Research On The Incentive Effect Of Fiscal And Taxation Policies On Enterprise Innovation Investment

After the government report in 2018 mentioned the implementation and improvement of innovation incentive policies to accelerate the construction of an innovation-oriented country,premier Li Keqiang stressed that innovation should lead development when delivering the government work report of 2019.Obviously,the research and development of innovative science and technology has become the new driving force of national development,and the country constantly strengthens the dominant position of enterprise innovation.However,China is a country with uneven regional development and large regional differences.Therefore,any policy measures will have different effects in different regions.This paper has important research value on how to stimulate the innovation investment of enterprises in different regions and how to customize the fiscal and taxation policies to encourage enterprise innovation to promote regional coordinated development.Firstly,this paper analyzes the reason why the government intervenes in the research and development activities of enterprises is that the research and development activities have externalities and risks,and then explores the current status of research and development investment,government subsidies and tax incentives.Although R&D expenditure of China has been growing,there is still a certain gap among developed countries,and the intensity of R&D input varies greatly among regions.Secondly,this paper sorts out scholars' research on the formation of innovation theory,the relationship between R&D investment and economic growth.This will lay a theoretical foundation for subsequent research.Finally,in order to explore the incentive effect of fiscal and taxation policies on innovation investment,this paper selected A-shares listed companies in Shanghai and Shenzhen stock exchanges from 2011 to 2017 as the research object,and divided China into three regions,which are eastern,central and western regions for different research.This paper demonstrates the effectiveness of fiscal and taxation policies in stimulating innovation investment of enterprises and makes a comparative analysis of the difference between government subsidies and tax incentives in stimulating innovation investment of enterprises.It also makes a grouping regression with the property right nature as the moderating variable.The conclusions are as follows :(1)fiscal and tax policies have incentive effect on enterprise innovation investment,and the incentive effect of tax incentive policies is greater than government subsidies;(2)fiscal and tax policies have more obvious incentive effect on enterprises in the eastern region,government subsidies have more obvious incentive effect on enterprises in the western region,while the central region is more sensitive to incentives of tax incentives;(3)the property right nature will weaken the incentive effect of fiscal and taxation policies on enterprise innovation investment,and the inhibition effect is more obvious in the eastern region.According to the above conclusions,this paper puts forward the following suggestions:(1)improve the existing government subsidies and tax policies,increase intensity of policies and further enhance the efficiency of the enterprise innovation investment;(2)according to the difference between the eastern,central and western regions,the implementation of discriminating the fiscal and taxation policy,in order to enhance the effect of the innovation investment;(3)improve science and technology talent incentive and the fiscal and taxation policy regulation,power transformation of innovation investment;(4)improve the intellectual property rights protection by different ways.