Drawing　on　signaling　theory,　peer　effect,　and　the　awareness-motivation-capability　(AMC)　framework,　we　examine　the　role　of　strategic　emerging　industries　(SEI)　firms　in　raising　the　awareness　and　motivation　of　non-SEI　firms＇　R&D　activities,　including　gaining　government　R&D　subsidies　and　adopting　internal　R&D　investment,　while　considering　the　moderate　effect　of　non-SEI　firms＇　capability　factor.　Based　on　the　data　of　Chinese　listed　firms　from　SEI　and　non-SEI,　the　empirical　results　reveal　that　(a)　the　number　of　SEI　firms　funded　by　government　R&D　has　an　inverted　U-shape　relationship　with　the　amount　that　non-SEI　firms　gain　from　government　R&D　subsidies,　and　has　a　positive　relationship　with　the　investment　of　non-SEI　firms　on　internal　R&D.　(b)　The　financial　performance　of　SEI　firms　funded　by　government　R&D　motivates　non-SEI　firms　to　gain　government　R&D　subsidies　and　invest　in　internal　R&D.　(c)　These　relationships　are　strengthened　by　the　relative　scale　of　the　non-SEI　firms.