Research On The Influence Of Financial Subsidies And Tax Preferences On Enterprise Innovation

At present,in the context of promoting high-quality development,the state attaches greater importance to innovation,with special emphasis on supporting enterprise innovation.In the report of the 20 th National Congress of the Communist Party of China,it is pointed out that we should strengthen the dominant position of enterprises in scientific and technological innovation,give full play to the leading and supporting role of backbone enterprises in science and technology,and create a good environment for enterprise innovation.Fiscal subsidies and tax preferences,as two major means to support enterprise innovation,are also improving,but they do not consider the life cycle of the enterprise.Therefore,this paper takes the enterprise life cycle as the entry point,through theoretical analysis and empirical test,further studies the effect of fiscal and tax policies to encourage enterprise innovation,in order to make the government implement differentiated policies in different stages of enterprise development,so as to improve the accuracy of policies.This paper firstly combs the relevant domestic and foreign literature and analyzes the theoretical situation of Chinese enterprises’ innovation,summarizes the current financial and tax policies and their existing problems,based on this analysis of the mechanism of financial and tax policies for enterprise innovation,and puts forward the corresponding research hypothesis.Then,the empirical research is carried out by taking Chinese A-share listed enterprises from 2013 to 2020 as samples,and the following conclusions are drawn.First,fiscal and tax policies have a positive effect on enterprise innovation,and there is an inverted U-shaped relationship between them and enterprise innovation.The effect of fiscal subsidies is better than tax preferences in the growth stage.In maturity and recession,tax preferences are more effective than fiscal subsidies in stimulating enterprise innovation.Secondly,from the perspective of different regions,fiscal subsidies have the best incentive effect on enterprise innovation in the western region,while the policy effect of tax preferences is the most obvious in the central region.Third,by enterprise nature and industry,compared with state-owned enterprises,fiscal and tax policies have a greater impact on non-state-owned enterprises;The incentive effect on manufacturing industry is better than that on non-manufacturing industry,and the incentive effect of policy is mainly reflected in the maturity period of manufacturing enterprises.Fourthly,the further study found that the two kinds of policies have incentive effect on both quantity and quality innovation,but the effect of quantity innovation is better.Finally,based on the above analysis,this paper proposes to improve the current fiscal subsidy system,optimize the scope and content of tax preferences,dynamically adjust fiscal and tax policy tools according to the life cycle,formulate targeted policies according to regions and enterprises,change policy orientation and other suggestions.The innovation of this paper lies in: first,refined analysis of time and space.On the one hand,this paper takes enterprise life week as the entry point,and dynamically analyzes the effect of fiscal and tax policies on enterprise innovation in different stages.On the other hand,the effects of fiscal and tax policies on enterprise innovation in East and West regions are investigated.Second,contrasting the effect of policy tools.This paper constructs a three-dimensional integrated analysis framework of fiscal subsidies,tax preferences and enterprise innovation,and compares the effects of two kinds of policies on enterprise innovation in different life cycles.Thirdly,the heterogeneity analysis is multi-dimensional.From the perspective of life cycle,this paper analyzes the heterogeneity by firm nature and industry.At the same time,the output category is divided into innovation quantity and innovation quality,and the effects of the two kinds of policies on innovation quantity and quality are further studied.Multidimensional heterogeneity analysis can enrich the perspective of policy evaluation.