Research On Institutional Background,Finance And Taxation Policy And Firms' Technological Innovation

Chinese economy has experienced more than 30 years of sustained and rapid growth,and gradually entered a new period of slow shift.The process of market reform in normal economic background in the technological innovation activities of enterprises are endowed with important historical mission driven transformation and upgrading and accelerate structural adjustment,how to encourage enterprises to engage in technological innovation activities and drive the sustainable development of economy and society,become a major practical issue in our current urgent need to study and solve.In recent years,our government has invested a lot of resources in the enterprise's technological innovation resources,and has introduced a series of fiscal and tax policies to encourage technological innovation.What is the cause of the not ideal fiscal policy effect and enterprise technology innovation high input low output?In the context of China's institutional background,it is urgent to examine the impact of fiscal and taxation policies on technological innovation.On the impact of fiscal policy on technological innovation,domestic scholars have not reached a unanimous conclusion.This inconsistency of understanding,one will lead people to the preferential tax of enterprise innovation effect and policy effect of doubt,further reform and Optimization on the other hand will hinder technological innovation of preferential tax policies.Therefore,it is of great significance to further study the effects of fiscal and taxation policies on technological innovation of enterprises,to further improve the government's fiscal and taxation policies,and promote technological innovation.Based on the above factors,this paper selects the listed companies of China's Shanghai and Shenzhen A shares in 2006-2013 as the research sample,combined with the institutional background of China,to examine the impact of fiscal and taxation policies on technological innovation.Based on the review of relevant research results,using the theory of institutional economics,public economics theory,using the method of normative analysis and empirical analysis and other research methods,combined with the institutional background of China's current,along the research route of the theoretical analysis empirical analysis suggestions ",on the fiscal policy research with the technological innovation of enterprises.The conclusions of this study are as follows.First,fiscal policy has significant positive effect on corporate R&D investment,but the incentive effect on innovation output is not obvious,innovation input and output was inconsistent,and the differences of different types of fiscal policy effects on technological innovation.Second,further analysis of the influence of different tax policies on technological innovation of enterprises found that:the preferential tax policy,preferential income tax has significant positive effect on corporate R&D investment,but the incentive effect on innovation output is not obvious,after the enterprise income tax preferential,not R&D investment will be effectively transformed into innovation output;turnover tax concessions to encourage enterprises to investment in research and development,and effectively improve the enterprise technological innovation,and improve the efficiency of enterprise technology innovation;enterprise technology innovation by the incentive effect of tax incentives,to further promote the promotion of enterprise value.On the policy of fiscal subsidies,government subsidies and special payables has significant positive effect on corporate R&D investment,but the incentive effect on innovation output is not obvious,innovation input and output was inconsistent,the enterprise did not receive government subsidies,R&D investment will be effectively transformed into innovation output,innovation efficiency is not high;enterprise technology innovation incentive effects from financial subsidies,to further promote the promotion of enterprise value.Further investigation of different types of fiscal policy,fiscal policy not only provides a multi dimension effect of enterprise technology innovation analysis,and provide empirical evidence for fiscal policy,technological innovation and enterprise value relationship.Third,the institutional background effects found in state-owned enterprises,the ownership concentration is low,the higher proportion of independent directors of the business enterprises,enterprises in the eastern regions,large-scale enterprises and high degree of market concentration in the enterprise,fiscal policy and the enterprise technology innovation is more significant to the causal relationship.To sum up,the system of our country the influence of government policies on enterprise technological innovation investment and the output based on the background of tax policy and enterprise technology innovation provides empirical evidence,verify the actual effect of fiscal policy,enrich the research on the influence factors of enterprise technology innovation,and to investigate the heterogeneity of China's fiscal policy and enterprise technology the relationship between the innovation from the institutional background perspective.This study contributes to the technological innovation activities of enterprises during the period of economic transformation China understanding,improve fiscal policies of government support for technological innovation,improve the efficiency of enterprise technology innovation,cultivate the institutional environment conducive to technological innovation,for the long-term development of enterprises to create value and will have a positive role in promoting.