Research On The Impact Of Fiscal Science And Technology Policy Incentives On Enterprise Innovation Driven Development Efficiency

This paper is a theoretical and empirical study on the impact of fiscal science and technology policy incentives on enterprises’ innovation driven development efficiency.Enterprise innovation driven development as an important support to improve social productivity and overall national strength.The higher the efficiency of innovation driven development of enterprises,the greater the contribution rate to the quality and efficiency of social development.Fiscal science and technology policy incentive is an important engine to realize the innovation driven development of enterprises.Without effective fiscal science and technology policy incentive,the innovation driven development of enterprises lacks vitality.Government for enterprise technological innovation activities of fiscal stimulus for an enterprise to increase science and technology innovation investment,expand the scale of technological innovation plays an irreplaceable role,but the current Chinese enterprise innovation model is still relatively extensive,high input,low output of innovation pattern did not realize the fundamental change,enterprise innovation and low efficiency problem is still promote independent innovation ability of Chinese enterprises.In economy under the new normal,therefore,to study how to scientifically define the government in the allocation of innovation resources and border,give full play to the fiscal policy of science and technology guidance and motivation for the development of the enterprise innovation drive,power to the enterprise cluster innovation resources,so as to improve the efficiency of enterprise innovation driven development,has important theoretical value and practical significance.This paper is a theoretical and empirical study on the impact of fiscal science and technology policy incentives on enterprises’ innovation driven development efficiency.On the basis of combing public finance theory,policy tool theory,incentive theory and innovation theory,this paper clarifies the concept and connotation of fiscal science and technology policy incentive and enterprise innovation driven development efficiency,and explores the mechanism of fiscal science and technology policy incentive on enterprise innovation driven development and its efficiency.The direct government subsidy,direct tax preference and indirect tax preference are integrated into the evaluation index system of fiscal science and technology policy incentive.By incorporating R&D and economic transformation into the overall measurement system of innovation driven development efficiency of enterprises,Malmquist index of two-stage DEA model is adopted to measure the innovation driven development efficiency(system efficiency)and two-stage efficiency of Chinese industrial enterprises.Based on this,the descriptive statistical analysis of the efficiency of fiscal stimulus and enterprise innovation to drive the development of science and technology policy of the situation and problems,and by using industry level and regional level in China from 2009 to 2016 industrial enterprises panel data,using FE methods,D&K methods,instrumental variable method,system GMM,the threshold model to estimate measurement methods,such as,respectively empirically the efficiency of fiscal policy incentives to drive enterprise innovation of science and technology development,the overall impact of fiscal stimulus to the enterprise policy of science and technology innovation to drive the development of two stage efficiency,and different types of fiscal policy incentives on the efficiency of the enterprise innovation to drive the development of science and technology.The main conclusions are as follows:Firstly,the level of fiscal science and technology policy incentive and the level of enterprise innovation driven development efficiency both show a significant growth trend in the overall sample period,and show obvious industry and regional heterogeneity.The results show that from 2009 to 2016,direct government subsidies,direct tax incentives and indirect tax incentives all increased year by year,and the efficiency level of innovation driven development of enterprises was greater than 1 in the main years.The financial science and technology policy incentive level of capital and technology intensive industries is higher than that of resource and labor intensive industries,and the incentive level of the eastern region is higher than that of the central and western regions.On the whole,the efficiency level of enterprise innovation driven development in capital and technology intensive industries is higher than that in resource and labor intensive industries,and the efficiency level of enterprise innovation driven development in central and western regions is higher than that in eastern regions.Secondly,the fiscal science and technology policy incentive promotes the improvement of enterprises’ innovation driven development efficiency,which has obvious industry heterogeneity,regional heterogeneity and double threshold effect.The promotion effect of fiscal science and technology policy incentive on the development efficiency driven by enterprise innovation is significant in capital and technology intensive industries,but not in resource intensive and labor intensive industries.The promotion effect of fiscal science and technology policy incentive on the development efficiency of enterprises driven by innovation is stronger in the central and western regions than in the eastern regions.In different threshold ranges of the level of fiscal science and technology policy incentive,the improvement effect of fiscal science and technology policy incentive on the development efficiency of enterprises driven by innovation presents an obvious inverted u-shaped rule.Thirdly,the fiscal science and technology policy incentive has promoted the improvement of the two-stage efficiency of enterprises innovation driven development(technological research and development efficiency and economic transformation efficiency),but there are significant differences in this effect.The regression results at the industry level and the regional level confirm that the fiscal science and technology policy incentive is not only conducive to the improvement of enterprises’ technology research and development efficiency,but also to the improvement of enterprises’ economic transformation efficiency.Compared with the economic transformation efficiency,the fiscal science and technology policy incentive has a stronger effect on improving the efficiency of technology research and development.Further research shows that the influence of fiscal science and technology policy incentive on the two-stage efficiency of innovation driven development of enterprises still exists industry heterogeneity and regional heterogeneity.Finally,different types of fiscal science and technology policy incentives all promote the improvement of enterprises’ innovation driven development efficiency,but their incentive effects are obviously different.The regression results at the industry level and the regional level confirm that direct government subsidies,direct tax incentives and indirect tax incentives are conducive to improving the efficiency of innovation driven development of enterprises.By comparing the incentive effects of different types of fiscal science and technology policies,it is found that the incentive effect of direct government subsidies is stronger than that of direct tax incentives,while the incentive effect of indirect tax incentives is weaker.Further research shows that the impact of different types of fiscal science and technology policy incentives on the innovation driven development efficiency of enterprises also exists industry heterogeneity and regional heterogeneity.This paper puts forward the countermeasures and Suggestions from the following aspects to promote the efficiency of innovation driven development of enterprises.First,the organization and implementation of the fiscal science and technology policy should be constantly improved.We will make tax incentives more universal and optimize the structure of fiscal,science and technology policies.Improve the efficiency of policy implementation and release policy dividends;We will strengthen follow-up oversight of policies and raise the level of their effectiveness.Second,give full play to the incentive role of fiscal science and technology policy: establish a stable growth mechanism of fiscal science and technology input;Improve support for basic and applied research;To meet the innovation needs of enterprises in different stages of innovation driven development.Third,vigorously stimulate the enthusiasm of enterprises for innovation driven development: firmly determine the dominant position of enterprises in innovation,and mobilize the initiative of enterprises in innovation;We will increase investment in basic research and applied research,and improve the r&d and innovation capabilities of enterprises.We will strengthen the capacity building of enterprises and stimulate their enthusiasm for innovation.Fourth,industry and regional coordination should be strengthened.Enterprises should implement differentiated innovation driven development strategies and enhance industry and regional coordination.Fiscal science and technology policy incentives should fully consider industry heterogeneity and regional heterogeneity,and give consideration to industry coordination and regional coordination.