| With the emergence of breakthrough technologies and the acceleration of global information exchange brought by new technologies,the cost of technological integration is decreasing gradually,and a large number of traditional industries are at risk of subversion or reorganization.In the face of the situation,major countries in the world have taken the advance of R&D innovation capabilities as their national strategies and have promoted innovations with fund and policies.For our country,as the economy enters the "new normal",the mode of driving the economy by lowcost resource input is becoming increasingly weak;the superior position in the international division of labor brought by the low-cost is at stake with the increasing factor cost and the development of China's economy.It can be said that China's economy has stood at the point of economic restructuring and driving force transforming.Studies have shown that a country's division of labor in the international industrial chain can be enhanced with the growth of innovation capability(Liu Haiyun and Mao Haiou,2015);further,the improvement of innovation capability of high-tech industry can not only bring knowledge spillover,but also promote optimizing and upgrading the industrial structure(Li Yong and Jiang Keshen,2011).In order to seize the competitive edge and promote the transformation of China's economy from factor-driven mode to innovation-driven mode,in 2010,our government explicitly prompted that seven major industries including energy conservation and environmental protection,new generation IT,biology/biotechnology,high-end equipment manufacturing,new energy,new materials,and new energy automobiles would be nurtured and supported as“strategic emerging industries”(SEIs),while the central link for nurturing and developing the strategic emerging industries is to enhance “indigenous innovation”.Then,in 2015,the State Council issued "Made-in-China 2025",which put forward that the development of manufacturing industry should be driven by innovation.In 2016,the “National Strategic Emerging Industries Development Plan of the 13th Five-Year Plan” expands the scope of strategic emerging industries to innovative digital field while still insisting on innovation as the core of the development of strategic emerging industries.It is worth noting that,enterprises play the main role in China's innovation activity,enterprises' R&D expenditures accounted for more than 78% of China's total R&D expenditures in 2016;therefore,the key to enhance indigenous innovation is to promote enterprises' innovation.In fact,since the government prompted the development of strategic emerging industries in 2010,the central and local governments have not only provided financial support for venture capital and collaborative production-education-research innovation project,but also supported the related industries by cultivating talent,nurturing market,enhancing intellectual property protection and deepening international cooperation.At present,the implementation of strategic emerging industrial policy has entered the 13th Five-Year Plan from the 12th Five-Year Plan.In order to improve the efficiency of the implementation of the ongoing strategic emerging industrial policy,it is needed to evaluate the effect of the strategic emerging industrial policy during the 12th Five-Year Plan,especially its impact on micro-enterprise innovation.The current research discussing the impact of industrial policy as a whole on corporate innovation is about the impact of industrial policy during the 10th Five-Year Plan and the 11th Five-Year Plan period(Yu Minggui et al.,2016;Li Wenjing and Zheng Manni,2016),and the industrial policy in this period is mainly to promote structural adjustment and curb overcapacity(Jiang Feitao and Li Xiaoping,2010).The existing research discussing the impact of strategic emerging industrial policy on corporate innovation is limited to some specifit industries of strategic emerging industries(Zhou Yahong et al.,2015;Yu Donghua and Lv Yinan,2015)or the implementation of strategic emerging industrial policy with government subsidies(Wang Yu and Liu Zhiwei,2013;Lu Guoqing et al.,2014;Zhou Yahong et al.,2015).In fact,because strategic emerging industrial policy provides support generally by direct subsidy(Luo Guoqing et al.,2014),it is rational to examine the impact of industrial policy of SEIs by examing the impact of subsidy;however,it is impossible to test the impact of industrial policy of SEIs as a whole on corporate innovation.Based on the patent application data and financial data of China's A-share nonfinancial listed companies from 2007 to 2014,this paper firstly examines the impact of industrial policy of SEIs on corporate innovation and its impact in regions of different marketization level.Then,this paper explores the impact of industrial policy of SEIs on equity incentives and the impact of equity incentives on corporate innovation.Finally,from the perspective of the economic consequences of innovation,this paper discusses the impact of strategic emerging industrial policy on the contribution of innovation on corporate value.The contents of each part are as follows:Chapter 1,introduction.First,the research background and research questions of this paper are discussed;then the research contributions of this paper are expounded;finally,the research ideas,research methods and the structure of this paper are summarized.Chapter 2,the institutional background.This chapter first reviews China's industrial policies in history,then summarizes the implementation of strategic emerging industrial policies to provide a requisite institutional background for the following research.Chapter 3,literature review and theoretical basis.This chapter first discusses the impact of industrial policy on corporate innovation and the impact of external governance environment and internal governance environment on corporate innovation respectively.Then it discusses the impact of industrial policy and external governance environment on corporate innovation and the impact of industrial policy and internal governance environment on corporate innovation.Chapter 7 summarizes the research conclusions,proposes policy recommendations and looks forward to the future research directions.Chapter 4,the marketization level,industrial policy of SEIs and corporate innovation.This chapter comprehensively examines the impact of industrial policy of SEIs on corporate innovation,as well as its impact in regions of different marketization level.This chapter further examines the impact of industrial policy of SEIs on corporate innovation with different ownership characteristics and its impact in different regions of marketization level.At last,this chapter examines the mechanisms including subsidy,bank loan and tax rate through which the industrial policy of SEIs has impact on corporate innovation.It is found that industrial policy of SEIs has promoted the innovation of supported corporations and the impact is only significant in regions of low marketization level.After considering the ownership characteristics,it is found that industrial policy of SEIs has only promoted the innovation of supported state-owned corporations in regions of low marketization level.And industrial policy of SEIs has promoted the innovation of state-owned corporations through subsidy mechanism and credit mechanism.Chapter 5,industrial policy of SEIs,equity incentive,and corporate innovation.This chapter examines the impact of industrial policy of SEIs on equity incentive and the impact of equity incentive on corporate innovation.After considering the ownership,the impact of industrial policy of SEIs on equity incentive,and the impact of equity incentive on corporate innovation are also discussed.It is found that industrial policy of SEIs promotes the implementation of equity incentive of supported corporations,but it is only significant in non-state-owened corporations.And the equity incentives of non-state-owened corporations promote the company's overall innovation.Chapter 6,industrial policy of SEIs,innovation and corporate value.This chapter examines the impact of industrial policy of SEIs on contribution of innovation to revenue growth rate and corporate value.It is found that industrial policy of SEIs improves contribution of innovation to revenue growth rate and corporate value.The result shows that innovations of corporations supported by industrial policy of SEIs are successful,they can bring economic inflow and improve corporate value.The result also implies that the implementation of industrial policy of SEIs is also in effective,it not only promotes the innovative ability of corporations but also speeds up the progress of innovation industrialization.The main contributions of this paper are:First,by examining the effectiveness of industrial policy of SEIs from the view of micro-corporate innovation,this paper enriches the research on the impact of macroeconomic policy on corporate behavior.Different from existing research,this paper considers the impact of industrial policy of SEIs as whole rather than specific industries or specific policies on corporate innovation by combining detailed state-issued policy documents with relevant data revealed in listed corporations' financial statements.Different from current research discussing the effectiveness of industrial policy with constraints from the perspective of industry competition level,this paper expands the existing understanding of the effective implementation of industrial policy constraints from a new perspective-marketization level.Second,by discussing the impact of the implementation of strategic emerging industrial policies on micro-enterprise equity incentives and the impact of equity incentives on corporate innovation,the impact of strategic emerging industrial policy on micro-enterprise corporate governance has opened up its influence on enterprises' innovation.And this research broaden the existing research on the impact of macroeconomic policies on micro-enterprise behavior.Different from most research discussing mainly of equity incentive for executives,this paper extends the research scope of equity incentive from executives to employees,reveals the important role of employee equity incentives in enterprise innovation,and supplements the research on the impact of equity incentive on corporate innovation.Third,by examining the impact of industrial policy of SEIs on contribution of innovation to revenue growth rate and corporate value,this paper reveals that industrial policy of SEIs has improved innovation contribution.From the perspective of industrial policy,this paper examines the impact of corporate innovation on corporate value and broadens the research on the impact of existing macroeconomic policies on corporate innovation value. |
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