In the context of today’s economic globalization,the global economy is undergoing profound changes and economic competition is becoming increasingly fierce.At the same time,China’s economy has entered a new normal.In the past,the extensive economic growth mode that relies on resource consumption has not been able to promote sustained economic growth.It is imperative to promote industrial structure upgrading and economic transformation.As a strategic leading industry,high-tech industry dominates the economic development direction of a country or region,and plays a vital role in the adjustment of economic structure and the upgrading of industrial structure.In addition,because the high-tech industry has higher risks,higher investment and positive externalities than traditional industries,there are many difficulties and slow speeds depending on its own development,so it needs government support.In order to promote the development of high-tech industries and achieve industrial structure upgrading and economic transformation,various national or regional governments have implemented a wide range of support policies,of which financial subsidies and tax incentives are two common methods.Therefore,it is very necessary to deeply explore the government’s policy effect of implementing financial subsidies and tax incentives for high-tech industries.It has important theoretical and practical significance for improving government policies and enhancing policy support.Firstly,the article summarizes the related research at home and abroad,and expounds the mechanism of the effect of financial subsidies and tax incentives on high-tech enterprise output and R&D investment.Then it introduces the current development status of high-tech industry in Jiangsu Province and the status quo of the government’s implementation of financial subsidies and preferential tax policies to support the development of high-tech industries,and analyzes some existing problems.Then,based on the data of 48 high-tech industry listed companies in Jiangsu Province from 2010 to 2017,the paper empirically analyzes the effect of financial subsidies and tax incentives on production and R&D behaviors of enterprises,and finally puts forward specific policy recommendations in combination with the previous articles.The paper uses the panel data model to conduct an empirical analysis of the collected data.The results show that:(1)In general,financial subsidies and tax incentives have a significant positive effect on the output level and R&D investmentof high-tech industries.And the effect of tax incentives is more obvious.(2)For small and medium-sized sectors and enterprises in the GEM sector,financial subsidies and tax incentives have significantly promoted their output and R&D;but the effect of the main version of the enterprise is not ideal,only tax incentives for it The role of R&D investment is still significantly positive.(3)For non-state-owned holding companies,financial subsidies and tax incentives have a significant role in promoting R&D inputs and outputs;for state-owned holding companies,tax incentives have obvious implications for their R&D inputs and outputs.The promotion effect,but the effect of financial subsidies on it is not significant.Based on the above analysis results,the article puts forward specific policy recommendations to promote the development of high-tech industries from the aspects of optimizing financial subsidy policies,improving tax preferential policies,and supporting the development of small and medium-sized enterprises. |