Fiscal And Tax Incentives,Credit Support And R&D Motivation Of Small And Medium-Sized Enterprises In Science And Technology

As an important part of a country's comprehensive national strength,the ability of scientific and technological innovation has been valued by many countries in recent years.In just a few decades since the reform and opening up,China has made brilliant achievements in the field of scientific and technological innovation.However,in an era of global economic downturn and trade confrontation between China and the United States,the development of technology should be focused.For China,most of the core technologies are controlled by developed countries.That is to say,China's future direction of scientific and technological innovation should change to the development of core technologies.The main body of scientific and technological innovation is enterprises.For the research and development of core technologies,enterprises need to invest a large amount of capital,which is just one of the main shortcomings of small and medium-sized enterprises in science and technology,so the government's support and funding is extremely important.The government's financial support for small and medium-sized enterprises in science and technology is mainly divided into three parts:government subsidies,tax incentives and credit support.The fiscal revenue of the government is limited.By studying the influence mechanism and effect of the three factors on the R&D motivation of enterprises,we can judge whether the three policies can improve the R&D motivation of enterprises,so as to ensure the rational use of government funds.On the other hand,the policy mix and policy focus can be adjusted according to different criteria to ensure that the limited government funds can play the maximum incentive effect.First of all,this paper analyzes and studies the research results of domestic and foreign scholars,and combines the development status of China's small and medium-sized enterprises in science and technology and policies to find a suitable entry point for this paper.Secondly,this paper makes use of the innovation theory,the rent-seeking theory,the externality theory and the information asymmetry theory to explain the influence mechanism of the three policies.Finally,based on the relevant data of Growth Enterprise Market from 2014 to 2018,this paper built a fixed effect model to obtain the overall impact of three policies on the R&D motivation of enterprises,and then built a threshold regression model with the enterprise scale as the threshold to find the abrupt change of policy impact under different enterprise scales,so as to get the policy portfolio suggestions under different enterprise scales.Through the theoretical and empirical analysis,the conclusions of this paper are as follows:(1)Government subsidies,tax incentives and credit support can all improve the R&D motivation of enterprises,among which government subsidies have the best effect,followed by tax incentives,and credit support has the worst effect.(2)There is a scale threshold for the impact of government subsidies on the R&D motivation of enterprises.When the threshold is lower,the incentive effect is better;When the threshold is exceeded,the incentive effect will be greatly weakened.(3)There is a scale threshold for the impact of tax incentives on R&D of enterprises.Under the threshold,tax incentives inhibit R&D of enterprises.Only when the threshold is exceeded can tax incentives promote R&D activities of enterprises.(4)Credit support can stimulate the R&D activities of enterprises,but there is no scale threshold.(5)For China's small and medium-sized enterprises in science and technology,the vast majority of enterprise size is in the effective range of three policies,and the government can flexibly adjust the policy mix and policy priorities according to the development of local enterprises.