The Impact Of Tax Incentives On Enterprise Innovation

Innovation is the main driving force for the economy,and enterprises are the main body of innovation and the main beneficiaries of innovation results.Data from the National Bureau of Statistics shows that enterprises have played an important role in R&D investment such as R&D funds and R&D personnel,and enterprises lead other innovative subjects to jointly cultivate innovation activities,but enterprises are still relatively weak in R&D output,especially in terms of innovation ability of enterprises.That is,the enterprise has high enthusiasm for R&D investment,but the R&D output has not received corresponding results.The reason is that there are public goods attributes and externalities of results in the innovation process,which need to be regulated by the government through public financial policy instruments.In particular,through the tools of preferential tax policies,it can effectively stimulate enterprise innovation without affecting the market mechanism.Taking the A-share listed companies in Shenzhen manufacturing from 2011 to2021 as a sample,this paper focuses on analyzing the impact of tax incentives on enterprise innovation,and further explores the heterogeneous effects of tax incentives in terms of industry nature,property rights and high-tech qualifications.Firstly,based on innovation theory and market failure theory,it is necessary to analyze the necessity of tax incentives to intervene in the innovation activities of enterprises,and then study the mechanism of tax incentives to promote enterprise innovation by promoting R&D input and R&D output.Secondly,it sorts out the preferential tax policies to encourage manufacturing innovation by tax type and analyzes the existing problems of existing policies.Then,the innovation status of manufacturing enterprises in Shenzhen was analyzed,and at present,the R&D capital investment of Shenzhen manufacturing enterprises has the fastest growth rate,and the growth rate of patent applications for R&D output is the slowest growth.Computer,communications and other electronic equipment manufacturing,non-state-owned enterprises and high-tech enterprises have significantly more R&D input and output than other enterprises.Then,the double fixed-effect model is used to test whether tax incentives promote enterprise innovation,and the robustness test is carried out,and the endogenous problems that may exist between the core variables are tested,and the results are all passed,and it is concluded that tax incentives can significantly stimulate R&D investment,but have no incentive effect on R&D output.Then,since the tax incentives in the benchmark regression have no effect on R&D output,according to the policy analysis and the current situation analysis,the heterogeneity of the incentive effects of tax incentives on R&D investment of enterprises in terms of industry,property rights and high-tech qualifications is explored by setting dummy variables,and the results show that the promotion effect of tax incentives on computer,communication and other electronic equipment manufacturing,non-state-owned enterprises and high-tech enterprises is significantly stronger than that of other manufacturing,state-owned enterprises and non-high-tech enterprises.On this basis,suggestions on preferential tax policies to promote enterprise innovation are proposed,mainly including: First,improve the overall planning of preferential tax policies to encourage innovation,such as standardizing policies and increasing the proportion of value-added tax incentives.The second is to improve the preferential tax policy suggestions to encourage innovation,such as expanding the scope of integrated circuit preferences and maintaining preferential policies for high-tech enterprises.The third is to improve the suggestions of supporting measures and strengthen the publicity of preferential tax policies to promote R&D output.