| Technological innovation is an important driving force for the development of manufacturing industry.Theoretical research and practical exploration show that the high risk and externality of technological innovation lead to the occurrence of "market failure" to a certain extent,and the investment in technological innovation of enterprises is insufficient.In order to rectify the insufficient investment in enterprise innovation caused by market failure,governments in all countries generally adopt fiscal and taxation policies such as government subsidies and tax preferences to promote the level of enterprise innovation.Fiscal and taxation policies have become an important means to promote and guide the technological innovation activities of manufacturing enterprises.Although the scale of government subsidies and tax incentives have been increasing in recent years,there is still a big gap between the level of innovation ability and innovation efficiency of manufacturing industry and developed economies.In some areas,there are even problems such as duplicate construction and overcapacity in manufacturing industry.How to effectively exert the incentive effect of fiscal and taxation policies on technological innovation in manufacturing industry has become a key problem to be solved urgently by the theoretical and practical circles.In addition,under the background of China's economic restructuring,because of the differences in regional resource endowments,there is a huge gap in the level of regional economic development.It also affects the implementation of local fiscal and taxation policies and the technological innovation activities of manufacturing enterprises to a certain extent,which may lead to the differential performance of the impact of fiscal and taxation policies on the technological innovation of manufacturing industries.Based on this,in order to explore the impact mechanism of fiscal and taxation policies on technological innovation of manufacturing industry in China from the perspective of economic region,and to improve fiscal and taxation policies to promote technological innovation of enterprises more pertinently and scientifically,this paper constructs a multiple regression model and a DEA innovation efficiency measurement model using the relevant data of Shanghai and Shenzhen A-share Manufacturing Listed Companies in 2008-2016,and makes an empirical analysis of government subsidies.Fiscal and taxation policies represented by preferential taxation policies affect the efficiency of technological innovation input,output and efficiency of manufacturing enterprises.This paper discusses the moderating effect of Regional Marketization Degree and regional technological innovation capability in the above-mentioned process,and further discusses the eastern,central and Western regions,as well as the economic regions represented by Beijing,Tianjin,Hebei,Yangtze River Delta and Pearl River Delta.Fiscal and taxation policies have different impacts on technological innovation of manufacturing enterprises,which leads to the following conclusions:(1)Fiscal and taxation policies can significantly promote technological innovation investment of manufacturing enterprises.The incentive effect of government subsidy on innovation input of manufacturing enterprises is more obvious than that of tax incentives.The degree of regional marketization has a positive regulatory effect on the relationship between government subsidies and innovation investment of manufacturing enterprises.In regions with high degree of marketization,the incentive effect of regional government subsidies on innovation investment is more prominent.The moderating effect of tax incentives on the relationship between government subsidies and innovation input of manufacturing enterprises is not obvious.The government subsidy policy is more obvious in the eastern region,while the tax preferential policy is more obvious in the central and Western regions.From the perspective of economic region,for the government subsidy policy,the coefficient of Tianjin-Beijing-Hebei region is the largest,followed by the Pearl River Delta,and the Yangtze River Delta is the smallest.As far as preferential tax policies are concerned,Tianjin,Beijing and Hebei are larger than the Pearl River Delta and Yangtze River Delta.(2)Government fiscal and taxation policies related to enterprise innovation have promoted the level of innovation output of manufacturing enterprises,but fiscal subsidies and preferential tax policies have different effects.Generally speaking,both fiscal and taxation policies have a positive impact on the innovation output of enterprises,but financial subsidies and tax preferences have a differential impact on the innovation output level of enterprises as a whole.The contribution of fiscal subsidies to innovation output is 6.1%,which is 1.8 percentage points higher than that of tax preferences.The degree of Regional Marketization and innovative ability have obvious regulatory effect on fiscal and taxation governments,but they also show differentiated effects.The degree of Regional Marketization positively regulates the impact of fiscal subsidies and tax preferences on enterprise innovation output,but the effect of fiscal subsidies is significantly higher than that of tax preferences.Regional innovation capability only positively regulates the impact of financial subsidies on enterprise innovation output,but the effect of tax preferences is not obvious.There are regional differences in the role of government fiscal and taxation policies in enterprise innovation.Fiscal subsidy policy has a positive impact on the innovation effect of the eastern,central and Western regions.Tax preferential policy does not play a significant role in the Middle East,but it will have a significant positive impact on the western region.At the same time,fiscal subsidy policy has a significant positive effect on innovation output in the Yangtze River Delta and the Pearl River Delta,but neither of the two policies has a significant impact on innovation output of enterprises in Beijing,Tianjin and Hebei.(3)Fiscal and taxation policies can play a leading and promoting role in improving the efficiency of technological innovation of enterprises,but the effect of fiscal subsidy policies on improving the efficiency of technological innovation of enterprises is obviously higher than that of tax preferential policies because of its clear,explicit and direct characteristics.There are differences in the effect of innovation efficiency among different economic regions.Compared with the western region,the innovation efficiency driving effect of fiscal and taxation policies is stronger for manufacturing enterprises in the eastern and central regions.Compared with Beijing,Tianjin and Hebei,the innovation efficiency of fiscal and taxation policies has a stronger driving effect on manufacturing enterprises in the Yangtze River Delta and the Pearl River Delta.The degree of Regional Marketization and regional innovation capability have a moderating effect on the efficiency of technological innovation of enterprises,but the moderating effect is caused by the weakness of independent innovation ability of enterprises,the unilaterality and lag of fiscal and taxation policy implementation and the imperfection of supervision mechanism.Weakening,the phenomenon of "efficiency loss" appeared. |
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