| Under the background of the historic China's industrial transformation and upgrading and innovation driven strategy,accelerating the cultivation and development of strategic emerging industries has become a historical opportunity for China to grasp the world's new technological revolution and industrial revolution.The strategic emerging industries have the characteristics of high investment,high risk,and high returns.It need large amounts of funds in the initial stage of industrial development,and IPOs can provide financing channels for strategic emerging companies.Therefore,this paper regards the listed the small and medium enterprise market board and the growth enterprise market board in strategic emerging industries as research objects.Based on the issues of equity financing and strategic emerging industries innovation performance,this paper used empirically examines to study the effect of equity financing on strategic emerging industries innovation performance and in order to provide valuable reference for how to improve strategic emerging industries innovation performance in the country.Firstly,this paper reviewed strategic emerging industries and innovation for two aspects of literature and summarizes the effect of equity financing on strategic emerging industries.Secondly,based on the definition of equity financing and financing effect,combined with industrial innovation theory,strategic emerging industries measurement methods and influencing factors,this paper analyzes the influence mechanism of equity financing on the innovation performance of strategic emerging industries.Thirdly,we analyzes the overall development situation of our country's strategic emerging industries,equity financing situation,and innovation situation.Then,by using publicly available date of listed companies in strategic emerging industries,it constructs the innovation input and output indicators system of strategic emerging industries,and establishes the model for evaluating strategic emerging industries innovation performance based on factor analysis.And the study found that the overall innovation performance of listed companies in China's strategic emerging industries is low.Finally,based on the panel date of 147small and medium enterprise board and growth enterprise market board from 2011 to 2016,the random effect models was used to empirically study the impact of equity financing on the innovation performance of listed companies in strategic emerging industries.The results show that equity financing and the proportion of R&D personnel have a significant negative impact on the innovation performance of listed emerging companies in strategic emerging industries,while R&D investment intensity and firm size have a significant positive impact on the innovation performance of strategic emerging industry listed companies.Therefore,this paper puts forward some suggestions that listed companies in strategic emerging industries should increase their awareness of innovation,increasing investment in R&D expenditures,and enhancing their international competitiveness through innovation.At the same time,an effective compensation incentive mechanism has been established the innovation and vitality of R&D personnel.In addition,the government should speed up the development of multi-layered and efficient capital market and provide financing facilities for more high-quality innovative companies. |
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