Measurement And Analysis Of The Impact Of Fiscal Policy On The Development Of China's Strategic Emerging Industries

At present,in the face of the continuous disappearance of China's demographic dividend,the depletion of natural resources,the deterioration of the ecological environment,how to transform the momentum of economic growth,and cross the middle income trap,leading the healthy development of China's economy has become the focus of academic and government institutions.The strategic emerging industries driven by innovation have become a breakthrough in economic transformation.Under the government's continuous policy support,strategic emerging industries have driven GDP growth by more than one percentage point,and the momentum for economic growth is strong.There have been some researches on the development of strategic emerging industries in the academic community.There are two main aspects.First,study the impact of fiscal policy on industrial innovation and innovation spillovers,and examine the effects of evaluating industrial support policies.Second,the impact of fiscal policy on industrial development is measured by studying the output efficiency and innovation efficiency of enterprises.There are insufficient research on the interaction between fiscal policy and strategic emerging industry enterprise output,human capital and R&D investment variables.The study of the influence time between variables is also less involved,and the related research mostly focuses on static analysis.The panel vector autoregressive model treats all variables as endogenous variables,and introduces the dynamic correlation between the reaction variables by the lag term of the variable and the orthogonalized impulse response function.To a certain extent,it can make up for the lack of research on the interaction between fiscal policy and emerging industries,discuss the comprehensive impact of fiscal policy on the industry,and explore the feedback effect of corporate output,human capital and R&D investment on fiscal policy.On this basis,this paper studies the impact of government subsidies and tax incentives on industrial development in fiscal policy.Firstly,the operating data of 227 China A-share strategic emerging industries listed companies from 2011 to 2017 were selected and tested.Secondly,the panel vector autoregressive model is used to measure the interaction effect of fiscal policyon strategic emerging industries including human capital,R&D investment,and enterprise output,and quantify the influence of variables and the change of long-term contribution rate.Finally,in view of some problems existing in the development of emerging industries,the corresponding countermeasures and suggestions are proposed based on the theoretical and empirical research conclusions.The conclusions of the study show that fiscal policy has an “inductive effect” on R&D investment,because the impact of R&D investment on fiscal policy has a response value of0.05.The R&D investment has a aging effect on the output of the enterprise for about four periods,which has a positive impact on the output of the enterprise in the long term.For the two different fiscal policies,the conclusion reached in this paper is that the government subsidy support effect is better than the tax benefit,and the subsidy policy can be tilted to the government subsidy.Corporate technology human capital contributed 34.5% to corporate output growth,28.2% to capital growth,and 20.8% to R&D investment growth.Therefore,the government and enterprises should pay attention to the accumulation and renewal of human resources,which also proves that talents are the first resources of enterprises.