Research On The Relationship Between Local Financial Support And Enterprise Technological Innovation And Policies

Scientific and technological innovation is a human creative work and its achievements,it is one of the important factors to promote national and regional sustainable development,and it also can deeply influence the world pattern.The new and high technology enterprises are the power source of technology innovation,whose motivation and behavior directly affect the overall technology innovation efficiency.However,accroding to the research of Romer,the innovative products'inherent attribute,including the publicity,the externality,and the uncertainty of the technology and market,hinder the enterprises' enthusiasm to innovate to some extent.In order to remedy market failure,promote the enterprises' innovation,and improve the innovation environment,government at all levels have been formulating a series of policy measures to strength the support for research and development(R&D).Among these policy,local fiscal policy is one of the most important paths,and occupies the key position in the whole R&D support system.Therefore,the research on the local fiscal expenditure and policy on science and technology,has both important theoretical and practical significance.Theoretically,this paper analyzes the theoretical basis of the fiscal expenditure on science and technology.On this basis,this paper constructs the operation mechanism between the fiscal expenditure on science and technology,and enterprise technology innovation.Empirically,takes ZhangJiang Hi-Tech park in Shanghai Pudong new area as an example,this paper analyzes the relationship between the local fiscal expenditure on science and technology and the enterprises' innovation motivation,combs the Pudong fiscal policy on science and technology innovation system,and makes related optimization suggestions.Firstly,this paper makes theoretical research.Based on the technological innovation theory and the public finance theory,this paper analyzes the theoretical basis for fiscal expenditure on science and technology on three aspects:the characteristics of innovative R&D,market failure and policy financial function.The conclusion is that,under the circumstance of insufficient innovation resources allocation and low efficiency of enterprises' R&D,the local government should aim at the high and new technology enterprises' characteristics and the local situation,and provide them fiscal support in reasonable way.In this way,the local government can give full play in configuration,distribution and stabilization function,and promote the enterprises' technology innovation and the regional economy sustained growth.Secondly,this paper defines the connotation of the enterprise technology innovation,the fiscal expenditure on science and technology,and the fiscal policy tools on science and technology,analyzes their internal logic relations and operating mechanism.The conclusion is that,the enterprise technology innovation is closely related to the local fiscal expenditure on science and technology.Through different fiscal investment policies,the local government can affect enterprises' innovation initiative and the performance of their technology innovation.Meanwhile,the new developments in enterprise technology innovation and the enterprises' demand can affect the local fiscal investment direction,and promote the optimization and improvement of the policy.Eventually,this will form a benign circulation,in which the enterprise innovation will motivated and realized,and the policy will be optimized and perfected continuously.Thirdly,based on the foregoing analysis,this paper puts forward two research points to explore in the following sections:one is the relationship between the local fiscal expenditure on science and technology and the enterprise technology innovation enthusiasm;the other one is the construction and optimization of the local government fiscal policy system on science and technology innovation.Secondly,this paper makes an empirical analysis on the basis of theoretical research.the empirical analysis mainly include three aspects:in the first place,this paper compares the fiscal policy of science and technology at home and abroad,and summarizes experiences.This paper selects the science and technology regions at home and abroad as the reference sample.The international cases include Silicon Valley,London's Tech City,Israel Ravi and other seven countries and regions,and the domestic cases include Zhongguancun Science and Technology Park,Shenzhen high-tech zone,Suzhou high-tech zone.Based on these experiences,this paper analyzes the fiscal policy of science and technology in three aspects,that is element agglomeration,function promotion and environment construction.These case analysis has been uesd as the police design basis.In the second place,to analyze the status quo of fiscal expenditure on science and technology and the problems existing during the policy execution in Pudong new area.The conclusion is that,the overall level of the fiscal expenditure on science and technology in Pudong new area is in high standard with both variety and wide coverage.Currently,the main body of technology innovation has been agglomerating,innovation ability has been improving,high and new technology industrialization has been accelerating,the service system and environment has been perfecting,and the science and technology spatial patterns has been forming.Meanwhile,some problems still exist in the process of fiscal policy design and implementation.In the third place,to explore the effect of the local fiscal expenditure on science and technology to the enterprise technology innovation.Takes ZhangJiang Hi-Tech park in Shanghai Pudong new area as an example,this paper groundbreakingly divides the fiscal expenditure on science and technology into five categories,and takes large sample panel data regression analysis using a total of 7679 observations from 3194 companies in the park.The results show that:firstly,as a whole,financial science and technology subsidies has a significant role in promoting the input of enterprise R&D,which presents the positive complementary effect.Secondly,different financial science and technology subsidies can play different roles.Among them,subsidies of promoting innovative activities and talent agglomeration can promote enterprises to increase investment in R&D significantly.Subsidies of promoting innovative environment can play a positive role to promote enterprises to increase investment in R&D,but the effectiveness is limited.Subsidies of promoting enterprise development and financing has indirect effectiveness to the enterprises investment in R&D.Thirdly,among these five kinds of subsidies,subsidies of promoting talent agglomeration has the most significant impact.Finally,combined with the above research,this paper constructs the local fiscal policy system of science and technology.Based on the actual situation of science and technology innovation in the Pudong,this paper establishes three-dimensional system of Pudong fiscal science and technology policy,including the lateral conditional structure,the longitudinal life cycle structure,and the project source structure of fiscal science and technology policy.Meanwhile,this paper constructs the financial decision-making and management mechanism,including top-level design,collaboration and input mode,and puts forward the specific policy proposals in three aspects.