The report of the 19 th National Congress of the Communist Party of China clearly pointed out: "innovation is the first driving force leading development,...,accelerating the construction of an innovative country is a strategic measure for the overall situation of modernization." In the reports of the Second,Third and Fourth Plenary Sessions of the 19 th Communist Party of China Central Committee,the importance of innovation and its core position have also been repeatedly emphasized.On May 14,2020,at the meeting of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee,it was proposed for the first time that a new development pattern should be built with the domestic cycle as the main body and the domestic and international dual cycles to promote each other.The construction of the "dual circulation" pattern is inseparable from the support of technological innovation.It is necessary to achieve high-quality supply through innovation,deepen the supply-side reform,and then accelerate the formation of a new development pattern of "dual circulation".In October of the same year,the Fifth Plenary Session of the 19 th Central Committee of the Communist Party of China adopted proposals on the "14th Five-Year Plan" and "Long-Range Objectives Through the Year 2035".The document clearly proposed to "adhere to innovation driven development,...,adhere to the core position of innovation in the overall situation of China’s modernization",and "basically realize the long-term goal of socialist modernization by 2035,...,and enter the forefront of innovative countries".Leading high-quality development with high-quality innovation is an important driving force to comprehensively improve the quality and efficiency of China’s economic development.As an important part of China’s economy and society,the innovation quality of enterprises is closely related to the national innovation development level and the development of economy and society.Innovation activities have the characteristics of publicity,uncertainty,externality and incentives,as of 2021,in order to achieve the goal of building an innovative country,the government and relevant departments have launched 102 tax reduction measures to improve the innovation level of Chinese enterprises.So,can the tax cut policy improve the high-quality innovation of Chinese enterprises? How to influence the high-quality innovation of Chinese enterprises? This is a topic worthy of study and has become the core issue of this thesis.Compared with the existing literature,this thesis comprehensively explores the impact of tax reduction policy on enterprise innovation behavior.Firstly,based on the perspective of innovation quality,this thesis expands the relevant research on the impact of tax reduction policies on enterprise innovation.Existing studies mostly use R&D investment,the number of patents or the proportion of different types of patents to measure the innovation behavior of enterprises,which cannot truly reflect the high-quality innovation level of enterprises.Therefore,this thesis takes innovation quality as the starting point to evaluate the impact of various tax reduction policies on the quality of enterprise innovation output.Secondly,this thesis selects the tax reduction policies of important tax categories and special refundable tax reduction policies as the research objects,which enriches the relevant research on tax reduction policies promoting the quality of enterprise innovation.Most of the existing studies take a single tax reduction policy as the research object,which represents the overall effect of the tax reduction policy,and draw relevant conclusions on the impact of the tax reduction policy on enterprise innovation activities.In order to make the research content more comprehensive and the research results more accurate,based on the previous research of scholars,this thesis analyzes the incentive effects of value-added tax reduction policy,enterprise income tax reduction policy and refundable tax reduction policy on the quality of enterprise innovation.Finally,this thesis improves the mechanism path of tax reduction policy to promote the improvement of enterprise innovation quality.Most of the existing literature analyzes the impact path of tax reduction policy on innovation input or the number of innovation output.Based on the existing research,this thesis further extends the internal mechanism of the impact of tax reduction policy on enterprise innovation,and finds that the increased innovation investment mainly realizes the high-quality innovation of enterprises through two strategies of "extensive strategy" or "intensive strategy",which further enriches the research in related fields.This thesis follows the basic idea of "putting forward problems → theoretical analysis→ current situation analysis → empirical analysis → policy suggestions",focusing on the measurement method of empirical research,supplemented by literature research and normative analysis methods.In terms of data support,this thesis focuses on the panel data of China’s Shanghai and Shenzhen A-share listed enterprises from 2009 to 2019,mainly from CSMAR database,CNRDS and Wind database;In terms of research content,the full text consists of six parts: introduction,theoretical analysis,current situation exploration,empirical research,policy suggestions,conclusions and prospects.The first part is the introduction.This part introduces the background and research significance of the topics selected in this thesis,and then summarizes the domestic and foreign academic literature based on the relevance of the topic,and understands the research results that scholars have achieved in this field.On this basis,it puts forward the research content,research methods,possible innovations and deficiencies of the thesis.The second part is the theoretical analysis of the impact of tax reduction policy on the quality of enterprise innovation.This part mainly analyzes the main problems studied in the thesis from the theoretical level.Firstly,it analyzes the main research objects of this thesis,"tax reduction policy" and "enterprise innovation quality";Secondly,it sorts out the economic theory of government intervention in enterprise innovation behavior,which is closely related to the research problems,and expounds the necessity of government guiding enterprise innovation in combination with the publicity,externality,uncertainty and incentive of innovation activities;Finally,based on the above theory,taking the enterprise innovation investment as the starting point,this thesis puts forward the mechanism and feasible path of tax reduction policies to improve the quality of enterprise innovation,including "extensive strategy" and "intensive strategy" strategies.The third part is the analysis of the current situation of tax reduction policy and enterprise innovation behavior.This part focuses on using the data in real economic activities to describe the current situation of related issues.On the one hand,it sorts out the tax reduction policies issued and implemented by the Chinese government in recent years that affect the innovation behavior of enterprises,and at the same time,combined with relevant data,it analyzes the achievements and existing problems of these tax reduction policies;On the other hand,considering that the improvement of innovation quality is inseparable from the growth of enterprise innovation input and innovation output quantity,this part describes the current situation of enterprise innovation activities in China,and analyzes the achievements and existing problems of their innovation behavior.The fourth part enters the empirical analysis of the thesis.Consistent with the logical framework of theoretical analysis,this part uses the econometric model to analyze the impact of value-added tax,enterprise income tax and refundable tax reduction policies on the quality of enterprise innovation and its existing transmission mechanism,which is reflected in three chapters.First,the incentive effect of value-added tax reduction policy on enterprise innovation quality,taking the tax system reform of "replacing business tax with value-added tax" as an example.Based on the panel data of A-share listed enterprises in Shanghai and Shenzhen,this part sets up a progressive differences-in-differences model,the research shows that the value-added tax reduction policy has a positive effect on the quality of enterprise innovation output;The mechanism test results show that the path of the tax reduction policy to exert the incentive effect on the quality of enterprise innovation output starts from its "tax reduction effect" and "division of labor effect" to encourage enterprises to increase investment in innovation activities,through the targeted investment of enterprise funds in optimizing the existing patent output related to the enterprise’s business operations,that is,the strategy of "intensive strategy" to improve the quality of enterprise innovation output;The heterogeneity test results show that there is significant heterogeneity in the impact of value-added tax reduction policy on the quality of enterprise innovation output,and its incentive effect is more significant in enterprises with long duration,non-state-owned and registered in the eastern economic zone.Second,the incentive effect of enterprise income tax reduction policy on enterprise innovation quality,taking the accelerated depreciation policy of fixed assets as an example.Based on the panel data of A-share listed enterprises in Shanghai and Shenzhen,this part uses the progressive differences-indifferences model to explore and find that: the enterprise income tax reduction policy has a positive effect on the quality of enterprise innovation output;The mechanism test results show that the path of the tax reduction policy to exert the incentive effect on the quality of enterprise innovation output starts from that the policy can alleviate the financing constraints of enterprises,reduce their capital burden and encourage enterprises to increase their investment in innovation activities,while investing enterprise funds in innovation activities to explore new fields or make up for vacant fields can increase the number of innovative outputs of enterprises,it depends on the strategy of "extensive strategy" to improve the quality of enterprise innovation;The heterogeneity test results show that there is significant heterogeneity in the impact of such policies on the quality of enterprise innovation output,which plays a more significant incentive role for non-manufacturing enterprises,large scale and long duration.Third,the incentive effect of the refundable tax reduction policy on the quality of enterprise innovation.This is the last content of this empirical regression study:the benchmark regression results show that the refundable tax reduction policy measured by tax refund has a positive effect on the quality of enterprise innovation,and the conclusion has passed the endogenetic test and robustness test;The mechanism test results show that the path for such tax reduction policies to exert the incentive effect on the innovation quality of enterprises starts from their "tax reduction effect",which enables enterprises to obtain tax preference and reduce the capital burden of enterprises.At the same time,the government,as a risk sharer of enterprises,will also encourage enterprises to increase investment in innovation activities,and the increase of innovation investment can increase the number of innovation outputs of enterprises to a certain extent,that is,the innovation output quality of enterprises is improved by the path of "extensive strategy";The heterogeneity test results show that there is significant heterogeneity in the impact of such tax reduction policies on the innovation quality of enterprises,which plays a more significant incentive role for largescale,non-state-owned and low-level financial subsidies and enterprises registered in the eastern economic zone.Moreover,government subsidies will have a crowding out effect on the tax reduction policies,weakening the incentive effect of the tax reduction policies on the innovation output quality of enterprises.When the degree of financial subsidies is too high,the effect of such tax cuts on it has even turned negative.The fifth part puts forward some suggestions on the optimization of tax reduction policies to promote the improvement of enterprise innovation quality.This part mainly combines the research conclusions of the previous chapters and the existing problems of China’s tax reduction policies to promote enterprise innovation,and puts forward corresponding policy optimization suggestions from the aspects of value-added tax reduction,enterprise income tax reduction,refundable tax reduction and relevant supporting measures.The sixth part is the conclusion and prospect.This part summarizes the main conclusions of the full text research,at the same time,it also looks forward to the research content that needs to be further expanded and deepened,so as to clarify the direction of future research. |