Research On The Phased Asymmetric Effect Of Fiscal And Tax Policies On R&D Investment

Innovation is the primary driving force for development.To accelerate the high-quality development of China's economy,we must hold fast to scientific and technological innovation.Due to the high risk,high cost and long cycle of carrying out scientific and technological innovation activities,enterprises have low enthusiasm and insufficient investment in the process of scientific and technological innovation.Government subsidies and tax incentives,as important measures to encourage enterprises to invest in R&D,play an important role in improving the level of scientific and technological innovation in China.However,considering that the implementation effect of policies is often closely related to the macroeconomic situation,government subsidies and tax incentives may have an asymmetric impact on R&D investment at different stages of the economic cycle.In this paper,the dynamic panel model is built to make an empirical analysis of this phased asymmetric effect,which is a supplement to the existing research,which is also the theoretical significance of this paper.In addition,from a practical point of view,it is helpful to explore the phased asymmetric impact of fiscal and tax policies on R&D investment.On the one hand,it is helpful to understand the specific implementation effect of policies in each stage of the economic cycle,and on the other hand,it is of great guiding significance to further improve tax preferential policies and government subsidy policies to encourage scientific and technological innovation.This paper follows the thought of"theoretical analysis-status analysis empirical analysis-policy recommendations".The first chapter is the introduction,which mainly introduces the research background,research significance,research content,research methods,innovation and shortcomings.The second chapter introduce concepts and literature review part,first of all is the preferential tax,government subsidies,R&D investment and the asymmetric effect of fiscal and taxation policy can define the four key concepts and then summarizes the fiscal and taxation policy on the influence of R&D input and asymmetric effect of fiscal policy literature,and a simple literature review,to provide support for the further study of the later.The third chapter is the theory analysis part,this chapter started with the mechanism of policy action,respectively analyzed the stage asymmetric effect of government subsidy policies and tax intensive policies on R&D investment,and put forward the corresponding assumptions,laying a foundation for the empirical analysis in the following paper.The fourth chapter is the description of the current situation,mainly introduces the current situation of R&D investment of industrial enterprises above the scale in China and the current situation of government subsidies and tax incentives to encourage R&D investment.The fifth chapter is the empirical analysis part,this paper takes the financial data of 844 industrial enterprises from 2007 to 2018 as the sample,the HP filter method is adopted to isolate the volatility composition in real GDP,according to the direction of the output gap on the sample range for the boom and the division of economic austerity,the generalized moment estimation of the system is used to analyze and study the established dynamic panel model,in order to ensure the reliability of the results,multicollinearity tests and unit root tests were performed before the model regression.,after regression,the non-autocorrelation test of perturbation term,validity test of tool variables and robustness test of the model were carried out.The last chapter summarizes the conclusions of the theoretical analysis and the empirical analysis,and puts forward some Suggestions according to the conclusionsThrough theoretical analysis and empirical analysis,the main conclusion of this paper is:whether the government subsidy policy or the tax incentive policy,there are differences in the impact on the R&D investment of enterprises in different stages of the macro economy.From the perspective of the policy effect of the same policy type in different stages of the economic cycle,the government subsidy policy has a promoting effect on the R&D investment of enterprises in both the boom period and the economic contraction period,and the incentive effect of the government subsidy policy on the R&D investment is greater in the economic contraction period than in the economic boom period.Income tax incentives have the same effect on the R&D investment of enterprises in the period of economic prosperity and the period of economic contraction,but different from government subsidies,tax incentives have a greater incentive effect on the R&D investment of enterprises in the period of economic prosperity than in the period of economic contraction.From the point of view of the policy effects of different policies at the same stage of the economic cycle,in the period of economic prosperity,both government subsidy policies and tax incentives can promote enterprises to increase their R&D investment,and the incentive effect of government subsidy policies is greater than that of tax incentives.In the period of economic contraction,both the government subsidy policy and the tax incentive policy have a positive impact on R&D investment,and the incentive effect of the government subsidy policy on R&D investment is still greater than that of the tax incentive policy,but the policy effect gap between the two has widened during this period.Therefore,before formulating and implementing fiscal and tax policies,government should prudently judge the stage at which the macro economy is in,and on this basis,they should focus on the combination of fiscal and tax policies,which is the key to ensuring the expected effect of fiscal and tax policies.The innovation of this article is mainly reflected in the research perspective and research methods.First of all,from a research perspective,this article takes the staged asymmetric effect of fiscal and taxation policies on R&D investment as the research focus,examines the effects of different policies in different stages of the economic cycle,and proposes more targeted improvements to fiscal and taxation policies based on the research Suggestions.Then on the research method,the HP filter method is used to divide the economic boom period and the economic contraction period of the macro economy,and the dynamic panel model established by the system generalized moment estimation is analyzed to verify the existence of the self-cumulative effect of enterprise R&D investment,and to a certain extent,it can solve endogenous problems,make the empirical results more stable,and increase the credibility.