The Influence of Government Intervention on the Performance of Independent Innovation under Financial Support Based on Data of Listed Companies in Strategic Emerging Industries

摘要

Based on the data of the listed companies in strategic emerging industries in China, this paper uses GMM panel estimation method to measure the impact of government intervention on the performance of independent innovation and analyzes the impact of financial support on the effect of government intervention. The conclusions are as follows: Firstly, there is a lag effect in the performance of independent innovation, and there is also a lag effect in the patent application and main business income. In addition, there is an inverted U-shaped relationship between the patent application of one period lag and the current patent application, while there is no inverted U-shaped relationship between the main business income of one period lag and the current main business income. Secondly, government subsidies, additional deduction of R&D expenses, and value-added tax incentives have a significant effect on the number of patent applications, and the reduction of income tax burden can improve the main business income. Thirdly, after adding the financial support adjustment variables, we find that the influence direction of government intervention on the independent innovation performance has not changed, but the influence degree is weaker. Fourthly, the capital investment and labor input can significantly improve the performance of enterprise independent innovation.