| The international financial crisis has made the world economy serious imbalanced, in order to deal with the harm that the financial crisis brought about, countries all over the world think of seizing economic and technological high ground as an important strategy, thus, the development of strategic and emerging industries become to be the economic growth point that all kinds of countries seek after. Around the world, especially developed countries promote scientific and technological progress and innovation as a national development strategy, increasing R&D investment substantially, accelerating the development of science and technology, focusing on developing the strategic and emerging industries. The strategic and emerging industries are new things, technological breakthroughs and innovations can be more conducive to promote economic restructuring, to provide a new growth engine. Therefore, technology innovation investment has become essential capital investment, to some extent, the funds have become the bottleneck which constrained the development of the strategic and emerging industries, capital abundance determines the speed that all kinds of countries seize the economic and technological high ground. Greater cost, higher risk as well as funking and unwilling to invest to outside investors become the strategic emerging industries’"synonym", in this case, the government’s financial support is particularly important. However, government subsidies is a limited resource, to a greater extent, the funds depend on the enterprise itself to obtain external financing investment, so as to better support the development of strategic emerging industries.This paper undertakes a positive analysis for80listed companies of strategic emerging industries by employing2001-2012panel data. Through estimating the dynamic panel data model, nonlinear models and cross model. Firstly, this paper employs the method of econometric analysis to research the influence of government subsidies and the enterprise technological innovation investment. Secondly, this paper researches whether firm size, return on equity and corporate liquidity ratio will affect the choice of government subsidies, thereby influencing the level of the enterprise technological innovation investment and verifies whether the effect of this interaction exists by introducing firm size and cross-term of the government subsidies into empirical models. Finally, from the perspective of net profit and enterprise technological innovation investment, the author analyses whether those factors help the enterprise obtain external capital respectively.This research shows that government subsidies have a nonlinear "inverted U-shaped" relationship with the technological innovation investments of enterprise, and the role that government subsidies promoting technological innovation investments of the enterprise depends on the subsidy rate; the enterprise technological innovation investments have a strong persistence, namely, the enterprise increased technological innovation investment in the previous year, then the enterprise also increase it in this year; Meanwhile, government subsidies also can increase innovation investment, although this effect is less than the previous year. In addition, enterprise’s investment in technological innovation, both in last year and this year, will help enterprises to attract external investment, and this effect is greater than government subsidies, as the saying goes that,"blacksmiths also rely on their own high skills", persistent technological innovation investment coming from enterprises has an important role to make innovation project successful. By influencing government subsidies, enterprises’ scale thereby affects the enterprise technological innovation investment, larger enterprise’s scale can be more conducive to get government subsidies, to make the enterprise increase technological innovation investment better. Net profit as a signal of foreign capital inflow makes government subsidy increase net profit, at last, leads to more inflow of foreign capital. To a greater extent, this illustrates that the direction of government subsidy funds is very crucial. Allocating government subsidies to the enterprise which doesn’t need support temporarily, not only delays much-needed development opportunities of the enterprise, but also severely restricts enterprises to obtain external financing, and then affects the development of the strategic and emerging industries.This paper analyzes government subsidies, enterprise technological innovation investment and the changes of corporate finance. The main innovation of this paper is as follows, Firstly, this paper provides a criterion for funds investing in government subsidies from the perspective of firm size, return on equity, main business revenue growth and net profit, so that government subsidies can achieve utility maximization, while reducing the waste of government subsidies resources. Secondly, this paper establishes the nonlinear model, the cross model and the independent variable lag model to examine the effectiveness of government subsidies accurately. Thirdly, thinking of enterprise’s own technological innovation investment as a signal of corporate finance, by constructing models to analyze the impact of the enterprise technological innovation investment on corporate finance. The main limitation of this paper is as follows, firstly, since a long time span, while the corporate R&D expenditure data is difficult to obtain, so this paper measures R&D expenses under "Conditions for Hi-tech Enterprises" released in September2008. Secondly, the author only carries on the analysis of government subsidies and enterprise technological innovation investment, then doesn’t analyze the relation of government subsidies and enterprise technological innovation expenditure, it is a major shortcoming of this study. |
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