Research On Tax Incentive On Enterprise Technology Innovation

In recent years,China's demographic dividend has gradually disappeared with the aging of the population,and investment has also been constrained by problems such as overcapacity.The driving force of labor and capital factor growth has continued to decline,and the economic growth rate has continued to decline from 7.9% in 2012 to 2018.6.6% of the year,and facing continued downward pressure on the economy.In order to achieve rapid economic growth,the need to increase the contribution of total factor productivity to economic growth through innovation is becoming more and more urgent.The paper firstly analyzes the mechanism of tax incentives to promote technological innovation of enterprises from such three aspects,reducing innovation cost,improving innovation investment efficiency and reducing financing difficulty.Then it analyzes and sorts out the status quo of China's technological innovation activities and tax incentive policies.In terms of innovation activities,in general,China's social R&D investment scale,PCT patent application volume and R&D investment intensity are all growing rapidly,and the ranking of the first two indicators has entered the forefront of the world,but the R&D investment intensity and developed countries There is still a big gap,and according to the executive department,the company has an absolute dominant position in all indicators.In terms of tax incentives,China's tax incentive system has basically been formed,and at the same time,it has highlighted the characteristics of low policy level,preferential income tax,and more preferential policies.Then,1311 observations were selected from A-share listed companies.As a sample,the propensity score matching method is used to empirically test the net effect of tax incentives to stimulate the technological innovation investment of enterprises.The results show that the tax incentives have a significant effect on the scale and intensity of R&D funds and R&D personnel investment.Compared with the control group,the R&D funds of the experimental group increased by 0.120 units on average,and the R&D personnel increased by 0.220 units on average.Compared with the input intensity,the R&D funds and personnel intensity of the experimental group increased by about 0.017 and 0.045 units,respectively.Moreover,the scope of the current preferential tax incentives is more reasonable,and it has a higher incentive effect for enterprises within the scope of application.If the preferential policy is expanded into an inclusive policy,it can also promote the newly benefited enterprise to a certain extent.The investment in innovation,but the average promotion efficiency of preferential policies will drop significantly.Then using the multiple linear regression model for the same analysis,we also got similar results,after enjoying the tax incentives,the average increase of 0.049 units of R&D funds and 0.102 units of R&D personnel in terms of scale and 0.006 and 0.034 units increased in the average intensity;Finally,suggestions were made from three aspects,venture capital,talent cultivation,and policy management to accelerate the improvement of tax incentives that promote the innovation vitality of enterprises.