Research On The Effect Of Tax Preferential Policies Of Science And Technology Enterprises

Under the background of industrial transformation,consumption upgrading and technological innovation,the emergence of science and technology enterprises is inevitable.However,due to the uncertainty of information,the existence of asymmetry and monopoly,the nature of quasi-public goods of independent innovation,and the positive externalities of innovation,the power of the market cannot be fully exerted.Governments often use tax incentives as a means of stimulating technological innovation.In recent years,China has continuously strengthened the tax incentives for technological innovation of small and medium-sized enterprises and introduced a series of preferential tax policies.Under this background,objectively evaluating whether tax incentives have an incentive effect on independent innovation of SMEs is of great significance to the improvement of tax incentives.Based on the panel data of listed companies in Shanghai Equity Custody Trading Center from 2015 to 2017,this paper empirically analyzes the relationship between preferential policies of different taxes and R&D investment and patent output.In the R&D investment link,the VAT tax incentive policy has certain incentive effect on the R&D investment of the enterprise,but the income tax preferential policy does not play a similar role.In addition,there is a weak negative correlation between financial subsidies and corporate R&D investment.Financial subsidies have a certain crowding out effect on R&D investment of enterprises.After receiving government subsidies,enterprises will reduce their own investment in R&D,that is,financial subsidies inhibit the R&D investment of enterprises to a certain extent.In terms of patent output,whether it is VAT or income tax,the tax policy has a significant positive incentive effect on China's patent output,and the incentive effect is greater than the incentive effect on R&D investment.In addition,through research,there is a negative correlation between firm size and patent output.Today,with the rapid development of society,technological innovation is no longer an activity that large enterprises can engage in.Compared with large enterprises,small enterprises have the characteristics of low coordination cost,high efficiency and strong motivation.Therefore,small-scale science and technology enterprises more conducive to the output of scientific and technological achievements.