Fiscal And Taxation Policies,R&D Investment And Corporate Innovation Output

Science and technology are the primary productive forces,and technological progress requires corporate innovation.Since the post-economic crisis era,in order to seize development opportunities and occupy the leading position in science and technology,many countries around the world have adopted a series of policy measures to encourage the development of emerging industries.In addition,supporting the innovative activities of emerging industry companies has become an important part of fiscal and taxation policies in various countries.The COVID-19(Corona Virus Disease 2019)is spreading globally.On the one hand,countries around the world will place higher demands on continuous innovation.And the government will pay more attention to R&D investment and innovation in strategic emerging industries.On the other hand,the COVID-19 has increased the downward pressure on China's economic development.Promoting the development of strategic emerging industries is not only a necessary measure to enhance the core competitiveness of the industry and promote the transformation and upgrading of the industrial structure,but also an urgent requirement to boost the post-epidemic economy,build an innovative country,and achieve sustainable economic development.However,since the development of China's strategic emerging industries is still at the primary stage,there are greater potential risks,longer investment return cycles,and strong spillovers from innovation results for enterprises to launch innovation activities.Therefore,the enthusiasm for innovation activities is not high if it is solely based on the company's own capital investment,so the policy support from government's "tangible hand" is urgently needed.How to formulate scientific and effective fiscal and taxation policies to stimulate the strategic emerging industries' innovation and development has become an important issue urgently to be solved by the Chinese government.Therefore,combining the relevant data of strategic emerging industry listed companies to explore the relationship between fiscal and tax policies,corporate R&D investment and innovation output,the dissertation is not only of great theoretical significance,but also of great practical significance in improving the accuracy of government fiscal and tax policies,the efficiency of fiscal funds,promoting independent innovation of enterprises and ensuring the stable and orderly development of strategic emerging industries.In order to explore the relationship between fiscal and taxation policies,R&D investment,and corporate innovation output,this article selects 264 listed companies in strategic emerging industries from 2016 to 2018 based on the Strategic Emerging Industry Classification Catalog as research samples.Strategic emerging industries include new-generation information technology industries,energy-saving and environmental protection industries,high-end equipment manufacturing industries,biological industries,new materials industries,new energy industries,and new energy automobile industries.Besides,according to the nature of patents,this dissertation divides the total number of corporate patent applications into three categories(patents of invention,patents for utility models,and design patents),and further studies the heterogeneous impact of fiscal and tax policies on the corporate innovation output.At the same time,in order to study the differences in incentive effects of fiscal and tax policies,and explore the government's best policies to encourage enterprise innovation,the strategic emerging industries are divided into seven major industrial categories,and enterprises are classified into state-owned and non-state-owned enterprises according to the nature of ownership.The study found that both financial subsidies and preferential tax policies can stimulate the increase in innovation output of listed companies in strategic emerging industries,of which the incentive effect of fiscal subsidies is better.From the perspective of patent heterogeneity,the incentive effect of fiscal subsidies is better to enhance the output produced by the patents of invention of strategic emerging industries.From the perspective of industry heterogeneity,the high-end equipment manufacturing industry,new energy industry,and new energy automobile industry have responded more actively to benefit from financial subsidies,while the bio industry is benefit from tax incentives.From the perspective of the nature of corporate ownership,fiscal and tax policies have a better incentive effect on state-owned enterprises;after adding corporate R&D investment variable,it was found that fiscal subsidies and preferential tax policies can indirectly “amplify” the incentive effect of corporate innovation output according to its enhancing effects on R&D investment.Based on the findings above,this dissertation proposes to establish a sound fiscal and taxation policy information disclosure system,adopt differentiated supporting plans based on “industry-specific policies”,improve the accuracy of fiscal and tax policy formulation and implementation,and improve the regulatory system and policy effect evaluation mechanism,which strive to provide decision-making references for the government to select supporting programs and optimize fiscal and tax policies,promoting corporate R&D investment and innovation output,as well as ensuring the steady development of strategic emerging industries.