The Influence Of Tax Incentives On Enterprises’ Green Technology Innovation

With the acceleration of industrialization and urbanization,the problem of environmental pollution is becoming more and more serious.Green and low-carbon have become the key to high-quality development.The report of the 20th National Congress of the Communist Party of China proposed to promote green development and harmonious coexistence between man and nature.As a key link to help enterprises achieve high-quality development,green technology innovation is different from general innovation.It has a very strong positive externality,greater risk and longer cycle.Therefore,as an important means for the government to conduct macro-control,preferential tax policies can,on the one hand,make up for the losses caused by green technology innovation and guide enterprises to increase R&D investment.On the other hand,combined with the publicity of preferential tax policies,enterprises will inevitably appear rent-seeking behaviors in order to obtain more resource advantages.The negative impact of rent-seeking will easily change the development strategy of enterprises from "innovation" to "rent-seeking",thus causing the distortion of resource allocation.Based on the market failure theory,rent-seeking theory,technological innovation theory and public finance theory,this paper selects the 2017-2021 A-share listed companies in Shanghai and Shenzhen as research samples,and constructs the intermediary effect model and the moderating effect model from the two dimensions of corporate income tax preference and value-added tax preference.Firstly,the mechanism of tax incentives and R&D input on green technology innovation performance was empirically explored.Secondly,whether rent-seeking behavior will weaken the effect of tax incentives on green technology innovation performance is studied.Finally,the paper analyzes the heterogeneity of property rights and business environment of different enterprises.The conclusions of this paper are as follows:(1)Tax incentives are significantly positively correlated with enterprises’ green technology innovation performance.Tax incentives can make up for the losses of enterprises in the process of green technology innovation,encourage enterprises to actively carry out green technology innovation activities,and improve the output level of green patents.(2)Tax incentives guide enterprises to increase R&D investment,and R&D investment constitutes the mechanism of tax incentives to promote green technology innovation performance.(3)The promotion effect of corporate rent-seeking inhibition of income tax incentives on green technology innovation performance.Compared with VAT,income tax has more room for operation and adjustment,which will lead to rent-seeking behaviors of enterprises and distortion of resource allocation,thus weakening the promotion effect of income tax preference on enterprises’ green technology innovation performance.(4)The impact of tax incentives on the performance of green technology innovation varies with different property rights of enterprises and different levels of business environment.Compared with state-owned enterprises,the financing of non-state-owned enterprises is difficult and expensive,and the competitive advantage is small.Therefore,the promotion effect of tax incentives in non-state-owned enterprises can play a better role of "timely help".In regions with a higher level of business environment,the process of marketization is fast,and the promoting effect of tax incentives will be more significant.This study is conducive to improving the current preferential tax policies,avoiding the negative impact of enterprises’ rent-seeking,and helping enterprises achieve green and innovative development.