| Since the 21st century,the manufacturing industry has become a strategic commanding height for countries to compete for.China has been implementing"Made in China 2025"since 2015,which has comprehensively pushed the manufacturing industry from large to strong.In October 2020,the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China deliberated and approved the"Proposals of the Central Committee of the Communist Party of China on Formulating the Fourteenth Five-Year Plan for National Economic and Social Development and the Long-term Goals for 2035."At the top of all tasks,the focus of economic development is on the manufacturing industry.And Chinese government has implemented a series of fiscal and taxation policies to support manufacturing innovation to increase the innovation input,innovation output and innovation income of enterprises,thereby enhancing the innovation efficiency of the manufacturing industry and adding impetus to the high-quality development of the economy.Faced with an overall situation that has not been seen in a century,how to optimize the support of fiscal and taxation policies and resolve the challenges in the innovation and development path of manufacturing is of practical significance.This research takes the effect of fiscal and taxation in supporting China's manufacturing innovation as the research object.Based on the relevant theories such as Endogenous Growth Theory,Innovation Theory and Externality Theory,it uses the data from Chinese manufacturing enterprises,through the construction of Stochastic Frontier Models,Panel Space Model and Panel Threshold model,empirically analyze the effect of fiscal and taxation support policies on manufacturing innovation output efficiency and innovation income efficiency respectively.The specific content can be seen from the following six aspects.First,based on domestic and foreign related research and theories on fiscal and taxation support for manufacturing innovation,analyze the basic relationship between financial support funds and tax incentives and manufacturing enterprise innovation,and then clarify the mechanism of their respective effects on the efficiency of manufacturing innovation efficiency.It can be found that:First,fiscal and taxation support policies can promote the innovation investment of enterprises in terms of reducing the cost of enterprise innovation.It can also accelerate the effective transformation of innovation results and improve the innovation efficiency of enterprises.Then,the effects of financial support funds and tax incentives on the innovation efficiency of manufacturing enterprises in different regions should be investigated taking into account the spatial factors of the enterprises.Finally,financial support funds and tax incentives are conducive to stimulating the enthusiasm of enterprises to transform innovative achievements,and promote enterprises to realize the transformation of innovative achievements.Second,sort out fiscal and taxation support policies for China's manufacturing innovation in the past decade,and analyze the efficiency status of manufacturing innovation under the support of fiscal and taxation based on the DEA method.It can be found that:on the one hand,the scale of fiscal funds for manufacturing innovation has been expanding year by year.Compared with the growth scale of national innovation fiscal funds,the scale of fiscal funds for manufacturing innovation has slowed down since 2014;the amount of tax relief for manufacturing innovation has increased,especially the tax incentives for high-tech enterprises have increased significantly;the overall macro tax burden and corporate income tax burden of the manufacturing industry have changed little,but the value-added tax burden has fallen by a large amount,and the level of various tax burdens tends to flatten out after 2012.On the other hand,the current fiscal and tax support for manufacturing innovation needs to be strengthened in improving the efficiency of manufacturing innovation;the sharp drop in the value-added tax burden has played a certain role in promoting the improvement of manufacturing innovation output efficiency,while the effect on innovation income efficiency is not obvious;the overall tax burden of the manufacturing industry and the level of corporate income tax burden have a certain degree of restraint on the further realization of innovation income;the impact of fiscal and taxation support policies on innovation efficiency has industry differences and regional differences.Third,the Stochastic Frontier Model has been constructed to empirically test the total effect of fiscal and taxation support for manufacturing innovation,it can be found that the relationship between fiscal support funds,tax incentives,and actual macro tax burdens and the manufacturing innovation output efficiency and innovation income efficiency are in the shape of'U'or'n'.Based on the analysis of the total effect of the sample manufacturing industry,it can be seen that,first,financial support funds have a crowding-in effect on the innovation output efficiency and innovation income efficiency of the manufacturing industry,and the former is greater than the latter.Then,the tax incentives have a crowding-in effect on the innovation output efficiency and innovation income efficiency of the manufacturing industry;compared with the crowding-in effect of financial support funds,the tax incentives have a smaller crowding-in effect on the innovation output efficiency.Finally,the actual macro tax burden has a crowding-out effect on the innovation output efficiency,but it has a crowding-in effect on the innovation income efficiency.Fourth,the Panel Space Model has been constructed to empirically test the spatial effect of fiscal and taxation support for manufacturing innovation.It can be found that,on the whole,the innovation output efficiency of the manufacturing industry under fiscal support funds and tax incentives has a significant negative spatial externality,and the innovation output efficiency of the manufacturing industry under the actual macro tax burden has a significant spatial positive externality.The innovation income efficiency under the financial support funds and tax incentives has an insignificant spatial positive externality,and the innovation income efficiency under the actual macro tax burden has an insignificant spatial negative externality.Comparing the spatial effects of fiscal funds,tax incentives,and actual macro tax burdens on manufacturing innovation output efficiency and innovation income efficiency,it can be seen that,first,the effects of financial support funds on the innovation output efficiency of local and neighboring manufacturing industries are U-shaped and n-shaped respectively;the efficiency of innovation gains to the local and neighboring manufacturing industries are all n-shaped.Then,the effects of tax incentives on the innovation output efficiency of local and neighboring manufacturing industries are U-shaped and n-shaped respectively,and they have positive and negative incentive effects in the western region;tax incentives have a significant incentive effect on the innovation income efficiency of the local manufacturing industry,but a less positive effect on the innovation income efficiency of neighboring regions.Finally,the actual macro tax burden has an inverted U-shaped effect on the innovation output efficiency of the local and neighboring manufacturing industries,while the former has a U-shaped effect in the eastern region,and the latter has a positive effect in the western region;the efficiency of innovation income to local and neighboring enterprises is negative and positive respectively.Fifth,the Panel Threshold Model has been constructed to empirically test the threshold effect of fiscal and taxation support for manufacturing innovation.It can be found that the actual macro tax burden does not have a threshold effect on the innovation output efficiency of the full-sample manufacturing and general manufacturing industries,and the intensity of fiscal funds and tax incentives does not have a threshold effect on the innovation efficiency of high-end manufacturing.For the rest,the threshold effect of innovation output efficiency and innovation income efficiency of the industry is dominated by a single threshold effect.Specifically,first,the intensity of fiscal funds has a restraining effect on the innovation output efficiency of the manufacturing industry within a certain threshold range,while promoting the innovation income efficiency of the manufacturing industry(except for high-end manufacturing).After the intensity of fiscal funds exceeds a certain threshold,not only its inhibitory effect on manufacturing innovation output efficiency is weakened,but also its promotion of manufacturing(except high-end manufacturing)innovation income efficiency weakens.Then,the intensity of tax incentives around the threshold value promotes the innovation output efficiency of the manufacturing industry,while within a certain threshold value,it inhibits the innovation income efficiency of the manufacturing industry(except for high-end manufacturing).Except for high-end manufacturing,the intensity of tax incentives exceeding a certain threshold will not only weaken the promotion of manufacturing innovation output efficiency,but also significantly weaken its inhibitory effect on manufacturing innovation efficiency.Finally,the actual macro tax burden has a significant inhibitory effect on the innovation output efficiency of the manufacturing industry,and only has a threshold effect on the high-end manufacturing industry.When the actual macro tax burden exceeds a certain threshold,it has a significant inhibitory effect on the innovation income efficiency of the manufacturing industry(except for the general manufacturing industry).When the actual macro tax burden is controlled below a certain threshold,its inhibitory effect on the efficiency of manufacturing innovation output can be significantly weakened,and the inhibitory effect on the efficiency of manufacturing innovation income can also be eased.Sixth,based on the above research conclusions,several optimization suggestions for the current fiscal and taxation policies that support manufacturing innovation are proposed as follows.First,strengthen the role of financial support funds in promoting the innovation efficiency of the manufacturing industry.One is to improve the efficiency of the use of fiscal funds and improve the market-based mechanism for manufacturing innovation.The second is to increase financial support funds for enterprise innovation in the western region,especially to strengthen its role in promoting the marketization of innovative products.The third is to focus on increasing the financial strength of the high-end manufacturing innovation and R&D stage,and reduce the degree of direct intervention in the marketization of its innovation results.Secondly,optimize the role of tax incentives in promoting the innovation efficiency of the manufacturing industry.The first is to increase indirect tax incentives in the R&D output stage,and pay more attention to direct tax incentives in the innovation income realization stage.The second is to appropriately increase the tax incentives for manufacturing innovation in the central and western regions of the research and development stage,and strengthen the incentive effect of tax incentives on the marketization of manufacturing innovation in the central and western regions.The third is to focus on increasing the intensity of tax incentives in the high-end manufacturing innovation output stage,and generally improve the effectiveness of tax incentives in the manufacturing innovation income.Finally,reduce the tax burden that hinders the efficiency of manufacturing innovation.One is to implement tax and fee reduction policies to further reduce the macro tax burden of manufacturing enterprises.The second is to implement tax and fee reductions based on local conditions,focusing on reducing the actual macro tax burden of manufacturing in the central and western regions.The third is to adjust tax and fee reduction measures based on the innovative needs of manufacturing industries in different industries,focusing on reducing the actual macro tax burden of high-end manufacturing.The innovations of this research are mainly reflected in the following three aspects.First,this research divides manufacturing innovation into R&D output stage and income realization stage,and then measures the current innovation output efficiency and innovation income efficiency of China's manufacturing industry,and analyzes the effect of fiscal funds,tax incentives and actual tax burden on different innovation efficiencies respectively.To a certain extent,this has enriched the research perspective of finance and taxation to support enterprise innovation.Second,this research combines the Regional Economics and uses the Spatial Metrology to measure the innovation efficiency of manufacturing industries in eastern,central and western regions of China in the two stages of R&D output and income realization.And it analyzes the spatial effects of fiscal funds,tax incentives and actual tax burdens on the innovation efficiency of manufacturing in different regions.This has tested the policy effect from a multi-dimensional perspective.Third,this research divides the manufacturing industry into full-sample manufacturing,high-end manufacturing,and general manufacturing,and verifies the threshold effect of fiscal and tax support on manufacturing innovation output efficiency and innovation income efficiency.It also analyzes the degree of response of different manufacturing companies to fiscal and taxation policies,so that the research conclusions are more precise and detailed,which provides more targeted optimization suggestions for improving the innovation efficiency of China's manufacturing industry. |
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