China’s economic development has entered a new era,and innovation has become a key force driving the transformation of China’s economic growth pattern from high-speed to high-quality.At the same time,the government also issued a large number of innovative financial support policies to support enterprise innovation and R&D.In 2006,The State Council issued the Outline of The National Medium and Long Term Science and Technology Development Plan(2006-2020),which requires increasing financial investment in science and technology and speeding up the construction of an innovative country.In the 14 th Five-Year Plan of the People’s Republic of China for National Economic and Social Development and outline of the Vision and Goals for 2035 to be issued by 2020,China’s R&D spending should increase by an annual average of at least 7% and the proportion of basic research spending in R&D should rise to at least 8%.Behind these figures,the support of government fiscal and tax policies for scientific and technological innovation has become increasingly prominent.Due to the characteristics of public goods and externalities of enterprise innovation activities,fiscal and tax policies that encourage enterprise innovation by means of fiscal subsidies and tax preferences are particularly important.Therefore,the research on the effect and mechanism of government financial subsidies and tax incentives on enterprise innovation performance can provide some reference for the government to formulate reasonable fiscal and tax policies.This article first elaborated the innovation theory,the externality and market failure,the signal transmission theory and government fiscal and taxation policies to support the necessity of the innovation of the enterprise related theoretical basis,and then from the perspectives of innovation all the chain,the enterprise innovation performance subdivided into innovation input,thorough carding the related literature at home and abroad,This paper analyzes the effects and mechanisms of government financial subsidies and tax incentives on these three links,and puts forward research hypotheses respectively.Then,taking the listed companies in Jiangsu Province from2008 to 2020 as the research sample,this paper empirically examines the impact of fiscal subsidies and tax incentives on enterprises’ innovation input,innovation output and innovation efficiency,and innovatively uses the SBM model to measure the innovation efficiency of listed enterprises.To explore the impact of government fiscal and tax policies and tax preferences on input-output transformation of enterprises.Further,the moderating effect model is used to analyze the moderating effect of enterprise internal control as an internal environmental factor and enterprise product market competitiveness as an external environmental factor,so as to enrich the research of government fiscal and tax policies on enterprise innovation support.This paper draws the following conclusions :(1)both government financial subsidies and tax incentives can effectively stimulate enterprise innovation investment,and the incentive effects of these two fiscal and tax policies have a certain time lag.Among them,fiscal subsidy is beneficial to short-term innovation investment,while long-term innovation incentive is insufficient,while tax incentive has significant effect on both short-term and long-term innovation investment.(2)Both government financial subsidies and tax incentives can effectively stimulate enterprises’ innovative output;(3)Both government financial subsidies and tax incentives can effectively stimulate enterprise innovation efficiency;(4)Further research shows that the improvement of internal control can strengthen the incentive effect of fiscal subsidies and tax incentives on innovation input.The stronger the product market competition is,the stronger the incentive effect of fiscal subsidies and tax incentives on enterprise innovation input will be in the stage of innovation input.In terms of innovation output and innovation efficiency,the stronger the product market competition is,the weaker the incentive effect of fiscal subsidies and tax incentives on enterprise. |