Fiscal And Tax Policy,External Finance And Innovation Performance

As the economic development of our country enters into the new normal,popular entrepreneurship and innovation is of great significance to promote economic structural adjustment.The development of Sci-tech SMEs plays an important role for transformation of Sci-tech achievements,expand employment,optimize the allocation of resources and realize economic transformation.In recent years,the Sci-tech SMEs is developing rapidly in our country.But Sci-tech SME is still faced with many problems that are financing channel less,need to strengthen innovation ability,need to improve service system and so on.How to improve the innovation ability of Sci-tech SMEs and optimize the financing environment is a particularly important problem.Fiscal and taxation policy is an important measure which government regulates financing environment,guides and motivates innovative development of Sci-tech SMEs.Have these policies played a positive role for external financing and innovation performance of Sci-tech SMEs?Answering these questions is helpful to optimize the fiscal and taxation policy,and to help Sci-tech SMEs growing.Based on the realistic background,the research has important theoretical significance and practical significance.In theory,the paper uses game analysis to study the choice of acts between fiscal and taxation policies and external capital providers or Sci-tech SMEs.This is advantageous to enrich the impact of macro policy to microscopic behavior;According to financing and innovative characteristics in different life cycle,the paper analyzes the role of the fiscal and taxation policies,to help expand the financial cycle theory;Based on the intermediary effect of external financing,to complement the lack of researches on the impact of the fiscal and taxation policy to innovation performance.In practice,the paper using the data from a survey of Sci-tech SMEs in Tianjin analyzes the relationship between the fiscal and taxation policy and external financing or innovation performance,to provide factual basis.First,the paper analyzes the impact of fiscal and taxation policies on external financing of Sci-tech SMEs.Based on the financing structure theory,credit rationing theory and the financial cycle theory,the paper uses game analysis method and inductive logic analysis to analyze the logical relationship of the fiscal and taxation policy and external financing,as well as the adjusting effect of the nature of property rights and life cycle.Using the survey data,the research results show that the fiscal and taxation policies are beneficial to the external finance of Sci-tech SMEs,and better effect of fiscal policy.There are regulating effect of nature of property rights and life cycle on the relationship between the fiscal and taxation policy and external financing.Second,the paper analyzes the impact of fiscal and taxation policies on innovation performance of Sci-tech SMEs.Based on innovation motivation theory,market failure theory,the capture theory and incentive regulation theory,the paper uses incomplete information dynamic game analysis and inductive logic to analyze the relationship of the fiscal and taxation policy and innovation performance,as well as the adjusting effect of the nature of property rights and life cycle.Then the research uses the frequency statistics method to construct the index system of innovation performance,and uses principal component analysis to comprehensive evaluation.On this basis,the research results show that the fiscal and taxation policies are beneficial to the innovation performance of Sci-tech SMEs,and better effect of taxation policy.There are regulating effect of nature of property rights and life cycle on the relationship between the fiscal and taxation policy and innovation performance.At last,the intermediary effect of external financing is studied.According to the signal effect and certification effect of fiscal and taxation policy,governance and supervision of external financing,the paper analyzes the relationship between external financing and innovation performance,as well as intermediary effect of the external financing.Using the data from a survey of Sci-tech SMEs,the paper makes an empirical analysis.Results show that external financing can promote innovation performance of Sci-tech SMEs.Using the methods of step by step and Sobel,this study shows that external financing has partial intermediary role between the fiscal and taxation policy and innovation performance.Finally,according to the empirical analysis conclusion and survey data,the paper puts forward Suggestions for policy makers,policy executors and Sci-tech SMEs.Those provide references to optimize the fiscal and taxation policy,improve the efficiency of policy implementation,promote external financing ability and the innovation performance of Sci-tech SMEs.In a word,the paper takes unlisted Sci-tech SMEs as the research object,using questionnaire to obtain the original data,is the development of the existing research.On the basis of innovation dynamic process to build performance index system,can improve the evaluation theory of innovation performance.Theoretical analysis and empirical research on the relationship between the fiscal and taxation policies,external financing and innovation performance enrich the theory of macroscopic policy influence to microscopic behavior,and also provide the experience basis for the effectiveness on macroscopic policy.