An Empirical Study Of The Relationship Between Government Fiscal Policy,R&D Investment And Firm Performance

At present,China’s economic development pace has slowed down,the economic level has reached a high level,and now China is facing the main problem is the upgrading of economic structure and innovative development.An important part of the state-owned economy is the economy of enterprises.Therefore,in order to further improve China’s economic level,we need to start from improving the economic level of enterprises.However,it is always difficult to improve the economic level of enterprises.Through literature research,this project draws the following conclusions: under the changing external environment,with the change of the total value of the enterprise’s r&d expenditure,the enterprise’s economic benefit will also change.The current discussion is generally based on two aspects,namely,the external environment(financial subsidies,tax incentives)and internal environment(financial management,investment mode)of enterprises,and then discusses the relationship between the research and development expenses and economic benefits obtained by enterprises.When resources cannot be allocated to maximize the effectiveness and under the influence of China’s creative system,there is a great relationship between the r&d expenditure invested by enterprises and the economic benefits obtained.Therefore,by virtue of the role of fiscal policy,factors related to economic benefits are discussed in depth.This topic selection from 2011 to 2017,the Shanghai and shenzhen a-share listed companies operating results as study object,based on two dimensions,tax breaks and subsidies enterprise performance from two aspects of both short-term and long-term considerations,using hierarchical regression analysis and T test to investigate the tax breaks and subsidies for the connection between the enterprise economic benefit.In addition,this paper divides enterprises into high-tech enterprises and non-high-tech enterprises to further study the regulatory role of financial policies.Finally,the robustness test is carried out through fixed industry effect and annual effect.The research results show that :(1)r&d investment has a great driving force to the company’s economic benefits;(2)financial subsidies and tax incentives have different impacts on the economic benefits of enterprises.The former has a significant positive regulating effect on r&d investment and enterprise’s long-term performance,while the positive regulating effect on short-term performance is not significant.In the control group,the adjustment effect of financial subsidies was more significant in the group of high-tech enterprises.Tax preference has no significant regulating effect on r&d investment and enterprise’s long-term and short-term performance,and even has negative regulating effect.The conclusion shows that with the change of financial subsidies and tax incentives,the correlation degree of enterprise r&d investment and economic benefits will change,which can intuitively show the correlation degree between the two and the influence of different fiscal policies on the two.At the same time,in view of the relevant conclusions,this topic also provides targeted advice for improving the economic benefits of enterprises.