Strategic Emerging Industrial Policies And Corporate Investment Efficiency

Recalling the whole period of the "Twelfth Five-Year Plan" period,China's strategic emerging industries have grown rapidly as a whole.The companies in strategic emerging industries have gradually become an important part of listed companies in China with a series of policy support,and their proportion in the stock market has been More than 30%,and a large number of strategic emerging industry listed companies have grown stronger in the GEM.Vigorously developing strategic emerging industries will help China grasp the pulse of a new round of economic development and occupy the highlands of science and technology development,thus playing a leading role in the overall economic situation and promoting sustained economic growth.In 2010,the "Decision of the State Council on Accelerating the Cultivation and Development of Strategic Emerging Industries" and related policy documents issued a series of policies to benefit strategic emerging industries to support their rapid,healthy and sustainable development.As one of the important topics in academia,investment efficiency is related to the company's financial status and long-term development,so it has always been closely watched by scholars at home and abroad.However,from the current point of view,the research on the investment efficiency of micro-subjects is still lacking in the integration with macro-industrial policies.When the external environment and micro-subjects contribute to investment decisions,both are indispensable.At the same time,considering the particularity of China's national conditions,strong government intervention can not be ignored when studying the investment efficiency of the company.Therefore,the relationship between industrial policy and corporate investment efficiency has certain theoretical value and practical value.Strategic emerging industry policy,as an emerging concept of industrial policy,takes it as an entry point and integrates it with the company's investment efficiency,which has certain research significance and innovation.This paper draws on the latest research results of relevant literatures,and uses theoretical analysis and empirical research methods to explore the impact of strategic emerging industrial policies on the company's investment efficiency during the 12th Five-Year Plan period.Furthermore,this paper studies the regional differences and life cycle differences of the effect of strategic emerging industrial policies on corporate investment efficiency.The study found that strategic emerging industrial policies will significantly improve the company's investment efficiency.In terms of regional differences,strategic emerging industrial policies have a more significant effect on the efficiency of investment in non-eastern regions.In terms of life cycle differences,strategic emerging industrial policies have a more significant effect on the efficiency of investment in the growth company.The structure of this paper is as follows:Chapter 1 introduces the research background,research significance,research framework and innovation points.The second chapter summarizes the literature on industrial policy and investment efficiency related to research.Chapter 3 theoretically analyses the characteristics and overall development of strategic emerging industries which are different from traditional industries,and puts forward three research hypotheses on this basis.Chapter 4 research design clarifies the data sources,variable selection and model construction of this paper.Chapter 5 empirical test includes descriptive statistics and analysis,regression results and analysis and robustness test are three parts of empirical content.Chapter 6 summarizes the conclusions of this study,and puts forward relevant policy recommendations for the effective implementation of strategic emerging industry policies.This paper enriches the discussion of strategic emerging industrial policies and the empirical study of the micro-effects of industrial policies,and adds new evidence for the "effectiveness" of industrial policies.Further,this paper studies the regional differences and life cycle differences of the positive effects of strategic emerging industry policies on corporate investment efficiency,which broadens the scope of research on industrial policies and strategic emerging industrial policies.At the same time,this paper helps investors and other stakeholders to use strategic emerging industry policy information to interpret the company's investment efficiency and has important guiding significance for its investment decisions.