The Impact Of "Made In China 2025" On Corporate R&D Investment

Manufacturing industry is the main body of our national economy.Since the reform and opening up,China's manufacturing industry has developed rapidly,but it is still far from the world's advanced level.China's manufacturing industry is still large but not strong,and there is a big gap in R& D investment,industrial structure level,quality and efficiency,resource utilization efficiency and informatization degree.At present,the development of China's manufacturing industry has relatively entered a bottleneck period.When the pattern of international industrial division is reshaped,all countries in the world are constantly improving their scientific and technological innovation capabilities,and China is facing a very serious challenge.In order to build a manufacturing power,the State Council officially issued "made in China 2025" in 2015,which is a major strategic deployment made by the Chinese government to comprehensively improve the quality and level of China's manufacturing industry development in accordance with the trend of international industrial change under the new environment.The outline should be the highest planning of the major industrial support policies launched by the Chinese government in recent years.Since the top ten areas of 2025 strategic plan are mostly "high-risk,high-tech and high growth potential" enterprises with special technology and good market development prospect,considering that venture capital is a kind of equity investment for enterprises in emerging industries with high growth and entrepreneurship,and its purpose is to promote the commercialization of innovation results as soon as possible,2025 plan is possible Attract the participation of venture capital to promote enterprise innovation.With the continuous update and improvement of the relevant policies and regulations on venture capital,China's venture capital market is becoming more and more mature.At the same time,the capital market is gradually growing and growing under the continuous development of the market economic system,and China's venture capital market has made good achievements.Based on the theory of industrial policy effectiveness,innovation theory and venture capital theory,this paper constructs a theoretical model of the relationship between "made in China 2025" policy and R&D investment of enterprises,and then obtains the panel data of enterprises listed in A-share market from 2011 to 2018 for empirical verification,and explores that venture capital plays a part of intermediary effect,but the amount of intermediary effect is still greatly increased In order to better promote the innovation and development of manufacturing industry and respond to the implementation of national policies,we should give relevant suggestions to the government decision-making departments and vigorously support and guide venture capital.Firstly,this paper studies the impact of "made in China 2025" on the R&D investment of enterprises.Using the double difference model of the evaluation model of policy implementation effect,enterprises are divided into "made in China 2025" enterprises that choose to support and those that are not within the scope of their support.The time separation point is the year of 2015 proposed by the policy,and the panel data of A-share listed enterprises in2011-2018 are selected to ensure the implementation of the policy The time window before and after the implementation is the same;then,the robustness of the double difference results is tested by PSM-DID method;finally,the intermediary effect of venture capital is verified.Through the above series of empirical tests,the following conclusions are drawn:(1)The "made in China2025" policy makes the R&D investment of enterprises increase significantly.(2)The increase in the amount of venture capital plays an important intermediary effect in the process of "made in China 2025" policy to promote the R&D investment of enterprises,but the amount of intermediary effect is small,and there is a huge room for improvement.Based on the empirical conclusion,this paper puts forward some advice for the government decision-making departments to strengthen the construction of venture capital,develop and guide venture capital vigorously,so as to promote the innovation and development of enterprises,including improving the relevant laws andregulations system,setting up the government guided fund to attract venture capital to settle down,and training the talents of venture capital,etc.,which has certain effect on the development and expansion of manufacturing industry supported by the government Guiding significance.