Research On The Incentive Effect Of Fiscal Subsidy And Tax Preference On Strategic Emerging Industries

Under the background of the new normal state of continuous downward pressure on China's economic development,vigorously developing strategic emerging industries is not only an inevitable measure to enhance the core competitiveness of the industry and promote the transformation and upgrading of industrial structure,but also to increase the overall national strength and build an innovative country.In the“Thirteenth Five-Year Plan”for the development of national economy,it is also proposed to further support the development of strategic emerging industries so that the added value accounts for 15%of the GDP.However,the development of strategic emerging industries in the primary development stage has the characteristics of greater risk potential,longer investment recovery cycle,and spillover characteristics.Therefore,it is more difficult to rely solely on the input of the enterprises themselves to develop the new emerging industries."A tangible hand" has been placed on high hopes.In order to encourage enterprises to actively engage in the development of strategic emerging industries,the government will give companies strong financial support with incentives such as tax incentives and financial subsidies as the main means.Theoretically speaking,tax incentives and fiscal subsidy policies can promote investment in strategic emerging industries and increase consumption.Therefore,it is of great theoretical significance to thoroughly explore the incentive effects of tax incentives and financial subsidies on strategic emerging industries.It also has great practical significance for improving the operating efficiency of government fiscal and taxation incentive policies and improving the effectiveness of policy support.Firstly,based on the systematic review of existing literatures at home and abroad,this article comprehensively inspects the development status of China's strategic emerging industries,and further analyzes the status and problems of China's emerging industries' financial subsidies and tax incentives.Secondly,from the theoretical perspective,it explains the mechanism of the role of financial subsidies and tax incentives on strategic emerging industries.Then take the data from 2008-2012 of 80 listed companies in seven strategic emerging industries in the CSMAR database as a sample,and build a data model to measure the effect of financial subsidies and tax incentives on strategic emerging industries.Finally,based on the above theoretical analysis and empirical results analysis,combined with the United States and Japan' s experience in the implementation of fiscal and taxation policies to promote the development of strategic emerging industries,comprehensively and systematically proposed fiscal and taxation incentive policies to promote the development of strategic emerging industries.This paper adopts the micro data of strategic emerging industries listed companies to establish a panel data model,and empirically examines and compares the incentive effects of tax incentives and fiscal subsidy policies on strategic emerging industries.Firstly,financial subsidies and tax incentives have a significant positive incentive effect on the development of strategic emerging industries;Secondly,there is a certain difference between the effect of financial subsidies and tax incentives on the strategic emerging industries.The main performance is that the incentive effect of tax incentives is more significant than the incentive effect of financial subsidies and the degree of incentive is greater.Based on the above empirical results and lessons learned from overseas,the paper proposes to promote strategy specific policy recommendations for the development of emerging industries in four aspects:increasing subsidies,improving the structure of subsidies,enriching the forms and forms of financial subsidies,improving the current tax preferential policy system,improving the regulatory system,and evaluating the effectiveness of policies.