Research On The Impact Of China’s Technological Innovation Incentive Policy On Enterprise Technological Innovation

As the most basic unit of social and economic activities,enterprises are an important carrier of innovation implementation,as well as the main force of technological innovation and research and development activities.However,due to the high cost and risk characteristics of technological innovation,the quasi public goods attribute of research and development results,and strong positive externalities,the private income of enterprise research and development investment is often lower than social income,leading to insufficient motivation for enterprise research and development.China’s technological innovation incentive policy is a policy tool to fully mobilize the enthusiasm of enterprises for technological innovation and stimulate their innovation vitality.However,from a practical perspective,there are many prominent issues in China’s technological innovation incentive policies,such as the deviation between policy incentive expectations and actual performance,the unsynchronized quantity and quality of innovation,and the low conversion rate between technological value and achievements.Based on this,this study explores the functional boundaries of technological innovation policies in enterprise innovation activities.The research conclusions have certain theoretical significance and practical value for giving full play to the guiding and stimulating effects of China’s technological innovation incentive policies on enterprise technological innovation,and achieving the transformation of China’s economic development model.Based on sorting out innovation theory,policy tool theory,and public finance theory,this study constructs a dynamic model of enterprise technological innovation from the perspective of internal and external factors.Combining with the objectives of China’s technological innovation incentive policy,it constructs China’s technological innovation incentive policy system from three levels: discretionary,universal,and selective support,and selects government subsidies As representatives of three types of innovation incentive policies,tax incentives and high-tech enterprise recognition policies are used to explore the impact of technological innovation incentive policies on enterprise technological innovation behavior and innovation strategies using a simplified monopoly game model.The specific ideas and content of the study are as follows: First,in view of China’s technological innovation incentive policies,this study systematically analyzes the implementation of government innovation subsidies,tax incentives,and high-tech enterprise recognition policies at the current stage.Secondly,based on the current situation of enterprise innovation,this study explores the overall situation of innovation activities,innovation expenses,basic information of scientific and technological activities,and the formulation of enterprise innovation strategies.Thirdly,based on theoretical analysis and current situation elaboration,this study uses listed companies to match China’s invention patent database to construct a microscopic research sample,and comprehensively uses empirical models such as the dual fixed model,the propensity matching method,and the Heckman two-step method to verify the impact of government subsidies,tax incentives,and high-tech enterprise identification policies on enterprise technological innovation.Fourthly,based on the analysis of internal factors in the dynamic model of enterprise technological innovation,this study analyzes the impact and differences of China’s technological innovation incentive policies on enterprise innovation activities under the heterogeneity of enterprises from four perspectives: enterprise size,corporate governance structure,enterprise life cycle,and enterprise property rights.Fifthly,this study uses data on technological activities of industrial enterprises at the regional level to analyze the differences in the selection of innovation strategies under China’s technological innovation incentive policies,providing empirical evidence for improving the effectiveness of policy incentives and promoting enterprise independent innovation.Through the above theoretical analysis,current situation analysis,and empirical testing,the main research conclusions of this study are as follows:(1)China has introduced various policies to promote independent research and development by enterprises,and has gradually formed a system and implementation framework focusing on financial subsidies and tax incentives.In terms of financial subsidies and preferential tax policies,the overall scale of Chinese government financial science and technology expenditure showed an upward trend during the research period.Under the high-tech enterprise recognition policy,the number of high-tech enterprises has shown a rapid growth trend,and their overall performance in innovation investment level is superior to the average level of industrial enterprises above designated size.(2)The technological innovation ability of enterprises has been continuously improved and showing a good upward trend.During the research period,the number of enterprises carrying out innovation activities,the scale of enterprise innovation expenses,and the number of enterprises formulating innovation strategic goals all showed an upward trend.From the perspective of the types of enterprise innovation strategic objectives,the main objectives of enterprise innovation strategy are to increase innovation investment to enhance the competitiveness of the enterprise,followed by catching up with and surpassing domestic leading enterprises in the same industry,maintaining the existing technological level and production and operation conditions.(3)China’s technological innovation incentive policies have a significant promoting effect on enterprise technological innovation,and this conclusion remains significant after a series of robustness tests.Government subsidies,tax incentives,and high-tech enterprise recognition policies have significantly promoted the investment of enterprise technology research and development personnel,technology capital investment,enterprise patent applications,and patent grants.This conclusion is still robust after being tested by Heckman’s two-step method,propensity score matching method,and substitution variable method.Under multiple technological innovation incentive policies,there are differences in the incentive effects of various technological innovation incentive policies on enterprise technological innovation,and their impact on different stages of enterprise technological innovation is different.The impact of government innovation subsidies and high-tech enterprise recognition policies on enterprise innovation activities runs through the entire stage,while the impact of tax incentives on enterprise R&D personnel investment and enterprise R&D funds investment is more significant.In terms of the incentive effect of technology incentive and innovation policies,the identification policy for high-tech enterprises has the strongest impact on enterprise technology innovation activities,followed by tax incentives,and finally,government innovation subsidies.(4)The impact of China’s technological innovation incentive policies on enterprise technological innovation is accompanied by heterogeneity in enterprise characteristics.Firstly,in terms of the heterogeneity of enterprise scale,the incentive effect of government innovation subsidies on innovation investment in small-scale enterprises is greater than that of large-scale enterprises;Tax incentives and high-tech enterprise recognition policies have a greater incentive effect on innovation for large-scale enterprises than for smallscale enterprises.Secondly,in terms of the heterogeneity of corporate governance structure,for the equity structure of enterprises,the innovation incentive effect of government subsidies and high-tech enterprise identification policies on enterprises with low equity concentration is greater than that of enterprises with high equity concentration,and the incentive effect of tax incentives on innovation investment in enterprises with low equity concentration is less than that of enterprises with high equity concentration;Regarding the characteristics of executive education,the innovation incentive effect of government innovation subsidies,tax incentives,and high-tech enterprise recognition policies on enterprises with high executive education is greater than that of enterprises with low executive education;Regarding equity incentive systems,whether it is the heterogeneity of equity incentives for executives or core business personnel,government innovation subsidies,tax incentives,and high-tech enterprise recognition policies have a greater incentive effect on technological innovation for enterprises with high equity incentives than for enterprises with low equity incentives.Thirdly,in terms of the heterogeneity of the enterprise life cycle,government subsidies,tax incentives,and high-tech enterprise recognition have a significant promotional effect on the growth and maturity of enterprises,and their incentive effect varies with the stage of the enterprise life cycle.Fourth,in terms of the heterogeneity of enterprise property rights,the incentive effect of government subsidies and tax incentives on technological innovation in non-state owned enterprises is greater than that of state-owned enterprises,while the incentive effect of high-tech enterprise identification policies on technological innovation in state-owned enterprises is stronger than that of non-state owned enterprises.(5)There are significant differences in the impact of different technological innovation incentive policies on enterprise technological innovation strategies.Firstly,in terms of enterprise independent innovation and technology introduction strategies,government subsidies,tax incentives,and high-tech enterprise identification policies have a stronger incentive effect on enterprise technology introduction than on enterprise independent innovation.Secondly,in terms of enterprise breakthrough innovation and incremental innovation strategies,government subsidies,tax incentives,and high-tech enterprise identification policies have stronger incentive effects on breakthrough innovation than on enterprise incremental innovation.Thirdly,in terms of substantive and strategic innovation,government subsidies have a stronger incentive effect on strategic innovation than on substantive innovation.The incentive effect of tax incentives and high-tech recognition policies on substantive innovation of enterprises is stronger than that on strategic innovation of enterprises.Based on the theoretical analysis and empirical research of this study,the following policy implications are drawn from this study: First,the positive policy orientation of insisting on the government’s strong support for enterprise innovation remains unchanged.Second,improve China’s technological innovation policy system and enhance the efficiency of enterprise technology research and development.Third,vigorously stimulate the innovation driven development potential of enterprises and enhance their technological innovation capabilities.