The Influence of Government Intervention and Financial Support on Enterprises' Investment in Independent Innovation——Analysis Based on Data of 657 Listed Companies in Strategic Emerging Industries

Based on the data of 657 listed companies in strategic emerging industries, an empirical study was conducted on the effects of government intervention and financial support on enterprises' independent innovation investment in strategic emerging industries using fixed-effects model, and the following conclusions were obtained: government subsidies and tax preferences and other government interventions promote enterprises' independent innovation investment, but the effect of government subsidies is more obvious. After adding the moderating variable of financial support, the government intervention still plays a positive role in promoting enterprises' independent innovation investment, but the promotion effect is weakened. Financial support instruments such as short-term bank borrowing and foreign direct investment stimulate enterprises' independent innovation investment, while long-term bank borrowing hinders enterprises' independent innovation investment.