The Research On Signal Effect Of Government Subsidy On Enterprise Innovation In Strategic Emerging Industries

During the “13th Five-Year Plan” period,the growth rate of strategic emerging industries rose to 20%.Because it accounts for 15% of GDP,the government has proposed many subsidies and policies to support strategic emerging industries,which is driving strategic emerging industries.Innovation and development play an important role.China's research on the effect of government subsidies on enterprise innovation is mostly analyzed from the resource effect.Very few studies mention the concept of signal effects,but there is no empirical research on this.This paper believes that the government's key support for strategic emerging industries in the “ 13 th Five-Year Plan ” is more to send signals to the market,and to stimulate the market through government capital investment,so that stakeholders can support enterprises and promote enterprises.Innovation.This paper selects companies in strategic emerging industries from Chinese listed companies as research sample sources.First,a statistical description and correlation analysis is performed on the collected and processed data.Then,the Tobit regression model is used to study the government subsidies in strategic emerging industries to create inputs and outputs,and to further empirically study the signal effects.Finally,the nature of the enterprise is divided into state-owned enterprises and private enterprises,and the signal effects of government subsidies on enterprise innovation of different enterprise nature are studied.This paper draws the following conclusions from the results of the regression of1186 samples: First,government subsidies have a positive effect on the innovation investment of enterprises,and can stimulate the continuous innovation of strategic emerging industries.Second,government subsidies have signal effects,so that Companies that are subsidized are better-developing companies,and these companies are more likely to borrow from banks.The government is more supportive of companies that can get more subsidies and develop more promising companies,so that banks and investors can support and help the company to promote the company's innovative development.Third,government subsidies for companies with different nature signals.The effect intensity is different.Compared with state-owned strategic emerging industries,government subsidies and investment in private strategic emerging industries are significantly positively correlated.Compared withstate-owned strategic emerging industries,there is a significant positive correlation between government subsidies and innovation output of state-owned strategic emerging industries.This paper has important practical significance in studying government subsidies for the development and innovation of strategic emerging industries.