| After the outbreak of the global financial crisis in 2008,strategic emerging industries became the focus of a new round of scientific and technological revolution.The development of strategic emerging industries has become an important strategic goal of China's economic transformation.Fiscal subsidies are currently one of the main paths for the Chinese government to cultivate and support the development of strategic emerging industries.Many problems have also arisen in the process of the development of strategic emerging industries through financial subsidies.Problems that have occurred in the photovoltaic industry triggered our worries.Whether financial subsidy have an incentive effect on the performance of strategic emerging industry companies need to be tested.Starting from what direction to increase the efficiency of the use of financial subsidies and optimizing the financial subsidy policy is the main purpose of this study.This article first elaborates the general definition and types of financial subsidies,the basic connotation and development principles of strategic emerging industries,and analyzes the mechanism of the effect of financial subsidies on strategic new industry performance.Secondly,it specifically analyzes the status quo of China's strategic emerging industries,the status quo of financial subsidies,and the major problems that exist.Again,from 2011 to 2015,China's 648 strategic emerging industries listed companies were selected as research samples.Grey analytical hierarchy process was used to evaluate the performance of strategic emerging industries,and then the evaluation results were used to examine the effects of financial subsidies on business performance.The empirical results show that financial subsidies have a significant positive effect on strategic emerging industries.The greater the financial subsidy,the more conducive to the improvement of the performance of strategic emerging industries,followed by a more detailed inspection of financial subsidies to the strategy.For the incentive effect of emerging industries,this paper further studied the effects of financial subsidies on various strategic emerging industries.Starting from different industries,the effect of financial subsidies on the incentive effects of different industries was studied.The research results show that the financial subsidy policy has a positive guiding effect on strategic emerging industries,and the incentive effects for different industries are not the same.Specifically,financial subsidies have a significant positive impact on energy conservation,environmental protection,new materials,and new generation information technologies,and have a positive impact on new energy vehicles.Financial subsidies do not exist on high-end equipment manufacturing,new biology,and new energy sources.It has a significant role,which provides certain ideas for optimizing the financial subsidy policy.Finally,from the construction of a national policy framework for supporting the development of strategic emerging industries,and the promotion of financial subsidy policy performance management reform to improve the efficiency of policy implementation,fiscal subsidy policy should pay attention to the differences between industries,financial subsidies should be more biased towards the "demand side"."Proposals for optimizing the financial subsidy policy were put forward.This paper distinguishes itself from the innovations of similar research at home and abroad.At first,it construct the theoretical mechanism framework of financial subsidies affecting strategic emerging industries,pointing out that financial subsidies will influence the strategy through the guiding mechanism,financial leverage mechanism,cost effect mechanism,and risk allocation mechanism.Sex-emerging industries;Second,the data of 648 strategic emerging industries listed companies were selected for empirical analysis,and conclusions were reached on the effects of financial subsidies on different strategic emerging industries. |
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