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Government intervention and financial support are two major means to promote the independent innovation performance of enterprises in strategic emerging industries, and government intervention has induced crowding-out effects on financial support, which leads to the uncertainty of the dual incentive effect of government intervention and financial support on enterprises’ independent innovation. The research object of this paper is 657 strategic emerging enterprises listed in Shanghai and Shenzhen. We empirically studied the impact of government intervention and financial support on the comprehensive efficiency of independent innovation of strategic emerging enterprises. The empirical study draws the following conclusions. Firstly, the comprehensive efficiency of independent innovation of enterprises is in the trend of continuous improvement and technical efficiency and scale efficiency are also increasing, but the technical efficiency is lower than the scale efficiency, which shows that the improvement of independent innovation efficiency mainly depends on the expansion of innovation scale. Secondly, both government intervention and financial support promote the comprehensive efficiency of independent innovation of strategic emerging industry enterprises, but the incentive effect of government intervention is more obvious. Thirdly, there is an inverted U-shaped relationship between government intervention and the comprehensive efficiency of independent innovation. Fourthly, the regression coefficient of the interaction between government intervention and financial support and the comprehensive efficiency of enterprise independent innovation is negative, which indicates that government intervention has an inhibitory effect on the effect of financial support on the overall efficiency of enterprise independent innovation. Finally, we put forward countermeasures and suggestions.

As a new service system of finance, inclusive finance emphasizes on better meeting the needs of people’s livelihood at a reasonable and affordable cost. Inclusive finance can effectively solve the problems existing in the process of high-quality economic development by promoting regional coordinated development and narrowing the income gap between urban and rural areas. Firstly, this paper constructs the inclusive financial development level measurement index system and high-quality economic development measurement index system, uses these two index systems to measure the development of inclusive finance and high-quality economy of the Yangtze River Delta in China from 2010 to 2019, and then empirically analyzes the impact of Inclusive Finance on high-quality economic development in the Yangtze River Delta by using the panel threshold model. The results show that the inclusive financial development level and high-quality economic development level of cities under the jurisdiction of the Yangtze River Delta have increased steadily year by year, but the development level differentiation among different cities is obvious. Inclusive finance has a threshold effect on high-quality economic development. When the inclusive finance index is lower than 0.358, inclusive finance is not conducive to high-quality economic development. When the inclusive financial development index is between 0.358 and 0.522, inclusive finance promotes high-quality economic development, but the effect is weak. When the inclusive financial development index is greater than 0.522, inclusive finance can significantly promote high-quality economic development.

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.