The Influence Of Internationalization On The Innovation Efficiency Of Strategic Emerging Industries

Strategic emerging industries are the leading industries in which a country or region can achieve sustained economic growth in the future,and are the top priority for realizing the development of the national economy and the transformation of industrial structure.Since the "Twelfth Five-Year Plan",China has always adhered to the national strategy of developing strategic emerging industries.Strategic emerging industries are deeply integrated with emerging technologies and emerging industries.Their international development has a significant role in promoting the long-term development of China's economy and society and improving China's export trade.As early as 2011,the Ministry of Commerce issued the "Guiding Opinions on Promoting the Internationalization of Strategic Emerging Industries" and clearly pointed out that internationalization is an inevitable choice for the development of strategic emerging industries.At the same time,the technological orientation of strategic emerging industries determines that their development must rely on technological innovation.Whether we can closely combine "internationalization"with "innovation" and use the internationalization strategy of strategic emerging industries to improve the innovation efficiency of enterprises has become a common concern of the government and enterprises.This paper also takes this as the research focus.Based on the relevant theories and literatures on the impact mechanism of internationalization strategy on enterprise innovation,this paper uses SFA model to measure the innovation efficiency of 611 strategic emerging industry listed companies in 2011-2015.Considering that the enterprises with strong innovation ability have self-selection effect,the estimation results may be biased.This paper uses propensity score matching method(PSM)to explore whether there is actual causal relationship between internationalization and enterprise innovation efficiency.The research results show that the company's internationalization strategy can significantly improve the innovation efficiency of enterprises.The impact of internationalization on the efficiency of enterprise innovation is sustainable,and this impact has gradually increased in the three years of internationalization.In the heterogeneity test of matching samples,it is found that the causal relationship between internationalization and innovation efficiency is more significant in small-scale enterprises and eastern enterprises than large-scale enterprises and Midwestern enterprises.Then,using the panel Tobit model,this paper analyzes the correlation between internationalization level and innovation efficiency from the two dimensions of internationalization depth and international breadth.The research results show that there is a significant inverted U-shaped relationship between international depth and innovation efficiency,and the international breadth and innovation efficiency are significantly positively correlated.In further exploring the role of absorptive capacity and government subsidies,it is found that absorptive capacity is positively regulating the relationship between international depth and innovation efficiency,as well as international breadth and innovation efficiency;government subsidies can promote the improvement of enterprise innovation efficiency,and To adjust the relationship between international depth and innovation efficiency,negatively adjust the relationship between international breadth and innovation efficiency.Finally,based on the above research results,this paper aims to improve the efficiency of enterprise innovation,and proposes several suggestions for the internationalization strategy and innovation strategy of strategic emerging industries from the perspective of government and enterprise.The innovation of this paper is mainly reflected in the research of China's strategic emerging industry listed companies,using the propensity score matching method(PSM)to test the causal relationship between internationalization and innovation efficiency,and from the depth and internationalization of internationalization.The breadth of the two perspectives explores the correlation between the degree of internationalization and the efficiency of enterprise innovation.The shortcomings of this paper are as follows:First,when measuring the efficiency of innovation,it is obviously one-sided to reflect the innovation output only by the number of patent applications,and the resulting innovation efficiency is deviated from the actual situation.Second,the international portrayal The selection of indicators of degree is still too singular,and can not reflect the actual situation more accurately.Thirdly,when the propensity score is matched,the number of samples in the control group is limited,which may affect the matching effect to some extent.