Can Tax Incentives Really Promote The Enterprise Innovation

Innovation is the soul of the national progress, is an inexhaustible motive force for national prosperity. As one of key source of innovation, research and development activity is one of the important driving forces for the enterprise competitive advantage and sustainable development ability. But R&D activity has a great risk, strong externalities, the result has the public goods characteristics, these characteristics hindered companies engaged in R&D activities actively to achieve the level of technological innovation in social expectations. In this case, as a specific method to implement the "visible hand" intervention, tax incentives is a more long-term, efficient and endogenous incentives to encourage support for R&D innovation process when have a brilliant future. But how about incentive effect of these tax incentives for enterprise independent innovation and innovation output? This is of concern to the government policy makers and implementers of problems, also a hot topic in academic research.Therefore, Based on the domestic and foreign scholars research results, the use of relevant economic theory, using the research methods of combining normative research and empirical research, combined with the property of heterogeneity, from the perspective of financing constraints in order to analysis tax incentives for innovation and its incentive effect. The study found that tax incentives promote the enterprise innovation investment, and mitigate the negative impact of financing constraints on corporate innovation; Considering the agency cost, the local state-owned agency cost is more serious, the tax incentive has no significant effect on innovation for the local state-owned enterprises, agency problems of lighter tax incentives is little serious, incentives for innovation get the biggest play in the private enterprise. Further research found that the tax incentive and enterprise innovation performance is positively related, while alleviating the negative impact of financing constraints on innovation performance; local state-owned enterprises has serious agency problems, which had no significant effect on tax incentives of local state-owned enterprises innovation performance, agency problem in light of private enterprises in the innovation incentive effect to maximize play.Based on the above research conclusion, from the point of view that promotion of enterprise innovation ability and improve the financing environment, putting forward the corresponding policy recommendations.