The Government Subsidies Impact On R&D Investment And Patent Output In The Strategic Emerging Industries

With the rapid development of science and technology and knowledge expansion, basing on advanced science and technology and knowledge, the emerging industry will enter the fast lane of development, the world is brewing a new round of industrial revolution. Emerging industry will soon become a key force in leading the world economic and social development. Facing the development opportunity brought by the emerging industry, countries around the world will take action to adjust the industrial development strategy, support, cultivate new industries, and strive to lead a new round of economic growth, win the science and technology and knowledge competition.Almost every country aims to sustain high rate of economic growth. Advanced technology to economic growth has leveraged effect, and advanced technology is mainly derived from the corporate R&D activities. Whether exogenous growth theory or endogenous growth theory partly explains that innovation of R&D and technology is one of the main driving powers of economic growth.In fact, lack of R&D investment and enthusiasm are universal phenomenon. The reason is double failure of financing market and commodity market. Non-market effectiveness and R&D output, non-exclusive, non-competitive, non-proprietary and spillover result companies which are unwilling to engage in R&D activities. Meanwhile, between corporate and financing agencies have information asymmetries in R&D activities inputs and outputs, resulting that financing of R&D activities face more constraints.In developed countries, government financial support for R&D activities such behavior is quite common. Government subsidies for R&D activities of enterprises can effectively alleviate the non-validity of commodity markets, and, to a certain extent, compensate for the absence of financing market. And what will the government financial subsidy policy enterprise R&D investment and patent output impact, it will be issues to be analyzed in this paper.This paper selects between2008-2012strategic emerging industries of101 listed companies, a total of505sample points. Among them, the energy-saving and environmental protection industry has9companies, high-end equipment manufactured industry has20companies,15listed companies in bio-industry, new materials industry20listed companies, listed companies in the new energy industry18, the new energy automotive industry listed companies23, new generation of information technology industry has14companies. In this paper, select dynamic panel data and choose the system generalized method of moment estimation methods for financial subsidies for R&D investment and patent output model.Study found that for R&D investment, the financial subsidy policy of strategic emerging industries in different industries had different effects. For example, the financial subsidy policies to promote high-end equipment manufactured industries, new energy industries and new energy vehicle industries to increase R&D investment, and out of the bio-industry, new material industry and the new generation of information technology industry R&D investment of funds raised by the enterprise. Patent output shows that the impact of financial subsidies more complex effects. For example, government financial subsidies for high-end equipment manufacturing industry, biological industry and new energy industries showed "U-shaped", while the new materials industry, new energy vehicles industry and a new generation of information technology industry was "inverted U-shaped". Meanwhile, the study also found that other control variables, such as income from principal operations and R&D personnel are on the R&D investment and patent output due to an industry to produce a different effect.This article based on financial subsidies emerging industries of strategic research and analysis,then put forward several policy recommendations:First, establish and improve the information disclosure system of financial subsidies; Second, to promote strategic emerging industries affiliated to the coordinated development of industry, the implementation of "maintain and pressure" policy; thirdly, different industry different subsidies; Fourth, establish and improve the strategic emerging industries of special personnel training mechanism; Fifth, subsidies and forms of diversification and flexibility; Sixth, the establishment of scientific, reasonable financial subsidy policy evaluation system.Innovation of this paper are:First, the strategic emerging industries industry segmentation research for the study of emerging industries of strategic financial subsidy policies on R&D investment and patent output effects provide a new perspective. And, also for different industrial R&D investment and patent output characteristics, it is recommended to take due to industrialization and the development of different policies.Of course, this still exists in the research processing a little less, mainly reflected in data sample data shortages and a shorter time span.There is a defect in research and shortcomings, but the study of financial subsidies impact of R&D subsidies and the patent output provides a new research perspective, and provide policy recommendations for the strategic emerging industries.