Academic journal article Journal of Emerging Trends in Economics and Management Sciences

Innovation Efficiency and Impact Factors of China's Strategic Emerging Industries

Academic journal article Journal of Emerging Trends in Economics and Management Sciences

Innovation Efficiency and Impact Factors of China's Strategic Emerging Industries

Article excerpt

Abstract

In this article, we select 89 listed companies of China's strategic emerging industries from 2007 to 2010 as a sample, and calculate innovation efficiency of the listed company with method of SFA, then estimate the impact factors of innovation efficiency by Tobit model, including scale and profitability of enterprises, quality of staff and subsidy of government. The result goes that, innovation efficiency of China's strategic emerging industries rose year by year. Scale of company had a significant positive impact on innovation efficiency, so did subsidy, and profitability had a negative impact on innovation efficiency. While, there was no significant relationship between quality of staff and innovation efficiency. Finally, we give some political advice to support the development of strategic emerging industries. The significance of this study probably lies in these points. Firstly, the result confirms that strategic emerging industries in China have achieved a tremendous innovation progress for the past few years, and it prove to be a right choice to cultivate strategic emerging industries as a new economic growth point. Secondly, the government can easily formulate some supporting policies from the aspect of impact factors.

Keywords: strategic emerging industries; innovation efficiency; impact factors; SFA; Tobit model.

(ProQuest: ... denotes formulae omitted.)

INTRODUCTION

After economic crisis, all the countries over the world consider emerging industry as a driving force of economic growth and recovery, China also needs to transform the mode of economic growth, to upgrade industrial structure, and to enhance international competitiveness. In 2010, The state council of China issued a regulation on cultivating and developing strategic emerging industries, and clearly defined energy saving and environmental protection, a new generation of information technology, biology, equipment manufacturing, new energy, new materials and new-energy automobiles as seven major industries to cultivate. Strategic emerging industries will become China's engine industries for economic growth in the future. At present, mainly took some specific industry to discuss the path of technological innovation and impact factors. Professor Du Chuanzhong (2008) regarded information technology industry as a research object, found that innovation diffusion has an obvious correlation with scale of enterprise and market structure. Professor Liu Yong (2011) studied on Taiwan solar energy industry, and discovered that the development of emerging industries would have a huge progress by referring to an industrial plan and formulating technological Integration. Professor Liu Meiping (2012) put forward a symbiosis pattern of technical innovation by analyzing the restricting factors of technology innovation of strategic emerging industries. Xiong Zhengde (2010) stated that macroscopical economic situation has a great influence on the development of strategic emerging industries based on an empirical study, and those emerging industries which are related to low carbon will have bright prospect.

As for the research of innovation efficiency, most scholars start from the aspect of area, industry and enterprise, use the method of DEA or SFA to evaluate innovation efficiency. Nasierowski and Arcelus (2003) Calculated innovation efficiency of 45 countries, found that technology innovation scale and allocation of resources have strong impact on the change of productivity. Akihiro (2008) evaluated research efficiency of pharmaceutical industry in Japan. Diaz-Balteiro Lius (2006) analyzed the relationship between productive efficiency and innovation activity in Spain's wood-based industry. Xiang Benwu (2011) estimated innovation efficiency of 31 industries, and concluded that there is a great imbalance among difference industries. Ning Zhong and Li Junfeng (2010) compared the innovation efficiency of GEM listed company with main board listed company, and the result goes that there is no significant difference between the two, the scale of listed companies both in GEM and main board is small, and has a significant impact on research efficiency. …

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