Study On Incentive Effect Of Government Subsidies And Tax Preferences On Enterprise's Technological Innovation

In order to effectively stimulate technological innovation of enterprises,the government has adopted various forms of subsidies and preferential tax policies.However,whether the relevant policies have a significant effect on the innovation and development of enterprises and which factors will affect the supporting effects of related policies have not reached a consistent conclusion.In addition,the electronic information industry,based on its important position in the development of information technology,is strong in science and technology and it has been the main object of the government's policies of supporting innovation.Therefore,this paper takes the electronic information industry as an example to study the incentive effects of government subsidies and tax preferences on enterprise's technological innovation.This paper first introduces the relevant theories of government subsidies,tax incentives and technological innovation,and makes a theoretical discussion of the mechanism of action.Secondly,this paper analyzes the current situation of government subsidy,tax preferential policies and the electronic information industry and points out the problems in the implementation of policies.Based on this,we take the major listed companies in China's electronic information industry from 2013 to 2017 as a research sample,set the R&D input and output models,and select the appropriate input and output variables for empirical analysis and testing.The results show that:(1)In terms of R&D investment,the incentive effect of government subsidy is very significant,that is,direct government R&D subsidy can encourage companies to invest more in research and development;(2)Compared to government subsidies,tax incentives have a more positive effect on corporate innovation output;(3)The effects of government subsidies and tax incentives will vary depending on the nature of the enterprises,the size of the enterprises,and the input of R&D personnel;(4)Intermediate effect research shows that R&D investment has played a full intermediary effect in the process of government subsidies promoting innovation output;corporate risk factors have played a part intermediary effect on tax incentives for innovation output.Finally,according to the current situation description and the conclusions of empirical analysis,specific suggestions are made on how the government better utilize fiscal policies to promote technological innovation in enterprises.