| Nowadays the technological innovation ability has become the most critical factor in reflecting national strength.A country with a high level of technological innovation capability will be able to take a high-end position in the global industrial division of labor chain,it will create new industries that stimulate the national economy and make the country's economy and culture at the leading level in the world.The General Secretary Xi Jinping also put forward in the report of the 19 th Congress of the Communist Party of China: "Innovation is the primary driving force for development and strategic support for the construction of a modern economic system." At present,enterprises have become the main body of technological innovation in China.In order to speed up the construction of an innovative country and achieve the goal of building a powerful technology country,China has invested a large number of fiscal policies to promote enterprise innovation.And how effective these fiscal policies are worthy of study.The existing literature mainly studies the impact of fiscal policy on enterprise technological innovation investment and innovation output.It does not pay enough attention to the impact of fiscal policy on enterprise technological innovation efficiency.This paper divides the technological innovation process into the R&D phase and the outcome conversion phase.It uses the heterogeneous stochastic frontier model to measure the efficiency of the two phases,and from the perspective of the whole country and the region,estimates the impact of two fiscal policies(government direct subsidy policy and tax incentive policy)on the two phases of efficiency,and how fiscal policies can improve the technology innovation efficiency of companies in different regions.The main parts of this paper are as follows:(1)clarify the connotation of fiscal policy and enterprise technology innovation efficiency;(2)use the relevant theory to make assumptions about the effect of two fiscal policies(government direct subsidy policy and tax incentive policy)on the efficiency of the two stage of enterprise technological innovation;(3)construct variables for technology innovation efficiency,two fiscal policies and other environmental variables;(4)use the heterogeneous stochastic frontier model to measure the efficiency of the two stages of technological innovation in industrial enterprises above the scale in our country and estimate the impact of fiscal policies;(5)analysis based on the results of model estimation and verify the hypothesis,explain the results according to the actual situation of the industrial enterprises above the scale of our country and theoretical knowledge;(6)put forward countermeasures and suggestions according to the result analysis.The main conclusions of this paper are as follows:(1)the R&D efficiency of industrial enterprises above the designated size of China is basic upward trend in 2008-2016 years,and the R&D efficiency of the enterprises in various provinces is different,the conversion efficiency is on the rise in every year except in 2010,compared with R&D efficiency,the level of conversion efficiency is lower;(2)from the national level,the government direct subsidy policy has an inhibitory effect on the R&D efficiency of the industrial enterprises above the scale of our country,and has no significant influence on the conversion efficiency.The tax incentives policy has a positive effect on the R&D efficiency and conversion efficiency of the industrial enterprises above the scale of our country;(3)from the area of view,in the eastern region,the government direct subsidy has no positive effect on the two stages,and the tax incentives has a positive effect on the conversion efficiency;the direct subsidy of the central government has inhibited effect on the efficiency of R&D but promoted the conversion efficiency.Government direct subsidies and tax incentives both promote R&D efficiency and have no significant impact on the conversion efficiency.The innovation points of this paper are as follows:(1)This study estimates the direct impact of fiscal policy on enterprise technology innovation efficiency,better reflects the impact of fiscal policy on enterprise technology innovation;(2)This study divides technology innovation process into research and development stage and conversion stage,and estimates the impact of fiscal policies on the two stages of efficiency,the conclusion of this paper is more detailed. |
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