The Impact Of Financial Support And Fiscal And Tax Subsidies On Enterprise Innovation

In 2018,the state issued ten major development tasks,and the development of strategic emerging industries was listed as its focus.Strategic emerging industries are industries that are technology-intensive,have large innovation needs,have large return on investment,and have high investment risks.Therefore,policy funding support is an important measure in the development and cultivation of strategic emerging industries.Efficient financial support,fiscal and taxation subsidy policies are the basic policy guarantees for the development of strategic emerging industries.Therefore,the focus of this paper is the effectiveness of subsidies such as financial support and fiscal support,which are closely related to the healthy development of strategic emerging industries.From the perspective of qualitative research,the data mining software ROSTCM6 and Python tools were used to summarize and collate 99 policies that were closely related to the development of strategic emerging industries issued by the central government from January 2010 to June 2018.The policy text takes into account both the supply-type and demand-based policy tools,and combines the characteristics of strategic emerging industries to construct a PMC index model of policy quantitative tools.The results show that:through the quantification of the three latest strategic emerging industry policies.The comprehensive index of the three policies is in a good range.,but the incentives for the three policies are "057","0.14" and "0.43" respectively,indicating that the incentives for these three policies are relatively simple,and the calculation is 99.The weighted average score of the policy found that the incentive index X6 scored significantly lower than other variables,indicating that both the demand-based and supply-based subsidy policies lacked comprehensive policy incentives.From the perspective of quantitative research,this paper further analyzes the impact of supply and demand policies on corporate behavior by constructing static panel models and dynamic panel differential GMM and system GMM models,and separately studies two types of policies through different resource allocation paths to enterprises.The process by which TFP affects.The empirical results show that for demand-oriented policies,the policy can promote the promotion of corporate TFP by promoting the competition of policy resources among enterprises.Demand-based policies can avoid the problem of centralized resource allocation.The subsidy resources under this policy are not to enter the enterprise,but to stimulate the demand for commodities by reducing the consumption cost of the demand market or increasing the income of consumers,indirectly increasing the production scale of enterprises and stimulating enterprise innovation.thereby improving the corporate TFP.For the supply-oriented policy,the direct allocation of the policy will lead to the dependence of the enterprise on subsidies,which will inhibit the company's productive investment activities and reduce the TFP of the enterprise.In addition,the centralized allocation of resources by the supply-type policy cannot maintain the competitiveness of the enterprise configuration,which is not conducive to the company's innovation activities,and will also inhibit the promotion of corporate TFP.