level factors on innovation performance in strategic emerging industries.Meanwhile this paper further explores the interaction of different level main factors and the effects of cross-level factors to enterprises of different level of innovation.So this paper provides a reference to improve innovation of our strategic emerging industries. |
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