| Though the innovation of the high-tech companies can’t depart from the support of the fiscal and tax policies,influences of fiscal subsidies and tax on the innovation performance and the way influencing the high-tech companies’ incentives have become the questions to be solved.Based on the sample data of the Shanghai and Shenzhen two cities’ listed high-tech companies from 2012 to 2015,this paper has carried on the empirical research on the finance and tax incentives on the innovation performance of high-tech listed companies in China and the mediation function of r&d investment by using externality,input-output theory,and the theory of endogenous growth.In the process of testing hypotheses,this paper has firstly defined the finance and tax incentives,innovation performances,r&d investment,and high-tech listed companies.Then the paper has filtered the relevant data of high-tech listed companies.Finally it has carried on the correlation analysis and regression analysis by using Statal4.0 software.Accordingly,this paper has drawn the following conclusions:the fiscal subsidy plays more significant role in promoting innovation performances of high-tech listed companies;subsidies will significantly increase r&d investment;r&d investment have partial intermediary influences on the fiscal subsidies and the innovation performances of high-tech listed companies;the scale of the enterprise has positive influence on the r&d investment and the innovation performances;the innovation performance and enterprise scale presents positive correlation.At the end of the paper,the writer has put forward the policy recommendations and expounded insufficient of the research. |
