Research On The Effects Of Government Financial Support On The Innovation Efficiency Of Listed Companies In Strategic Emerging Industries

Implementing innovation-driven development strategies and building an innovative country are important directions for China's current economic development.The development of strategic emerging industries is an important strategic arrangement for the country to break through the bottleneck of traditional industrial development under the new economic normal background.It also provides an opportunity for China to achieve cornering overtaking and occupying a favorable position in international technological innovation.To this end,China has put forward a series of policies to support the development of strategic emerging industries.Financial subsidy and tax incentives are the main means,and they have played an important role in promoting the development of strategic emerging industries.However,while the scale of government financial support has been continuously enlarged,China's strategic emerging industries have experienced many problems such as redundant construction,overcapacity and waste of resources.The enterprise is not only the direct target of financial support,but also the exporters of innovative technologies.Studying the impact of financial support on its innovation efficiency will help to understand the relationship between government financial support behavior and enterprise innovation efficiency.In addition,it will also provide a scientific basis for the further development of strategic emerging industries.Based on a review of relevant researches,this research finds that the current research on financial support affecting enterprise innovation has not reached a consistent conclusion,and researches that support financial support behaviors to promote corporate innovation and inhibit corporate innovation are both numerous and reliable.Therefore,in the theoretical analysis part,this research also combs the mechanism of financial support behavior promotion and inhibition of enterprise innovation efficiency,and analyzes the different influences of financial subsidies and tax incentives and the theory that corporate heterogeneity affects the effect of financial support behavior.Then,based on the panel data of 571 strategic emerging industry listed companies from 2013 to 2017,this research uses the stochastic frontier model beyond the logarithmic production function to evaluate the innovation efficiency of China's strategic emerging industry listed companies,and empirically analysises the impact of financial subsidies and tax incentives on the innovation efficiency and also considers the impact of the three major corporate heterogeneity factors on the fiscal and tax incentive effects.In the end,this research also puts forward corresponding development proposals.The following conclusions are drawn from this research:(1)Only considering the impact of financial subsidies and tax incentives,the effect of financial subsidies is not significant,and tax incentives have a positive effect on the innovation efficiency of listed companies in strategic emerging industries.(2)Considering the influence of corporate heterogeneity factors,it is found that financial subsidies have a stronger incentive effect on the innovation efficiency of small-scale listed companies,and tax incentives have a stronger incentive effect on the innovation efficiency of large-scale listed companies.As the age of enterprises increases,the positive impact of the financial efficiency and tax incentives on the innovation efficiency of listed companies in will gradually increase.;in addition,financial subsidies have a stronger incentive for non-state-owned strategic emerging industries.In view of the above conclusions,this paper puts forward corresponding development suggestions from three aspects: improving policy system and structure,balancing resource allocation and strengthening supervision.