Research On The Impact Of Government Subsidies On R&D Of Strategic Emerging Industries

The development of strategic emerging industries is an important part of the 13 th Five-Year Plan.Strategic emerging industries mark this new round of scientific and technological revolution and industrial transformation.Recently,the government has invested heavily in strategic emerging industries,and the form of subsidies has become more comprehensive.This form has greatly accelerated the development of strategic emerging industries.Foreign scholars have studied the relationship between government subsidies and R&D investment earlier,and have achieved certain results in empirical research,but they have a lower degree of fit with China's national conditions.Domestic scholars have conducted an analysis based on their national conditions and conducted more macro-theoretical studies.There are fewer quantitative studies based on key factors and less research on strategic emerging industries.In addition,most scholars analyze their influence through linear models,and less scholars use nonlinear models to explore their interval.Based on this,I have developed an in-depth research idea.This paper draws on the research methods of scholars at home and abroad,combs the relevant literature,analyzes the concepts of strategic emerging industries and government subsidies from a theoretical perspective,and selects 1117 strategic emerging industry listed companies issued by the Shanghai Stock Exchange in 2011-2017 based on the actual situation in China.The data is the research object,and the linear model and the nonlinear model are constructed,and the panel regression method is used for analysis.The conclusions of the study are as follows:(1)Government subsidies for strategic emerging industries are significantly positively correlated with R&D investment,and government subsidies have an incentive effect on R&D investment in strategic emerging industries.(2)There is a range of government subsidies for strategic emerging industries.Too little or too much will inhibit R&D investment of enterprises.(3)The larger the scale of strategic emerging industries,the more they can promote employment.(4)Strategic emerging industries have a positive incentive relationship between equity concentration and R&D investment.(5)Non-state-owned strategic emerging industries are more sensitive to government subsidies.The innovation of this paper lies in the strategic emerging industry listed companies.The previous research only focused on linear models,and now adds nonlinear model analysis.It has practical significance for the government to improve the efficiency of subsidies.The previous research only focused on linear models,and now adds nonlinear model analysis.It has practical significance for the government to improve the efficiency of subsidies.