Research On Non-Efficient Investment Of Strategic Emerging Industries Based On Government Subsidies

The early stage of the development of strategic emerging industries is inseparable from the government's policy support.The state has clearly proposed to increase fiscal expenditures and preferential subsidies.Investment is also an important aspect of realizing the development of strategic emerging industries.As one of the three troikas for economic development,investment has always been an important driving force for China's economic growth.From the perspective of economics,industries with high risk and information asymmetry are prone to “market failures”,and government intervention can effectively alleviate this dilemma.It can also improve the non-efficient investment of listed companies in strategic emerging industries.This paper firstly refers to the relevant literature,selects seven strategic emerging industries listed companies in the Wind database as the research sample,and sorts out the5-year data from 2013 to 2017,with a total of 2357 observations.Through residual measurement model of Richardson,the non-efficient investment of enterprises in strategic emerging industries is calculated,and the results are grouped into years,industries and regions.Secondly,the impact of government subsidies on strategic emerging industries' non-efficient investment is analyzed.And a comparative discussion of the full sample and grouping.Finally,the corresponding recommendations are given through the discussion results.The research shows that the overall sample shows insufficient investment;the over-investment of state-owned enterprises is more serious than that of private enterprises;and there are obvious industrial characteristics;government subsidies have significant governance effects on listed companies in strategic emerging industries,and the effects of different industries are also differences.Suggestions for the above research: strict examination and approval management,disclosure of government subsidy data;increase government subsidies,enhance the confidence of private enterprises;control financial support,encourage state-owned enterprises to adapt to the market;setting up benchmarking effect to accelerate the development of central and western Regions;different industries,subsidized methods are differentiated.