Research On The Innovation-Driven Effect Of Corporate Income Tax Incentives

At present,the output value of Chinese advanced manufacturing industry is increasing continuously,ranking first in the world,but the problem of "great and not strong" is particularly outstanding.Only by improving the level of innovation drive of advanced manufacturing industry and mastering core science and technology can our country continue to be strong in the new economic era.The Party’s 20th National Congress pointed out that "we must keep promoting high-quality development as the theme".As an important engine of high-quality economic development,advanced manufacturing industry’s innovation ability will directly affect the country’s overall innovation level and the quality of economic development.Due to the uncertainty and externality of innovation activities,the innovation capability of advanced manufacturing industry cannot be significantly improved by relying only on the innovation input of enterprises.It has become an important macro-control method to encourage advanced manufacturing industry to increase R&D input,improve the level of innovation driving and increase substantive innovation output through the preferential tax policies of enterprise income tax.Starting from the preferential policy of enterprise income tax,this paper selects the micro-data of listed companies of A-share advanced manufacturing industry from2005 to 2020 for empirical analysis,and discusses the effect of preferential policy of enterprise income tax on strategic innovation and substantive innovation of advanced manufacturing industry respectively.Firstly,it discusses the influence of tax preference policies on the output and input of innovation in advanced manufacturing industry through multiple regression model.The results show that tax preference can improve the output and input of innovation in advanced manufacturing industry,and the strategic innovation effect is higher than the substantive innovation effect,which means that enterprises’ strategic innovation behaviors are more than substantive innovation behaviors.In the heterogeneity test,the influence of tax incentives on advanced manufacturing enterprises with different property rights,regions and scales is investigated respectively.The results show that:(1)the incentive effect of tax incentives on innovation of state-owned enterprises is stronger than that of non-state-owned enterprises,and the strategic innovation output of state-owned enterprises is greater than the substantive innovation output.(2)The incentive effect of enterprise income tax incentive on innovation in East,central and west regions is significantly different.The Middle East and central region are stronger than the western region,and the strategic output in the central region is greater than the substantive innovation output.(3)The incentive effect of enterprise income tax preference on the innovation of large-scale advanced manufacturing enterprises is stronger than that of small-scale advanced manufacturing enterprises,and the larger the enterprise is,the stronger the R&D and innovation strength is.The strategic innovation output of small-scale advanced manufacturing is greater than the substantive innovation output.The overall empirical test results show that there is a certain degree of deviation between the tax incentive purpose of enterprise income tax on advanced manufacturing industry and the actual effect,which shows that the output of strategic innovation is greater than that of substantive innovation.Finally,in terms of policy improvement: on the one hand,the government needs to clean up and optimize the preferential tax system of advanced manufacturing industry;Improve enterprise identification standards,avoid innovation "fraud";Implement differentiated corporate income tax preferential policies;Strengthen the responsibility of information disclosure,supervision and tracking of innovative enterprises.On the other hand,advanced manufacturing enterprises need to pay more attention to substantive innovation activities.Attach importance to innovation cooperation;Timely and comprehensive understanding of the preferential tax policies related to the development of manufacturing industry.