| At present,the change of the century coincides with the COVID-19 epidemic,the world is entering a more turbulent period of change,the rise of anti-globalization trend of thought,global economy has suffered serious shocks,in the context,China in promoting high-quality economic development to face this situation is more complex and severe,therefore,innovative development is more critical than at any time in the past.Among them,high-tech enterprises,as the main force of innovation in China,are the decisive element to achieve economic transformation and upgrading,but enterprises carrying out technological innovation often face such difficulties as high input costs,long payback periods and uncertain returns,making it difficult for them to engage in independent research and development.Besides,R&D outputs have positive externalities and certain public goods characteristics,which make it difficult for enterprises to obtain the whole benefits brought by technological innovation,which to a certain extent affects their motivation to carry out R&D activities.Therefore,in order to motivate enterprises to innovate,government needs to take fiscal subsidy and tax policies to promote enterprises to innovate.Given that the willingness and ability of enterprises to carry out innovation activities vary greatly at different stages of their life cycle,the effects of fiscal subsidy and tax policies may also vary.Therefore,it is important to explore how to improve the policy effects of financial subsidies and tax incentives according to the life cycle stages of enterprises,so as to effectively promote enterprises to increase their R&D investment.Based on the review and summary of relevant domestic and foreign literature,this thesis determines the research topics,then defines the relevant concepts,and introduces basic theories such as market failure theory,technological innovation theory and corporate life cycle theory in order to provide theoretical support for the following empirical research;next,sorts out the current situation of the development of high-tech enterprises in China and the current status of the implementation of fiscal and tax policies,and the relevant problems are pointed out on this basis;according to the relevant research hypotheses,high-tech enterprises listed in Shanghai and Shenzhen from 2017-2021 were selected as the research sample for empirical analysis,and the conclusions are as followed: Overall,financial subsidies and tax incentives show significant incentive effects on enterprises’ R&D investment.By stages,for growth stage enterprises,both financial subsidies and tax incentives show significant positive incentive effect on R&D investment;for mature stage enterprises,tax incentives have positive incentive effect on the intensity of R&D investment,while financial subsidies have a crowding-out effect on the enterprises’ own R&D investment;for declining stage enterprises,financial subsidies show a significant incentive effect on R&D investment,while tax incentives have a negative effect.In terms of the nature of ownership,the incentive effect of fiscal and tax policies on R&D investment of non-state enterprises is significantly greater than that of state-owned enterprises.In terms of the moderating effect played by regional marketization level,the regional marketization level can significantly promote the incentive effect of fiscal and tax policy on R&D investment of high-tech enterprises.Based on relevant theoretical and empirical results,and taking into account the current situation of the implementation of financial and tax policies in China,this thesis puts forward specific policy suggestions in five aspects: increasing the support of fiscal and tax policies for enterprises,adjusting fiscal and tax policies according to the life cycle stages of enterprises,making full use of regional and institutional advantages,improving government supervision and assessment and monitoring mechanisms,and improving the current tax preference policy system. |
PDF Full Text Request