The Heterogeneous Impact Of High-tech Identification On Enterprise R&D Innovation

In 2008,the Ministry of science and technology and the Ministry of Finance standardized the identification standards of high and new technologies for the first time,and encouraged enterprises to innovate through tax incentives.Up to now,the number of enterprises with recognized qualifications has increased from more than 50000 at the beginning of the period to nearly 300000.High and new technology enterprises have become the backbone of China’s innovation and development,and the policy has achieved remarkable results in terms of total amount.However,focusing on the micro individual performance,both are high-tech enterprises,with varying RD investment and innovation quality.Many strategic innovation enterprises are mixed with the queue of high-tech enterprises.Enterprise innovation is regulated not only by the "visible hand" of the government,but also by the "invisible hand" of the market.The intensity of the incentive effect of policies on enterprises needs to consider the characteristics of both government and enterprises,and the effect of policies cannot be generalized.Therefore,based on the affirmation of the overall effect of the policy,it is necessary to accurately evaluate the micro effect of the policy and deeply explore the more effective improvement direction of the policy.This paper abandons the repetitive discussion on the total effect of policies,and focuses on the perspective of individual heterogeneity of innovation investment to analyze the effect differences of policies in different situations.By focusing on the enterprises that have obtained the recognition of high-tech,controlling the selection deviation caused by the non randomness of policies,using the PSM method to control individual differences,and calculating the RD innovation increment of the first recognized enterprise and the later recognized enterprise in the same period.Based on the above research,the logit model is used to test the impact of policy characteristics such as policy design,policy implementation object and implementation environment on enterprise innovation,and the above heterogeneity generation mechanism is analyzed from the perspective of enterprises.The research shows that:(1)the innovation increment of high-tech enterprises is uneven.The matching results of PSM show that not all enterprises will increase their RD investment after obtaining the recognition of high and new technology.The RD investment increment of some enterprises is negative,which means that the innovation incentive of policies to some enterprises is invalid;(2)The policy design,policy implementation object and implementation environment result in the heterogeneity of policy effect.The logit model regression results show that for enterprises identified for the first time,small-scale enterprises and areas with developed market environment,the probability and degree of innovation increase are higher;(3)The characteristics of enterprises are the transmission mechanism of the above heterogeneity.The failure of policy design originates from the short-sighted motivation of managers,the differentiated choice of policy objects originates from the knowledge stock of enterprises,and the differentiation of policy implementation effect originates from the adjustment cost.In order to improve the incentive effect of policy innovation,high-tech enterprises should consider the characteristics of policy design,implementation object and implementation scene,pay attention to long-term incentive and accurate policy implementation,and constantly strengthen the support of business environment.