The Impact Of Government Subsidies And Independent Research And Development On The Innovation Of Strategic Emerging Listed Companies

With the rapid development of science and technology,great changes have taken place in the traditional industrial,which greatly promoted the development of social economy in the future.In response to the ready for a new round of technological revolution and the industrial revolution,the developed countries have to promote the "industrialization",the adjustment of economic development strategy,vigorously develop new industries to improve international competitiveness.Strategic emerging industries have become the key to upgrade the industrial structure and seize the commanding heights of world economic development.The advanced technology has the lever function to the economic growth,but the advanced technology mainly comes from the enterprise research and development activity.Whether exogenous economic growth theory or endogenous economic growth theory,to a certain extent,explains the research and development and technological innovation is one of the main driving force of economic growth.In this international background,in order to seize the opportunities of China's economic development,we must accurately grasp the international trend of economic development,vigorously develop strategic emerging industries,through the optimization and upgrading of industrial structure to promote,to improve the quality and efficiency of economic development.However,companies are reluctant to invest in R & D activities.The reason is that the dual failure of commodity market and financing market.The market is not efficient and the output of the research and development of non-exclusive,non-competitive,non-exclusive and spillover of the company is not willing to engage in R & D activities.At the same time,there is asymmetric information between enterprises and financial institutions in the input and output of R & D activities.In developed countries,the government's subsidies for R & D activities are quite common.The government's subsidy to the enterprise R & D activities can effectively alleviate the non-effectiveness of the commodity market,at the same time,to a certain extent,make up for the lack of financing market.And the government's R & D subsidy policy and the intensity of the research and development of the listed companies on the patent output and patent heterogeneity,which will be analyzed in this paper.In this paper,96 strategic emerging industries listed companies from 2012 to 2015 were selected as samples,with a total of 384 sample points.Among them,8 energy-saving environmental protection industry listed companies,16 high-end equipment manufacturing industry listed companies,10 listed companies,14 bio industry new material industry listed companies,27 new energy industry listed companies,11 new energy automotive industry listed companies,10 of the new generation of information technology industry listed companies.This paper uses empirical analysis method,respectively,studied the effect of government subsidies to patent and patent heterogeneity of the independent research and development,patent and patent heterogeneity of government subsidies incentive effect on the regulation of independent research and development of patent and patent heterogeneity.In this paper,the patent is divided into the invention patent,utility model patent and design patent according to the different nature of the patent.At the same time,the strategic emerging industries in the respective industries for energy saving and environmental protection industry,high-end equipment manufacturing industry,bio industry,new material industry,new energy industry,new energy automotive industry,a new generation of information technology industry seven industry.The study found that government subsidies can promote strategic emerging industries listed companies patent innovation performance output levels,which affect the patent for invention;strategic emerging industries listed company independent research and development of the current R & D strength and the strength of R & D can significantly enhance the company's innovation performance of patent output,operating income and total assets,and research and development the number of staff to enhance the company's innovative output and business performance,the effect is not obvious;the government subsidies for independent research and development innovation performance of the patent output has a significant moderating effects.According to the research conclusion,this paper puts forward normative research information disclosure mechanism,the establishment of private strategic emerging industry innovation fund,improve the subsidy system,strengthen supervision and the establishment of information sharing network platform subsidy policies.The main contribution of this paper is to classify the patent by using different methods of innovation and patent,further research on the patent heterogeneity problem,which is more clear and intuitive to see the effect of patent output.At the same time,this paper analyzes the strategic emerging industries,and analyzes each industry separately,and puts forward some suggestions.This paper also has some shortcomings.Because the data of strategic emerging industry statistics system has not been established,although has collected data from the annual report,the database and other channels,the empirical data in this thesis is still shortage of samples and the empirical data of the short time span.This is related to the imperfect and unsound information disclosure system in our country.