Research On The Incentive Effect Of Government Subsidies And Tax Incentives On Enterprise Innovation Quality

China has begun a new journey of building a modern country in an all-round way.Innovation is the key driving force for our country to stride forward towards the goal of highquality development,and it is also a powerful weapon for our country to stand in the forest of nations in the world with a more high-spirited attitude.Only innovators advance,only innovators win,and only innovators are strong.As the main force of technological innovation in our country,in order to give full play to the role of the vanguard of enterprise innovation,in recent years,many policies to benefit enterprises have been introduced,and many integrated technology innovation systems with enterprises as the core have been established,and comprehensive innovation capabilities have been established.There has been a significant improvement.However,from an overall perspective,there are still problems such as insufficient investment in basic research and lack of key core innovations;from a micro perspective,the independent innovation capabilities of Chinese enterprises are relatively weak,and there are problems such as "strategic innovation" and "fraudulent innovation".In order to encourage enterprises to achieve "substantial innovation",the government adopts a series of incentive methods to help enterprises save innovation costs,expand financing channels,enhance enterprises’ risk-taking ability,and improve the quality of enterprise innovation.Starting from the incentive relationship between government subsidies and tax incentives on innovation quality,this paper determines the main incentive paths through literature,and then further refines the path on this basis.By constructing multiple regression models and threshold models,it examines government subsidies and tax Offers are most effective for enterprises in which life cycle,and explore the optimal incentive interval.This provides policy advice for the government on how to use these two policies more rationally,and improves the incentive effect of government subsidies and tax incentives.The empirical results show that:(1)Government subsidies and tax incentives can both promote enterprises’ R&D investment in innovation activities and improve the quality of enterprise innovation.It plays an intermediary role,that is,the role path of "government subsidies-R&D investment-innovation quality" and the role path of "tax incentives-R&D investment-innovation quality" exist.(2)Because government subsidies can provide net cash flow,and based on the investment confidence and sense of security of management decision makers,the level of risk-taking of enterprises is relatively strong.Companies with a high level of risk taking have access to more capital,which is beneficial for companies to make high-risk,high-reward investments.Therefore,the intermediary path of "government subsidy-risk-takingR&D investment" exists.(3)Tax incentives increase the future cash flow of enterprises through the transfer of part of the tax payable by the government,and the positive signals released by tax incentives also broaden the financing channels for enterprises.Therefore,the intermediary path of "tax incentives-financing constraints-R&D investment" exists.(4)Government subsidies can provide cash flow for growing enterprises in urgent need of funds.Therefore,government subsidies are most effective in stimulating R&D investment and innovation quality of growing enterprises.Tax incentives are more effective for large-scale and long-existing recessionary enterprises due to the setting of preferential policies.(5)After the threshold model test,the impact of government subsidies on innovation quality has a double threshold;the impact of tax incentives on innovation quality has a single threshold.When tax preference and government subsidy are in parallel,only when tax preference is the explanatory variable and government subsidy is the threshold variable,the effect on innovation quality has a double threshold.