The Impact Of Financial Subsidies And Tax Incentives On Innovation In The Semiconductor Industry

As the technological cornerstone of the development of the information age,the semiconductor industry is a vital part of strategic emerging industries,and its rapid development has become the focus of fierce competition in various countries.The semiconductor industry follows Moore’s Law,and technological innovation is the moat to maintain the healthy and sustainable development of the industry.At present,the development of my country’s semiconductor industry is still faced with low production efficiency,the production of key components is dependent on imports,and the core technology is blocked by foreign manufacturers.If my country’s semiconductor industry wants to break through the "stuck neck dilemma",it must strengthen the industry’s innovation capabilities,independent research and development capabilities,master core technologies,and reduce import dependence.In this regard,the Chinese government has also formulated a es of preferential policies to support the development of the semiconductor industry and encourage the semiconductor industry to carry out innovative activities.The implementation effect of fiscal subsidy policy and preferential tax policy has the characteristics of predictability,so they have become the two most widely used macro-control means.However,in the specific implementation process,the academic circles have not yet concluded the effect of financial subsidy policies and preferential tax policies and the direction of their specific effects.Therefore,in-depth discussion of the impact of government financial subsidies and preferential tax policies on innovation in the semiconductor industry can better guide the effective implementation of government policies,which has great theoretical significance and practical value for promoting the development of the semiconductor industry.In the existing research,some scholars believe that the fiscal and taxation policies implemented by the government for macro-control are beneficial to the innovation of enterprises,because innovation can be regarded as a kind of public goods,and other enterprises can enjoy the technological innovation of innovation subjects for free.,which in turn results in the loss of positive externalities for the main body of innovation.At this time,the government adopts certain policies such as financial subsidies and tax incentives to overcome market failure and make up for this part of the loss,and some government incentive policies are also conducive to the introduction of talents,releasing positive signals to the market,stimulating the innovation vitality of the entire industry,and promoting development of the industry as a whole.However,due to problems such as information asymmetry in the process of policy implementation,some semiconductor companies will make some cosmetic behaviors such as inflated R&D investment to meet the policy threshold,resulting in problems such as unbalanced resource allocation.At the same time,there will be rent-seeking problems during the implementation of fiscal and taxation policies.The above-mentioned situations will lead to a "crowding-out effect" of the impact of fiscal subsidy policies and preferential tax policies on innovation in the semiconductor industry.Based on the above theory,this paper selects a fixed effect model and conducts an empirical analysis of the collected relevant sample data with a lag of one period.From the empirical results:First,in terms of the overall sample,the impact of financial subsidies on innovation investment in the semiconductor industry is non-linear,showing a "positive U-shaped" relationship,while the impact of tax incentives on innovation investment in the semiconductor industry presents Positive linear relationship;both financial subsidies and tax incentives have obvious positive incentives for the innovation output of the semiconductor industry;second,the role of financial subsidies and tax incentives on the innovation of state-owned and non-stateowned semiconductor companies The effects are different;third,under the sub-industry,the regression results of the semiconductor materials and integrated circuit industries are closer to the total sample,while the regression results of the semiconductor discrete device industry are different.