Research On The Effect Of Tax Policy To Promote The Formation Of Technological Capital

In recent years,due to the change of population structure and the rapid rise of labor cost,the comparative advantage of China's medium and low-end labor-intensive industries has been gradually weakened with some traditional economic sectors declining at accelerating rate,and the macroeconomic growth rate also started going on a downturn.In order to adapt to the new stage of economic development,China began to turn to domestic demand driven,start the "new engine" of institutional change,structural optimization and factor upgrading(i.e.reform,transformation and innovation),initiated vigorously the industrial transformation and upgrading,supervised actively the cultivation of new economy,and promote advanced manufacturing and new generation information technology by means of fiscal and tax preferential policies,venture capital market and government guidance,fund and other fields.The fourteenth five year plan proposes to take expanding domestic demand as an important strategic starting point,and organically combine the implementation of expanding domestic demand strategy with deepening supply side structural reform by accelerating the cultivation and improvement of domestic demand system,so as to lead and create new demand with innovation driven and high-quality supply.As the first driving force of leading development,the driving role of science and technology on economic growth has become increasingly prominent.As an endogenous driving force to promote economic development,technological progress not only creates new demand,but also better upgrades traditional demand with new forms,opening up a new path for economic growth.Therefore,many countries in the world have formulated development strategies to promote the formation of technological capital,increase the knowledge stock of the whole society by cultivating technological capital,promote scientific and technological progress,and give full play to the leading and core role of technological capital in economic development.This paper focuses on the effect of tax policy on promoting the formation of technological capital.Based on the research of literature and mechanism,this paper focuses on the changes of the efficiency of technological capital formation in China in recent years based on the three dimensions of technological capital input,technological capital transformation and technological capital output,and empirically analyzes and evaluates the incentive effect of tax policy on the efficiency of technological capital formation.Finally,it puts forward the tax policy optimization suggestions to promote the formation of technological capital.This paper selects 11 technology capital related evaluation indexes in three stages of technology capital input,transformation and output,and calculates the efficiency of technology capital formation in China.It is found that the efficiency of technology capital formation in China has a downward trend in recent years.The main reasons are as follows:the proportion of high-tech investment and the proportion of foreign technology investment in the process of technology capital investment has decreased significantly;the proportion of foreign technology investment has decreased significantly in the process of capital conversion,the conversion efficiency of quantity output of scientific papers and the proportion of invention patents are decreasing.In the comparative analysis with other countries,although China's R&D investment scale and growth rate are in the forefront of the world,there is still a certain gap between China and the major developed countries in high-tech investment,basic research investment,the proportion of R&D personnel in labor.This paper also compares Jiangxi Province with other provinces in China.Jiangxi province maintains a rapid growth in the stage of technological capital input,but still lags behind in the stage of technological capital transformation and output.In particular,the proportion of invention patents authorized in the number of patents authorized in the whole country belongs to the reciprocal level.In the aspect of questionnaire empirical research,taking the domestic enterprises in Jiangxi Province as the object,the questionnaire survey was organized,and 3576 valid questionnaires were distributed and collected.After the normative policy effect analysis of the questionnaire survey results,this paper makes an empirical study on the detailed data of the questionnaire survey by using correlation analysis and factor analysis.It is found that the vast majority of the respondents believe that the preferential tax policy can effectively reduce the financial pressure of enterprises,and promote the investment,transformation and output of technological capital.At the same time,it is expected to improve the proportion of R&D expenses and reduce the tax rate of high-tech enterprises.In the empirical aspect of sample data,the author collected the tax preference data of all high-tech enterprises in Jiangxi Province from 2016 to 2019,and inquired the patent declaration of enterprises door to door through the internet,and obtained the sample data of4405 enterprises.Through the use of stochastic regression model and two-way fixed effect model,this paper makes an empirical analysis on the promotion effect of tax policy in the three stages of technological capital input,transformation and output,and further makes a heterogeneity analysis on the manufacturing industry and state-owned enterprises.The results show that: in terms of technology capital investment,R&D expense deduction policy has the most significant effect.Among them,the promotion effect of manufacturing industry and state-owned enterprises is higher than the average level.It proves that the new policy of increasing the deduction ratio of R&D expenses in manufacturing industry will produce good policy expectation in promoting technology capital investment.At the same time,accelerated depreciation of fixed assets,high-tech enterprises and other preferential tax policies have no significant impact on technological capital investment,and need to be further optimized.When it comes to technology capital transformation,policies such as R&D expense deduction,accelerated depreciation of fixed assets,software product VAT refund and so on all have a certain promoting effect,among which the software product VAT refund policy has the most obvious promoting effect.However,the reduction of technology transfer income has a certain inhibitory effect.In terms of technology capital output,the three preferential tax policies of R&D expenses plus deduction,high-tech enterprises,and software product value-added tax can play a certain role.Due to the shortcomings of the current tax policy in promoting the formation of technological capital in China: the main problems of the current tax policies are incomplete tax legal system,limited incentives for technological capital investment of start-ups,complex enjoyment of some preferential policies,lack of special incentive policies for small and medium-sized enterprises,limited personal income tax incentives for technology transformation,and lack of policies to open up the chain of production,shortcomings of education and research technology innovation,the high threshold of some tax preferences,and the negative superposition effect of different preferences.On the basis of international experience,from the three stages of promoting technology capital investment,transformation and output,this paper proposes to promote technology capital investment by increasing tax support for basic research,expanding the scope of R&D expense deduction,improving external capital technology investment compensation,strengthening R&D personnel training.To promote the transformation of technological capital,we should strengthen the preferential policies for the transformation of technological achievements,learn from the foreign patent box system,and promote the deepening cooperation of Industry University Research Institute.By increasing the support of high-tech industry and considering the influence of preferential policies and other factors,we can promote the output of technological capital,so as to build a whole process tax incentive system to promote the formation of technological capital.