Government Subsidies,Financial Support And Innovation Efficiency

Under the background of innovation-driven development strategy,strategic emerging industries are important industries that help China build an innovative country.The government and financial institutions actively promote the innovative development of strategic emerging industries by implementing government subsidies and financial support.Innovation efficiency is an important indicator to measure the effectiveness of innovative development of strategic emerging industries.In order to examine the innovation efficiency of strategic emerging industries,and explore the mechanism of government subsidies,financial support,and strategic emerging industries’ innovation efficiency,this study selected 400 strategic emerging industries listed companies in 2012-2017 as a research sample,used the CCR model to measure their innovation efficiency,and deeply discussed the mechanism of government subsidies,financial support and strategic emerging industries’ innovation efficiency.The study found:First,government subsidies help improve strategic emerging industries’ innovation efficiency and help them gain more financial support,but financial support is not conducive to improving strategic emerging industries’ innovation efficiency.Financial support shows a masking effect between government subsidies and innovation efficiency of strategic emerging industries;Second,in terms of the nature of enterprise property rights,government subsidies have a greater effect on promoting the innovation efficiency of strategic emerging industries’ state-owned enterprises than non-state-owned enterprises;government subsidies help strategic emerging industries’ non-state-owned enterprises to obtain more financial support,and government subsidies is not significantly positively related to state-owned enterprises’ financial support;financial support is not conducive to improving the innovation efficiency of state-owned enterprises in strategic emerging industries,and financial support is not significantly positively related to the innovation efficiency of non-state-owned enterprises;indirect effects of financial support between government subsidies and innovation efficiency are not significant in both state-owned and non-state-owned enterprises;Third,from the perspective of life cycle stages,the promotion effect of government subsidies on the innovation efficiency of strategic emerging industries in the mature period is greater than that in the growing period,which has no significant negative correlation with the innovation efficiency of strategic emerging industries in the declining period;the promotion effect of government subsidies on the financial support of strategic emerging industries in the declining period,the growing period and the mature period decreases in turn;the inhibition effect of financial support on the innovation efficiency of strategic emerging industries in the mature period,the declining period and the growing period decreases in turn,but only significant in the mature period;for the growing period and the mature period of strategic emerging industries,financial support has a masking effect between government subsidies and innovation efficiency,but for the declining period of strategic emerging industries,financial support has an indirect effect between government subsidies and innovation efficiency not significant.This study establishes a research framework including government subsidies,financial support and innovation efficiency,and reveals the deep-level mechanism of government subsidies,financial support and innovation efficiency,and takes the research samples of different property rights and different life cycle stages as examples to explore the mechanism among the three,enriching the research on the mechanism of the three of enterprises with different property rights and different life cycle stages.The conclusion of the study is helpful for the government and financial institutions to evaluate the impact of government subsidies and financial support on innovation efficiency more accurately,optimize resource allocation,formulate more targeted government subsidy policies and financial support mechanisms,and then promote the improvement of innovation efficiency and high-quality development of strategic emerging industries.