Research On The Impact Of Government Subsidies On The Innovation Efficiency Of Listed Companies In Strategic Emerging Industries

In the context of innovation-driven development strategy,enterprise innovation is mainly achieved through their own R&D activities,and technological innovation helps to enhance the productivity and comprehensive capability of enterprises.Based on the strategic direction of science and technology innovation and industrial development,strategic emerging industries are in line with the sustainable growth model and have greater room for growth.In the context of the rapid development of the national economy,the development of strategic emerging industries into core industries promotes and strengthens the integration of science and technology innovation and industrialisation,and thus realises the transformation into a pillar industry.The state has accordingly introduced a series of support policies to encourage social capital to invest in enterprises and guide the capital market to form multi-level financing methods,while setting up special fund subsidies and stable growth of financial investment mechanism to strengthen financial support of fiscal policy,government subsidies have become an important source of funds to promote enterprise independent innovation.However,innovation input and innovation output are at a low level,and innovation capacity and innovation efficiency are still low.Therefore,it is important to analyze the influence path of government subsidies on innovation in strategic emerging industries to promote the improvement of innovation efficiency.Based on domestic and international studies,this paper firstly analyzes the meaning and characteristics of strategic emerging industries,and introduces the specific meaning,characteristics and classification of government subsidies,R&D investment,innovation efficiency,property rights and political affiliation.Secondly,we analyze the relationship between government subsidies and innovation efficiency,and the moderating effect of property rights and political affiliation in R&D investment and innovation efficiency,and propose a research hypothesis based on the theoretical analysis.Selecting listed companies in strategic emerging industries from 2013 to 2019 as the research objects,the hierarchical regression method is used to empirically test the relationship between government subsidies and innovation efficiency.Whether R&D investment acts as a mediating variable between government subsidies and innovation efficiency,and whether the nature of property rights and political affiliation act as moderating variables between R&D investment and innovation efficiency.The empirical results show that there is a positive correlation between government subsidies and R&D investment,R&D investment plays a facilitating role in improving innovation efficiency,the nature of property rights and political affiliation play a moderating role between R&D investment and innovation efficiency,both of them can inhibit the role of R&D investment in promoting innovation efficiency Both of them can inhibit the promotion effect of R&D investment on innovation efficiency and play a negative regulating role.Finally,on the basis of theoretical analysis and empirical research results,suggestions on improving the innovation efficiency of industries are proposed from the macro and micro perspectives,which have certain reference value for how the government guides the transformation efficiency of strategic emerging industries’ innovation results.