R&D Input Intensity And The Growth Of Strategic Emerging Industries

Based on the listed companies in strategic emerging industries in China,this paper examines the non-linear relationship between R&D input intensity and the growth of strategic emerging industries by using empirical research.In this paper,we treat Tobin Q as a single indicator of the growth of strategic emerging industries,we use the intensity of research and development as an explanatory variable,four control variables of this paper are selected executive compensation ratio,the top ten shareholders share ratio,total assets,asset-liability ratio.This paper uses the panel model and the threshold panel model to study the data of the A-share listed companies in strategic emerging industries from 2012 to 2015 as the research samples.From the descriptive statistics of R & D input density,the strategic emerging industries reflect the characteristics of high R & D investment,the R & D input intensity is more than 5%,and showing a rising trend year by year,which shows that China's strategic emerging industries are gradually strengthening the understanding of the importance of research and development.The results show that R&D input intensity has two threshold effect on the growth of strategic emerging industries,it has an positive effect of diminishing marginal efficiency on the growth of strategic emerging industries.Furthermore,R&D input intensity has an spatial heterogeneity on the threshold effect of the strategic emerging industries' growth.R&D input intensity has a positive effect on the growth of strategic emerging industries in the eastern regions,while in the western and central regions,R&D input intensity has a negative effect on the growth of strategic emerging industries when it is bigger than the threshold value.Therefore,the government should be based on different regions of the economic environment to implement differentiated R & D subsidies,tax incentives and technical incentives and other policies;enterprises should combine their own regions to implement differentiated research,development strategies,and timely adjustments.