与发达国家相比,我国战略性新兴企业自主创新普遍面临外部融资约束和创新投入不足两大瓶颈,破除这两大瓶颈,迫切需要政府的引导和激励。该文通过构造因果循环结构联立方程模型,采用2009-2012年我国战略性新兴产业上市公司的面板数据,对政府干预、外部投资与企业自主创新过程中的信号传递机理进行了研究,结果表明:政府干预在企业创新投入和创新产出过程中具有明显的信号传递效应,但是对于最终产出没有明显影响;政府干预有助于外部投资的增加,而外部投资在企业自主创新各阶段具有不同的影响,并在政府干预对创新产出和创新绩效的信号传递过程中起中介作用;最终产出对创新投入和外部投资具有反馈效应。 Compared with developed countries, the independent innovation of strategic emerging enterprises in our country are generally faced with two major bottlenecks of external financing constraints and inadequate investment in innovation, and the two major bottlenecks have been eliminated to urgently require the guidance and encouragement of the government. This paper studies the signal transmission mechanism in government intervention, external investment and enterprise independent innovation by constructing the simultaneous equation model of causal cycle structure and using the panel data of listed companies of China’s strategic emerging industries from 2009 to 2012. The results show : Government intervention has significant signal transmission effect in the process of enterprise innovation input and output innovation, but it has no obvious effect on the final output; Government intervention contributes to the increase of external investment, which is different in all stages of enterprise independent innovation And plays an intermediary role in the process of signal transmission of innovation output and innovation performance by government intervention. The final output has a feedback effect on innovation input and external investment.