Research On The Differences Of Financial Subsidy And Tax Preference On Firm R&D Investment Under The Life Cycle Perspective

Under the constraints of the disappearance of the demographic dividend and the constraints of the energy environment,the traditional extensive economic development has become unsustainable,and the lack of innovation has become the main constraint of China's economic growth.For China,which is in the critical period of a new round of leaps and bounds development,Investment-driven transformation into innovation-driven has become the future direction of the economy.Enterprise technological innovation has also become a fundamental requirement for promoting supply-side structural reforms and improving the country's core competitiveness.As two major policy incentives,financial subsidies and tax incentives have played a very important role in enterprise R&D investment in the process of promoting technological innovation.At the same time,considering that R&D and innovation activities run through the life cycle of enterprises,how to improve the efficiency of financial subsidies and tax incentives to better promote R&D investment in various life cycle stages is of great research value.Domestic and foreign scholars have carried out theoretical analysis and empirical research on the impact of financial subsidies and tax incentives on R&D investment from enterprises from various angles.Most of them are independent research on the impact of financial subsidies and tax incentives on R&D investment of enterprises.However,there are few studies on the differences of financial subsidies and tax incentives on the R&D investment of enterprises,especially for policy optimization from the perspective of life cycle.There is almost no policy optimization for financial subsidies and tax incentives.Therefore,this paper makes a comparative study on the incentive effects of financial subsidies and tax incentives from the perspective of life cycle.Based on the existing research,it makes a more specific analysis about the incentive effect of financial subsidies and tax incentives to promote R&D investment in various life cycle stages of enterprises and proposes the following targeted policy recommendations.This paper draws on the research methods of scholars at home and abroad,and analyzes the impact of financial subsidies and tax incentives on R&D investment of enterprises from a theoretical perspective.The empirical analysis of the data of listed companies in Shanghai and Shenzhen manufacturing companies from 2014 to 2017 is carried out,andthe following conclusions are drawn.In general,both financial subsidies and tax incentives have boosted R&D investment.In stages,there are differences in the incentive effects of financial subsidies and tax incentives on R&D investment in enterprises during the life cycle of enterprises.In the growth period,the incentive effect of financial subsidies on R&D investment of enterprises is better than tax incentives,and the incentive effect of tax incentives on R&D investment of enterprises is not significant.In the mature period,the incentive effect of financial subsidies on enterprise R&D investment is comparable to tax incentives,and both of them significantly stimulate the R&D investment of enterprises.In the recession period,the incentive effect of tax incentives on enterprise R&D investment is better than financial subsidy,and the incentive effect of financial subsidies on enterprise R&D investment is not significant.From the perspective of ownership and industry types,financial subsidies and tax incentives have an obvious incentive effect on R&D investment of mature non-state-owned enterprises and high-tech enterprises.According to relevant theoretical and empirical results analysis,combined with China's policy implementation to promote enterprise R&D investment,and relevant policy experiences of the United States,Japan and South Korea,this paper proposes the following targeted policy recommendations: increase the financial investment in R&D investment activities of growth enterprises subsidy;increase financial subsidies and tax incentives for R&D investment activities of mature enterprises;increase tax incentives for R&D investment activities of enterprises in recession,and encourage them to carry out a new round of R&D and innovation activities;The financial subsidies and tax incentives for R&D investment of non-state-owned enterprises and high-tech enterprises during the mature period.