Research On The Impact Of Government Subsidies On The High-Quality Development Of China’s Strategic Emerging Industries

In recent years,innovation has benefited from the remarkable development of China’s strategic emerging industries,which has given a strong impetus to the optimization and upgrading of the industrial structure and continued to inject new drivers into high-quality economic development.However,compared with more advanced countries in the world,there are still some problems,such as weak independent innovation capacity,overcapacity and high operating costs.Therefore,governments at all levels have successively introduced various policies to promote the high-quality development of strategic emerging industries.It is worth mentioning that fiscal subsidies and tax incentives are the two most important policy tools.Although there are many literatures about the impact of fiscal subsidies and tax incentives on enterprise innovation performance,R&D investment and productivity,there are few literatures exploring the role of fiscal subsidies and tax incentives on the development of enterprises related to strategic emerging industries in China under the background of high-quality development.It is mainly due to the lack of an index system to measure the high quality development level of strategic emerging industries.Through literature review,it was found that many previous studies focus on the theoretical connotation and evaluation measure of high-quality development at the macro level,while there are few studies related to the high-quality development of enterprises at the micro level.In addition,the information obtained by the government and the enterprise is somewhat different when granting subsidies.The government at the present stage often adopts flood irrigation as the main form when implementing subsidy policies,and then adopts correction as the auxiliary form,which cannot reflect the difference between the two subsidy methods.Therefore,in this thesis,the high-quality development of strategic emerging industries is taken as a starting point to deeply explore the impact and action mechanism of two different types of government subsidies on high-quality development.Firstly,the evaluation system for the high-quality development of China’s strategic emerging industries was constructed from five dimensions,including operating performance,development ability,anti-risk ability,social contribution level,and management as well as governance level,so as to explore the differences in the high-quality development level of China’s strategic emerging industries.And the entropy weight TOPSIS method was used to measure the high quality development score.According to the research,it was found that the overall high-quality development level of strategic emerging industries in China is low,and the development level among enterprises is uneven.From different dimensions,China’s strategic emerging industries have the best performance in terms of social contribution,management and governance,but their anti-risk ability has the worst performance.The characteristics of high quality development of enterprises with different property rights and life cycle were further analyzed.The findings were divided into two categories.On the one hand,in China’s strategic emerging industries,non-state-owned enterprises have a higher level of high-quality development,and their development capabilities,management and governance level,and risk resistance ability are obviously better than those of state-owned enterprises.On the other hand,the enterprises in the mature stage have the highest quality development level,followed by the enterprises in the decline stage,and the enterprises in the growth stage have the worst quality development level.From the perspective of dimensions,enterprises in the growth stage have the strongest development ability,while enterprises in the mature stage are ahead of enterprises in the growth stage and decline stage in terms of business performance,anti-risk ability,social contribution level,and management and governance level.Secondly,in this thesis,government subsidies were divided into financial subsidies and tax incentives to distinguish the impact of different types of government subsidies on the high-quality development of China’s strategic emerging industries.The panel econometric model was also applied to carry out empirical test,and it was found that both financial subsidies and tax incentives can contribute to improving the high-quality development level of listed companies in strategic emerging industries,and the effect of financial subsidies is greater than that of tax incentives.The heterogeneous effects of fiscal subsidies and tax incentives on enterprises with different property rights and different life cycles were analyzed.The results showed that,on the one hand,fiscal subsidies can promote non-state-owned enterprises to achieve high-quality development,but tax incentives have no significant impact on the high-quality development of enterprises.State-owned enterprises face the opposite situation.On the other hand,both financial subsidies and tax incentives can promote the high-quality development of mature enterprises,and the promotion effect of tax incentives is more obvious than that of financial subsidies.Financial subsidies alone can accelerate the high-quality development of enterprises in the growth period,and tax incentives alone can also accelerate the high-quality development of enterprises in the recession period.The mechanism of R&D investment in the process of financial subsidies and tax incentives affecting the high-quality development of strategic emerging industries was further analyzed and it was found that R&D investment has a mediating effect except for enterprises in the recession period.Finally,after studying the effects of two different government subsidies,including the measurement of the high-quality development level of strategic emerging industries and financial subsidies and tax incentives,relevant policy suggestions were proposed in this thesis from the perspective of enterprise internal management development and government external policy support respectively.It is hoped that on the basis of accurately grasping the development stage characteristics of strategic emerging industries,the future development tasks and work directions of different types of subjects can be clarified,and targeted development measures can be adopted according to the time and local conditions.In addition,financial subsidy and tax preference policies should cooperate with each other under the premise of following their respective emphases to form an effective operating mechanism,so as to provide continuous impetus for the high-quality development of strategic emerging industries in China.