Research On The Impact Of Financial Subsidies And Tax Incentives On Strategic Emerging Industry Innovation Activities

Science and technology are the primary productive forces,and technological innovation is an inexhaustible motive force for the development of the country.From the post crisis era,both the United States and other developed countries or developing countries such as Brazil have launched a series of measures to support the strategic emerging industries in order to grasp the technological frontier and seize the commanding point of economic development,and supporting the strategic emerging industry innovation is the basic content of industrial policy.Under the new normal background of the downward pressure on economic development in our country,vigorously developing strategic emerging industries is not only an inevitable move enhancing the core competitiveness of the industry and promoting industrial restructuring and upgrading,but also a fundamental requirement improving the overall national strength and establishing an innovative country.In the development of the national economy "13th Five-Year" plan also proposed to further support the development of strategic emerging industries,and making the value of the proportion of GDP reach 15%,but in the early stages of development of strategic emerging industries engage in some characteristics,for example,science and technology innovation activity has the potential risk,the investment recovery period is long and the innovation result has the overflow and so on,so it is difficult for enterprises to carry out innovation activities on their own,and the government of this "visible hand" was placed high hopes at this time.The government use financial subsidies and tax incentives and other incentives to give enterprises a strong financial support in order to encourage enterprises to actively engage in innovative activities.Theoretically,financial subsidies and tax incentives can not only directly affect the enterprise innovation activities,but also produce indirect effect on enterprise innovation activities through the innovation investment and investment structure.Therefore,Exploring the relationship between financial subsidies,tax incentives and innovative activities of strategic emerging industries not only has the very important theoretical significance,but also has the important practical significance to improve the efficiency of government finance and tax incentive policy and to enhance the effectiveness of policy support.Firstly,This paper makes a comprehensive study of the current development of China's strategic emerging industries based on a systematic review of the existing literature at home and abroad and further analyzes the status and problems of financial subsidies and tax incentives for strategic emerging industries.Secondly,the paper explains the mechanism of financial subsidies and tax incentives to strategic emerging industry innovation from thetheoretical level;And then the panel data model of financial subsidies and tax incentives for R&D strategic emerging industry investment,human capital investment and patent output are constructed by using 137 companies 2010-2014 data listed in Shanghai and covers seven strategic emerging industries in order to investigate the effect of fiscal and tax incentive policies on enterprise innovation activities;Finally,based on the above theoretical analysis and empirical results analysis and combined with the United States,Japan's experience and practice of using fiscal policy to promote the development of strategic emerging industries,the paper comprehensively and systematically puts forward to fiscal and tax incentive policy recommendations to enhance the innovation level of strategic emerging industries.This paper positively analyses and compares the incentive effects of the fiscal and taxation policy on strategic emerging industry innovation through the establishment of panel data model and the use of strategic emerging industry listed companies micro data,the study found the following three cases.First,the financial subsidies and tax incentives for strategic emerging industries R&D expenditure have the same and significant positive incentive effect.Second,the incentive effect of financial subsidies and tax incentives on the investment of human capital in strategic emerging industries have some differences;and the incentive effect of R&D investment is superior to the human capital investment.Third,the direct incentive effect of financial subsidies and tax incentives on enterprise patent output is not significant.Fourth,the indirect effect of financial subsidies through the enterprise R&D costs will restrain the increase of patent output,and indirect effect which is transmitted through human capital investment can produce significant incentive effect on the enterprise patent output;In contrast,the indirect effect of tax incentives through the enterprise R&D costs will effectively promote the increase of patent output,the indirect effect which is transmitted through human capital investment is not only not conducive to the increase of patent output,but also restrain the patent output.Finally,based on the above empirical results and foreign experience for reference,this paper puts forward the specific policy recommendations to promote the development of strategic emerging industries from increasing subsidies and improving the structure of subsidies,enriching the ways and forms of financial subsidies,improving the existing tax incentives system,establishing a sound regulatory system and performance appraisal system and speeding up the construction of the platform for the system of production and research cooperation.