| As China's economy enters the new normal,the disadvantages of extensive economic growth are becoming apparent.In order to overcome the challenges faced by economy and overcome the "middle income trap",China needs to achieve an economic growth transformation from factor-driven to innovation-driven.Enhancing the ability of enterprises to innovate is an important path to achieve technological breakthroughs and to transform the mode of economic growth.Fiscal subsidy is a policy tool commonly used in various countries to stimulate enterprise innovation.How to formulate an effective fiscal subsidy policy to stimulate enterprise innovation and enhance enterprise innovation ability is an important issue that is widely concerned by the academic and political circles.At present,the quantity of China's enterprises innovation is increasing,but the quality is not high.At the same time,China's fiscal subsidy favors state-owned enterprises and large enterprises,leading to widespread doubts about the effectiveness of fiscal subsidy.Considering the period of economic transition,the growth rate of China's fiscal subsidy has slowed down significantly.In order to improve the efficiency of fiscal funds,promote the enterprise innovation capabilities,and achieve a smooth transformation of the economic growth mode,it is urgent to clarify the mechanism of fiscal subsidy affecting enterprise innovation,and implement efficient fiscal subsidy policy.However,the existing relevant research literature presents inconsistent research conclusions,and the analysis of the mechanism of fiscal subsidy to stimulate enterprise innovation lacks attention to the characteristics of financial subsidy.Based on the existing research,this paper defines the relevant concepts of financial subsidy and enterprise innovation.Then,from the perspective of the characteristics of fiscal subsidy,it uses neo-classical analysis framework and game theory to analyze the fiscal subsidy direction,distribution methods and the scale of subsidy to build a theoretical analysis framework of fiscal subsidy affecting enterprise innovation mechanism.On the basis of combing the development history of China's fiscal subsidy policy to encourage enterprise innovation and the status quo of enterprise innovation,the micro-data collected from a large sample of enterprises are used to test the impact of fiscal subsidy on enterprise innovation using the difference-in-difference method and the instrument variable method.The following research conclusions are drawn:First,based on the panel data of patented enterprises in Hubei Province,using the Hubei Provincial School-Enterprise Co-construction R&D Center policy as a quasi-natural experiment,a difference-in-difference method is used to examine the impact of fiscal subsidy investment on enterprise innovation.Benchmark regression results and a series of robustness test results show that the change in fiscal subsidy from enterprise investment to industry-university-research investment can significantly increase the innovation output of enterprises.From the perspective of the patent application structure,the financial subsidy investment has brought more utility model and appearance patent applications to the industry-university-research cooperation.From the perspective of patent application,the financial subsidy investment has increased the number of domestic invention patent applications.The analysis of the dynamic effect of fiscal subsidy on the innovation of enterprises in the industry-university-research cooperation shows that the number of invention patent applications,utility models,and appearance patent applications increased significantly in the year of the policy and one year after the policy,but two years after the policy occurred the increase in innovation output is mainly due to the increase in the number of utility model and appearance patent applications.The results of the mechanism analysis show that fiscal subsidy invested in industry-university-research cooperation stimulate enterprise innovation through cooperation effects and reputation effects.In addition,the characteristics of the enterprise and the external environment will affect the incentives for the innovation of the enterprise-university-research cooperation subsidies.Among them,the subsidy for industry-university-research cooperation has played a stronger role in stimulating innovation in private enterprises.This phenomenon is particularly evident in promoting the increase in the number of invention patent applications.As the government faces increased financial pressure,the incentives for fiscal subsidy to invest in industry-university-research cooperation will be weakened.In addition,with the improvement of the institutional environment,the incentives for industry-university-research cooperation subsidy to strengthen enterprise innovation will be enhanced;cooperation with scientific research institutions with higher scientific research quality can better play the role of fiscal subsidy for enterprise innovation.Second,based on national tax survey data,the competitive allocation of fiscal special funds was used as a quasi-natural experiment,and the difference-in-difference method is used to examine the impact of fiscal subsidy allocation methods on enterprise innovation.Benchmark regression results and a series of robustness tests show that the transition from traditional one-to-one allocation to one-to-many allocation of fiscal subsidy can better stimulate enterprise innovation.From a quantitative perspective,competitive fiscal subsidy can increase the average innovation investment of enterprises by 280,000 yuan,and increase the intensity of innovation by 0.176%.The results of the dynamic effects analysis show that the competitive allocation of fiscal subsidy has a lasting effect on the incentives of enterprise innovation.The results of the mechanism analysis show that fiscal subsidy incentivize enterprises to innovate through selection effects and certification effects.Further analysis shows that the increase in GDP-based performance appraisal pressure will weaken the incentive role of competitive financial allocation methods for enterprise innovation.With the increase of marketization,the competitive financial allocation methods will increase the incentive for enterprise innovation.In addition,the competitive fiscal allocation method has a greater role in stimulating innovation for small and micro enterprises and strategic emerging industries.Third,based on the national tax survey of manufacturing enterprise samples,this paper constructs industry virtual panel data and examines the impact of fiscal subsidy scale on enterprise innovation from the perspective of competitive strategies.The benchmark regression results show that the subsidy scale of subsidized enterprises has an inverted U-shaped effect on the innovation of unsubsidized enterprises.When the fiscal subsidy exceeds a certain limit,it will have a crowding-out effect on enterprise innovation.This result is still valid after a series of robustness tests and endogenous treatments.Instrument variable estimation results show that the amounts of fiscal subsidy exceeds 2.09% of the main business income of manufacturing enterprises and exceeds 2.01% of the main business of highly competitive industries,the increase in the size of fiscal subsidy will crowd out enterprise innovation.The results of the mechanism verification show that if the subsidy scale of the subsidized enterprises is too large,the subsidized enterprises will adopt price competition strategies.In order to cope with price competition,unsubsidized companies will also adopt price competition strategies to reduce their investment in innovation.In addition,this article also finds that the subsidy scale of subsidized companies also has an inverted U-shaped effect on their own innovations,indicating that too large a fiscal subsidy scale will not only reduce their own innovation investment,but also affect the innovation investment of unsubsidized companies through price competition strategies,leading industry investment in innovation to decline.Based on the above research conclusions,this paper proposes the optimization path of China's fiscal subsidy from the perspective of fiscal subsidy investment direction,fiscal subsidy allocation method and fiscal subsidy scale.Fiscal subsidy should be invested more in industry-university-research cooperation,improve fiscal subsidy supporting mechanisms,increase basic research and applied research,and increase subsidy for SMEs to participate in industry-university-research cooperation.In addition,it's necessary to promote competitive distribution methods and optimize fiscal subsidy procedures.To establish an authoritative independent expert team,build an open fair review process,accept media supervision and public supervision,improve the supervision afterwards and inspection mechanism,and establish a reward afterwards and punishment mechanism.It's necessary to control the scale of fiscal subsidy,determine the upper limit of the scale of fiscal subsidy according to the characteristics of enterprises and industries,and establish a dynamic adjustment and withdrawal mechanism for fiscal subsidy.Optimize the external environment for fiscal subsidy,reform the performance evaluation system for officials,improve the level of marketization,optimize the business environment,and strengthen incentives of fiscal subsidy for innovation. |
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