| Under the background of the rise of a new round of scientific and technological revolution and the transformation and upgrading of industries,the country needs to find new points of focus,and strategic emerging industries have become the new focus.In order to promote the development of strategic emerging industries,China has implemented various subsidy and preferential policies to solve the problem of insufficient investment power due to the financing constraints of the enterprise itself in the investment process.This is an issue of concern in this paper.Although government subsidies can bring funds to enterprises,whether companies are actually applying government subsidies to projects that have been raised to a positive net present value,thereby increasing their investment efficiency.Based on this problem,this paper uses the micro-data of listed companies in strategic emerging industries from 2012 to 2016,takes government subsidies as a starting point,establish a panel model to study the relationship between government subsidies and investment efficiency of strategic emerging industries.We further explore the relationship between government subsidies for strategic emerging industries and their investment efficiency when companies face different levels of financing constraints,and provide ideas for more effective promotion of rational allocation of government subsidies.Based on research ideas,we have the following conclusions:First,most of the listed companies in China's strategic emerging industries are underinvested,so government subsidies are still necessary;Second,government subsidies can aggravate the over-investment of listed companies in strategic emerging industries;Third,when the financing constraints are strong,the phenomenon of government subsidies to promote over-investment in strategic emerging industries is even more pronounced;Fourth,government subsidies have no significant impact on underinvestment in strategic emerging industries. |
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