Research On The Impact Of Fiscal Incentive Policy On Enterprise Innovation Investment

Innovative investment is an important driving force for the high-quality growth of China’s economy.Enterprise innovative investment has huge risks and information asymmetry,and faces financing constraints.Fiscal policy can address public goods and positive externalities and compensate for market failures,increase internal funds or external financing,and encourage corporate innovative investment.Through a large number of literature review,field research and empirical test,the paper studies the impact of fiscal policy on innovative investment of enterprises,and focuses on revealing that fiscal policy affects innovative investment through financing structure intermediary transmission mechanism.The fiscal policy is mainly divided into financial subsidies and tax reductions.First,we will separately discuss the impact of fiscal policies and tax reductions on innovative investment of enterprises,and then compare the differences between financial subsidies and tax reductions on innovative investment of enterprises.First of all,on the basis of consulting a large number of foreign domestic literature,theoretical analysis of fiscal policy,financing structure and enterprise innovative investment.Next,we will conduct field research on the financial department and Shenzhen’s innovative enterprises to understand the experience and shortcomings of enterprises enjoying fiscal preferential policies.Secondly,collect internal data of the financial department,conduct mathematical and statistical analysis;sort out the relevant financial data of the enterprise,and use the threshold effect model,the ordinary least squares method,the mediation effect model and other methods to carry out the empirical test and the impact mechanism test.Finally,based on the conclusions,we draw on the experience of foreign developed countries to make policy recommendations and further research prospects.The empirical study is divided into three parts.First,the research results of financial subsidies and enterprise innovative investment show that financial subsidiesencourage enterprises to invest in R&D,squeeze out short-term debt financing,equity financing,and attract more long-term debt financing through signal transmission effects;financial subsidies for the R&D incentive effect of private enterprises,small enterprises is significant,while the R&D incentive effect for public enterprises,foreign-related enterprises and large and medium-sized enterprises is not significant.Second,the research results of tax reduction and exemption on corporate innovative investment show that the tax reduction and exemption are significantly positively correlated with the R&D intensity of the enterprise,and there is a threshold effect.The R&D incentives for tax reduction and exemption have a decreasing trend of marginal effect;corporate income tax exemption increases the internal financing of enterprises.And the extrusion debt financing intermediary transmission mechanism affects the R&D intensity of enterprises,but corporate income tax exemption has not played a significant signal effect to attract long-term bond financing;corporate income tax exemption is significantly positively correlated with the R&D intensity of private enterprises,foreign-funded enterprises,large and medium-sized enterprises.Third,compare the R&D incentive effect of financial subsidies and tax reductions,and find that tax incentives have better incentives for innovative investment than financial subsidies,and the factors such as the region,industry characteristics and corporate characteristics of the enterprise affect the effect of financial policy incentives on innovative investment of enterprises;the financial incentives of R&D incentives for central and western enterprises,strategic emerging industries,and small enterprises are more significant than tax relief,while the tax incentives of R&D incentives for Eastern and medium-sized enterprises are better than financial subsidies.Financial subsidies increase corporate cash inflows,attract more debt financing and squeeze equity financing through good signal effects;tax reductions reduce corporate cash outflows,tax shield effect squeezes debt financing,and increase equity financing.The impact of fiscal policy on corporate financing structure varies depending on factors such as the region in which the company is located,industry characteristics,and corporate characteristics.According to the research conclusions and international experience,combined with the external environment,industry and enterprise characteristics of the region where the enterprise is located,improve the financial and financial support policies for technological innovation.Fiscal policy should be combined with financial markets to create a good environment for innovation and to guide the market to effectively play the role of supporting technological innovation.Using information technology such as big data and the Internet to solve the problem of information asymmetry of investment and improve the credit level of fiscal policy,and focus on solving the problem of innovative financing for small and medium-sized private enterprises.The fiscal policy should be legalized,standardized,and systematic,and formulate specific operational rules and regulatory systems,rational use of financial subsidies,tax reduction and exemption policies,and effectively improve the efficiency of resource allocation for fiscal preferential policies.Establish a multi-level capital market,promote the reform of the financial and financial system,and improve the financial support system for scientific and technological innovation.The financial market should gradually be allowed to play a leading role in the allocation of innovative resources.There are three main points in the innovation of the thesis: First,it sorts out the financial incentive policy and innovation investment,financing structure related theories and concepts,and theoretically sorts and reconstructs the Pareto optimality of resource allocation,government intervention,externality effect and information asymmetry.Secondly,it uses the national enterprise survey data of the fiscal and taxation departments to conduct empirical tests.The relevant data comes from internal data of the State Tax Administration,revealing the reality of China,and has important practical value.Third,it is based on the perspective of financing structure to study the impact of fiscal policy for corporate innovative investment reveals that fiscal policy affects innovative investment through the intermediary effect of financing structure,and supplements relevant theories,which has important theoretical significance.However,due to subjective and objective factors,there are research deficiencies that need further study.