Research On Tax Revenue Preferential Impact On The Innovation Performance Of The GEM Listing Corporation

Under the call by our government put forward the "building an innovative country so as to make development of science and technology become strong support of our economic and social development", science and technology has become the decisive power of economic development in every country. Enterprises as the main part of innovation system, and its innovative activities are becoming increasingly important. But by analyzing and comparing the present situation of innovation activities at home and abroad, we discovered that there is still a large gap comparing with developed countries. Therefore, improving enterprise’s technological innovation ability and providing a good policy environment for R&D investment, has become an important and urgent task for the government. Tax incentives are adopted by governments around the word as they are more likely inclusive and emphasis on market forces, Chinese government issued a series of preferential tax policies for technology innovation of high-tech enterprise. In this context, researching the innovation incentive effects of tax incentives comprehensively and deeply can provide reasonable references for government policy developing.Based on the conclusion of domestic and abroad research, and through a combination of theoretical and empirical analysis, this paper analyzes the mechanisms and incentive effect of the innovation performance of companies listed from the microscopic point of view. Firstly, this paper analyzes the present situation and problems of our current enterprise innovation activities and tax incentives; Secondly it analyzes the incentive effect of enterprise innovation performance by tax incentives and government funding theoretically, and it analyzes the different types of taxes concessions on innovative performance impact path; then it researches the relationship between the tax incentives and enterprise innovation from the visual of R&D expenditure, and the concept model of "tax incentives- R&D expenditure-innovation performance" is established. And on this basis, this paper uses multiple regression methods to test the research hypotheses based on the GEM listed companies as a total of 939 research samples from 2010 to 2013.Through analysis and empirical test, this article research conclusion is as follows:(1) Compared with government funding, tax incentives have more obvious incentive on GEM’s innovative performance;(2) There has a significant positive correlation between tax incentives and R&D expenditure of GEM listed companies;(3) There has a significant positive correlation between R&D expenditure and innovative performance of GEM listed companies;(4) R&D expenditure is a completely mediating variable that tax incentives affect innovation performance;(5) Compared with income tax preferential, the value added tax preferential have greater impact on GEM’s innovative performance.Based on research conclusions, this paper has proposed suggestions of perfecting our country’s innovation preferential tax policies from the micro perspective:(1) Government should take the difference of the tax incentives for different industries and different size of the GEM listed companies; It is a positive correlation between innovation performance and the size of the company; Innovation performance of manufacturing and information technology industry significantly higher than other industries;(2) Government should establish a tax incentive system, which is in the main of income tax preferential and supplemented by government funding;(3) Tax incentives should be optimized, and GEM listed companies should increase the capacity of R&D funding for investment in Innovation activities;(4) Tax preferential policies should be transitioned from in the main of income tax preferential towards paying equal attention to both income tax preferential and value added tax preferential.