| Innovation is the first driving force for development.Entering the new century,in order to master the core technology and occupy the commanding heights of science and technology development,both developed and developing countries have issued a series of science and technology support policies.In 2006,China put forward the development strategy of "building an innovative country" and pointed out in the "13th Five-Year Plan" that it is necessary to further increase the support for strategic emerging industries,so that their added value in GDP accounted for 15%of the level.However,due to the characteristics of high risk,uncertain recycling cycle and externality of R&D achievements,enterprises' enthusiasm for participating in innovation activities declines,and ultimately can not reach the optimal level of society.Therefore,industrial policy has become one of the ways to remedy the market allocation defects,and the Chinese government has also adopted it.A series of tax incentives and science and technology subsidy policies to support enterprises'innovative activities,stimulate the enthusiasm of enterprises to participate in innovative activities.Up to now,China's investment in scientific research and innovation activities ranks second in the world,second only to the United States,enterprises have become the main body of innovation activities.Nevertheless,compared with developed countries,the innovation level of our country still has a big gap,so how to effectively encourage enterprises to carry out R&D innovation activities has become the core issue for the government to formulate relevant support policies.From the theoretical point of view,science and technology subsidy and tax incentives affect the innovation activities of enterprises in both direct and indirect ways,and in the long run have a certain impact on the enterprise's independent investment and business model.Therefore,this paper explores the relationship between government support policies and R&D innovation activities of enterprises,and studies the government subsidy.The incentive effect of tax policy not only has certain theoretical value,but also has important practical significance to establish more effective support policies and improve the incentive mechanism of existing policies in the context of financial reform.Firstly,this paper combines the relevant literature on the relationship between subsidies and tax policies and enterprise innovation activities,and summarizes the current situation and existing problems of enterprise innovation activities in China.China's R&D intensity in 2017 has reached 2.12%,R&D investment funds continue to increase,but there is still a certain gap between this intensity and R&D investment in large countries,especially at this stage,China's R&D investment in basic level is low.From the perspective of R&D output,the proportion of inventive patents keeps rising.Enterprises are the main source of patent output,accounting for more than 80%.However,the innovation of enterprises is still dominated by"import",and the consciousness of independent R&D is still relatively low compared with developed countries.Next,we discuss the relationship between technology subsidies,tax preferences and corporate innovation activities from a theoretical perspective.Based on the risk,spillover and publicity of innovative activities,the government's"tangible hand" intervention is necessary.The ways of government intervention include direct intervention and indirect intervention.Direct intervention is mainly through financial subsidy,including loss subsidy,interest subsidy and so on.Indirect intervention mainly refers to tax incentives,including preferential tax rates,research and development costs plus deductions.This paper introduces the mechanism of science and technology subsidy and tax preference,compares the characteristics of the two methods,and puts forward theoretical assumptions.Based on the micro-data of Listed Companies in China,this paper empirically examines the effects of science and technology subsidies and tax incentives on R&D innovation activities of enterprises.First of all,science and technology subsidies have a positive incentive effect on R&D activities of enterprises,but the incentive effect is only effective in a certain range,that is,science and technology subsidies have an effect on innovation activities of enterprises.The way of action is"inverted U".Secondly,this paper finds that the incentive effect of tax incentives on R&D innovation activities is not significant compared with technology subsidies.Finally,the interaction between technology subsidies and tax preferences is not significant.In addition,this paper also studies the relationship between enterprise size and the effect of S&T subsidy and preferential tax policies.The results show that,except for large-scale enterprises,for most enterprises,S&T subsidy does have an inverted U-shaped relationship with R&D performance,while tax preference and its interaction with S&T subsidy do exist.The use was not significant.Finally,this paper summarizes the analysis based on the conclusions and puts forward targeted policy recommendations:to establish a policy evaluation system and accelerate the establishment of diversified subsidies,improve the existing tax preferential system,establish preferential and inclusive tax policies.The innovation of this paper lies in:firstly,this paper studies the non-linear relationship between science and technology subsidy,tax incentives and enterprise R&D,which enriches the existing relevant research;secondly,this paper adds the research on the comprehensive effect of the two policies;finally,this paper studies the R&D activities of enterprises based on the division of enterprise scale.The mechanism and incentive effect increase the accuracy of the empirical results. |
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