Research On The Influence Of Fiscal Policy On The Technological Innovation Output Of China's High-tech Industry

At present,China has stepped into the new normal of economy,and the traditional extensive economic growth mode has been unable to adapt to the current economic development needs.We should focus more on innovation factors such as science and technology and rely on innovation to lead high-quality economic development.The higher the innovation capacity of a country or region is,the higher the commanding point of the industrial value chain can be occupied,and the country's economy can be in a leading position.As general secretary xi said,"innovation is the primary driving force for development and the strategic support for building a modern economic system." Technological innovation has the property of public goods,which inevitably leads to market failure.Therefore,it is necessary for the government to adopt corresponding fiscal policies to guide and stimulate the technological innovation output of enterprises.How to improve the efficiency of the government's policy implementation in the innovation process of enterprises,especially high-tech enterprises,and ensure the steady operation of innovation-driven development is a key issue to be considered.Based on the above background,this paper takes the high technology industry as the research object,discusses the fiscal policy impact on China's high technology industry technology innovation output,given the availability of the data,using the panel data of 30 provinces from 2003 to 2016,the fiscal policy on high technology industry in our country the influence of different stages of technology innovation output and spatial spillover effect.To scientifically evaluate the effects of different fiscal policies in China.By means of systematic GMM method,this paper investigates the dynamic impact of fiscal policy on innovation output in different stages of high-tech industry.Empirical results show that: on the whole,government subsidies are more conducive to the improvement of basic innovation output,and tax incentives are more conducive to the application of innovation output.In terms of basic innovation output,The positive impact of government subsidies on basic innovation output in the central and western regions was significantly better than that in the eastern regions,while the impact of tax incentives on basic innovation output in the eastern and western regions is not significant.In terms of applied innovation output,government subsidies have no obvious promoting effect on the east and the central and western regions,while tax incentives have a better effect on the east than the central and western regions.The spatial spillover effect of fiscal policy on innovation output of high-tech industry in different stages is studied by spatial durbin model.The empirical results show that government subsidies only promote the basic innovation output of the region,but not the neighboring region.The tax incentives can not only promote the applied innovation output in this region,but also have a positive impact on the applied innovation output in neighboring regions.The results of effect decomposition further illustrate that the government subsidies have negative spillover effect on the basic innovation output of neighboring regions,while the tax incentives have positive spillover effect on the appliedinnovation output of neighboring regions.By comparing the influence coefficient of government subsidies and tax incentives,it is found that tax incentives have a better promoting effect on applied innovation output than government subsidies on basic innovation output.According to the conclusion,the following Suggestions are given: strengthening the supervision of the precise implementation of fiscal policies;To take targeted financial measures due to district policies and enterprise policies;To establish a financial system in which tax preferences are given priority to and government subsidies are supplemented;Local technology protection should be abolished and regional innovation cooperation mechanisms should be actively established.Stop "bidding to poach people" and alleviate the "siphon phenomenon" of talents in developed areas.