Correlation Analysis Between Tax Preference And Innovation Performance Of Listed Companies On GEM

Small and medium-sized enterprises have the characteristics of small scale and large number.They are called the "capillary blood vessels" of the national economy and play an extremely important role in increasing employment,stimulating innovation and promoting social economy development.However,for a long time,Small and medium-sized enterprises have been faced with heavy tax burdens and difficulties in their operations.Under the background of supply-side structural reform,it is imperative to reduce enterprise's burdens.In recent years,China has continuously introduced a number of preferential tax policies that support the development of small and medium-sized enterprises.These preferential tax policies have played an active role in reducing the burden on enterprises and promoting their independent innovation.The "Promotion Law of the People's Republic of China on Small and Medium-sized Enterprises" revised in September 2017 guaranteed the continuity of the tax incentives for small and medium-sized enterprises in the form of laws.The newly added "innovation support" is an embodiment of the government's support for technological innovation of small and medium-sized enterprises.In this context,it is of practical significance to study the incentive effects of tax incentives on enterprises innovation..On the basis of combing domestic and foreign research literature,this article first introduces related concepts and theoretically analyzes the mechanism of tax incentives for enterprises innovation.Secondly,this article defines the variables such as "tax incentives" and "enterprise innovation performance",and innovatively uses the concept of "total factor productivity" to measure the enterprise's innovation performance.GEM listed enterprises are outstanding representatives of technological innovation in Small and medium-sized enterprises.In this paper,347 small and medium-sized enterprises listed on GEM were selected as research samples,data of research samples from 2012 to 2015 were collected,and the total factor productivity of the sample companies for 2013-2015 is calculated using the DEA-Malmquist index method.On this basis,using STATA13 software to carry out correlation analysis and regression analysis of variables to study the correlation between tax preference and enterprises innovation performance.Through empirical research,we found the following conclusions:(1)More than half of the research sample enterprise' total factor productivity is greater than one,and the innovation performance overall is better.The increase of total factor productivity mainly comes from technological progress,while technological efficiency hinders the improvement of total factor productivity.(2)Income tax preference have a positive incentive for R&D investment.(3)R&D input intensity has a positive incentive effect on corporate innovation performance.(4)Different enterprises innovation performance indicators,the empirical result of correlation between income tax preferences and enterprise innovation performance are biased.There is a significant positive correlation between income tax incentives and total factor productivity,and they are tested through mediating effects.However,the correlation with net assets returns has not passed the significance test.Based on the above analysis and empirical results,the following two suggestions are put forward: First,companies should improve their management capabilities and resource allocation capabilities and increase R&D investment to achieve simultaneous improvement of technological efficiency and technological progress;Second,the government can improve the preferential tax incentives for SME innovation by expanding the proportion of pre-tax preferential income tax,enhancing preferential taxation for circulation tax,and improving the efficiency of tax incentives.