| In 2012,the 18th CPC National Congress clearly put forward that “scientific and technological innovation is the strategic support for improving social productivity and comprehensive national strength,and must be placed at the core of the overall situation of national development.” It should be driven by scientific and technological innovation rather than traditional labor or resources and energy.Subsequently,China successively issued a series of policy documents such as made in China 2025,aiming to place scientific and technological innovation in the overall position of national development and enter the ranks of innovative countries by 2020.The result of scientific and technological innovation is the formation of enterprise intangible assets and internalization into enterprise productivity.Intangible assets play a vital role in economic development.At the same time,the progress of science and technology and the development of intangible assets in China are inseparable from the active guidance of government policies.As the leader of China’s economic resource allocation,the government has been guiding and regulating economic development through various economic policies for a long time.At present,most of the existing literature on intangible assets is based on a certain classification of intangible assets,or there are many studies on the relationship between economic policies and enterprise R&D innovation from the perspective of investment.However,most of the research on R&D innovation process are general or directly mix R&D investment with R&D innovation,and there is a lack of detailed combing of R&D innovation process,How to truly transform R&D investment into enterprise innovation ability also needs to be further explored.The paper will further clarify the differences between R&D input,R&D output and independent R&D intangible assets,improve the theoretical system of intangible assets,creatively distinguish the sources of independent R&D intangible assets,purchased intangible assets and intangible assets increased by M&A according to the formation channels of intangible assets,and focus on the impact of different economic policies on intangible assets investment,Exploring and studying the guiding role of different economic policies on the choice of intangible asset investment(especially independent R&D intangible assets)has certain theoretical value and practical significance for giving full play to the positive effect of government policies and improving the quality of intangible asset investment.Based on the problem of enterprise intangible asset investment,this paper discusses the impact of economic policy(macroeconomic policy: industrial policy and monetary policy;microeconomic policy: fiscal policy and tax policy)on enterprise intangible asset investment,and based on the different sources of enterprise intangible asset investment.Innovatively analyze the impact of different industrial policies on the heterogeneous investment of enterprise intangible assets from the perspectives of independent R&D intangible assets,outsourcing intangible assets and M&A intangible assets,and expand the different effects under the sub groups of property right heterogeneity,industry heterogeneity and regional heterogeneity.The paper tests the research hypothesis and puts forward corresponding policy suggestions,in order to provide reference for enterprises how to make better use of economic policies,give play to the complementary and synergistic effect between different intangible asset formation channels and better carry out intangible asset investment management.It includes seven chapters,and the research is gradually carried out according to the idea of “theoretical analysis and literature review-policy research and analysis of the current situation of intangible asset investment-empirical research and test-conclusions and policy suggestions”.Specifically,in the part of theoretical analysis and literature review,it mainly combs the definition of key concepts,supporting theories and literature review,and summarizes and comments in combination with the literature content.And then,it mainly combs and summarizes the literature on the relationship between different economic policies and enterprise investment behavior,and the influencing factors of enterprise intangible asset investment.Secondly,this paper combs the national policies driven by innovation and the economic policies related to intangible asset investment,and makes a comprehensive statistical analysis of the current situation of China’s intangible asset investment from multiple angles,in order to fully understand the development trend of China’s listed companies’ intangible asset investment.In the empirical research part,it mainly studies the impact of different economic policies(including industrial policy,fiscal and tax policy,monetary policy,etc.)on the total investment in intangible assets and different investment channels of intangible assets(independent R&D,outsourcing,M&A,etc.).Further,according to the nature of intangible assets,it is further subdivided into intellectual property,contractual power and comprehensive for empirical test;In addition,this paper distinguishes regional heterogeneity,industry heterogeneity,and property right heterogeneity.The main conclusions of the article including:First,through the statistical analysis of the impact of different economic policies on enterprise investment and innovation behavior,the influencing factors of intangible asset investment and the current situation of intangible asset investment,this paper finds that the overall situation of intangible asset investment in China has been greatly improved,but there is a certain volatility;In the investment of intangible assets from different sources,the proportion of purchased intangible assets is relatively large,and the proportion of independent R&D intangible assets is relatively small.There is still much room to improve the proportion of independent R&D in the investment of intangible assets of Chinese enterprises,and the ability of independent R&D and output efficiency need to be further strengthened;After analyzing the key industries,it is found that the total investment in intangible assets of China’s manufacturing enterprises accounts for a large proportion,accounting for more than half of the total sample statistics.The investment in independent R&D intangible assets shows an increasing trend,but the proportion is relatively low,and there is still room for investment.Secondly,this paper studies and tests the relationship between economic policy and enterprise intangible asset investment,and finds that:(1)innovation oriented industrial policy can significantly enhance enterprise intangible asset investment;(2)Financial subsidies can significantly increase the investment in intangible assets;(3)Tax rate preference and tax return can significantly enhance the investment in intangible assets;(4)Loose monetary policy can significantly enhance the investment in intangible assets of enterprises.Considering that there is a large gap in the investment behavior of enterprises in different industries,enterprises with different property rights and in different regions,this paper makes an expanded study,and studies the impact of different economic policies and enterprise intangible asset investment according to the heterogeneity of property rights(state-owned enterprises and non-state-owned enterprises)and industry heterogeneity(high-tech enterprises and non-high-tech enterprises),It is found that industrial policy has more obvious incentive effect on intangible assets investment of non-state-owned enterprises and non-high-tech enterprises;The impact of financial subsidies on intangible assets investment of enterprises with different property rights and industries is more universal;The preferential tax policies have more obvious effect on the intangible assets investment of non-state-owned enterprises;When the monetary policy is relatively loose,the investment in intangible assets of high-tech enterprises and non-state-owned enterprises has increased significantly.Thirdly,this paper classifies according to different sources and channels of the formation of intangible assets of enterprises,and studies the relationship between economic policies and the investment in intangible assets of enterprises’ independent research and development,the investment in purchasing intangible assets,and the investment in intangible assets of mergers and acquisitions.It is found that:(1)innovation oriented industrial policies can significantly enhance the investment in purchasing intangible assets of enterprises;(2)Financial subsidies can significantly enhance the investment in independent R&D intangible assets and the investment in purchasing intangible assets,especially the incentive effect on independent R&D intangible assets investment;(3)Both tax rate preference and tax return can significantly enhance the investment in independent R&D intangible assets of enterprises;(4)Loose monetary policy can significantly enhance the investment in intangible assets of enterprise mergers and acquisitions.This paper further analyzes the interaction between different policies,and finds that: enterprises supported by industrial policies,with the support of financial subsidies and tax return policies,have significantly increased their investment in independent R&D intangible assets,better stimulating their initiative and innovation vitality;Loose monetary policy can give more effective play to the interaction between industrial policy and fiscal policy,and improve the level of independent innovation of enterprises through tax return and fiscal subsidies.In addition,this paper further conducted a group test,and found that: the industrial policy has played a certain incentive role in the investment of intangible assets purchased by non-state-owned enterprises,non-high-tech enterprises,non demonstration zone enterprises and non-high-tech enterprises’ independent R&D intangible assets investment;The impact of financial subsidies on the investment in independent R&D intangible assets of enterprises with different property rights,different industries and different regions is more universal,and it plays a better incentive role for high-tech enterprises and enterprises in the demonstration zone to independently R&D intangible assets;The preferential tax policies have played a significant role in promoting the investment in intangible assets independently researched and developed by state-owned enterprises,non-state-owned enterprises,high-tech enterprises,demonstration zone enterprises and non demonstration zone enterprises,and the preferential tax rates have also played a certain role in promoting the investment in intangible assets acquired by non-high-tech enterprises and demonstration zone enterprises;When the monetary policy is relatively loose,the investment in intangible assets acquired by high-tech enterprises,non-state-owned enterprises and enterprises in non demonstration areas has increased significantly.Fourth,this paper classifies according to the different types of enterprise intangible asset investment,and studies the relationship between economic policy and enterprise intellectual property intangible asset investment and contract right intangible asset investment.It is found that:(1)innovation oriented industrial policy can significantly enhance enterprise contract right intangible asset investment;(2)Financial subsidies can significantly increase the investment in intangible assets such as intellectual property rights;(3)Both tax rate preference and tax return can significantly enhance the investment in intangible assets such as intellectual property of enterprises;(4)Loose monetary policy can significantly enhance the investment in intangible assets such as contractual rights of enterprises.This paper further analyzes the interaction between different policies,and finds that: in the period of monetary policy tightening,the joint support of industrial policy and financial subsidies can promote the investment of intangible assets such as intellectual property and contractual rights;When the monetary policy is loose,the joint support of industrial policy,financial subsidies and tax returns can significantly enhance the investment in intangible assets such as intellectual property of enterprises.The results show that no matter how tight the monetary policy is,financial subsidies play an important role in the accumulation of intangible assets investment,especially intellectual property rights.Only under the role of financial subsidies can we give full play to the enthusiasm and initiative of industrial policies on intellectual property investment.According to the heterogeneity of property rights(state-owned enterprises and non-state-owned enterprises)and industry heterogeneity(high-tech enterprises and non-high-tech enterprises),the research finds that industrial policies effectively promote the investment in intellectual property intangible assets of enterprises in the demonstration area,and play a certain incentive role in the investment in contractual rights intangible assets of state-owned enterprises and non-hightech enterprises;The impact of financial subsidies on the investment of intellectual property intangible assets of enterprises in different property rights,different industries and demonstration areas is more universal,which plays a better incentive role for high-tech enterprises and demonstration area enterprises;The preferential tax policies have played a significant role in promoting the investment in intangible assets such as state-owned enterprises,non-state-owned enterprises,high-tech enterprises,non-high-tech enterprises,demonstration zone enterprises and non demonstration zone intellectual property rights;Loose monetary policy has a certain crowding out effect on the investment in intellectual property intangible assets of state-owned enterprises,non-state-owned enterprises,high-tech enterprises,non-hightech enterprises and non demonstration zone enterprises,but it can promote the investment in contractual rights intangible assets of high-tech enterprises.For the above empirical test chapters,this paper chooses to replace the measurement method of key variables,adjust regression method,lag key variables and other methods,which can still support the conclusion.In addition,this paper uses 2SLS,PSM model to alleviate the endogenous problem in the regression model.The main innovations of the paper including:First,enrich the research on the impact of economic policies on microeconomic effects.Most of the previous literature discusses the implementation effect of various economic policies from the macro level.This paper takes the micro enterprises,the final foothold of economic policies,as the sample.Based on the incentive regulation theory and other relevant theories,this paper examines the implementation consequences and impact of government policies from the perspective of intangible asset investment.Further,it innovatively classifies the intangible assets of enterprises according to their source channels and different categories,deeply studies the impact of economic policies on the investment of intangible assets of enterprises,enriches the research on the impact of economic policies on the economic effects of micro enterprises,and supplements the research framework of the implementation effect of economic policies.Secondly,based on China’s special institutional environment,it deeply expands the research scope of the interaction between different economic policies and enterprise intangible asset investment.This paper comprehensively considers the heterogeneous impact of the interaction between different policies on enterprise intangible assets investment.This paper focuses on how the economic policies have an interactive impact on the investment of intangible assets in independent R&D and intellectual property rights,so as to provide empirical evidence for the government departments to improve the independent innovation ability of enterprises with the help of different policy advantages and give full play to the synergy between policies,Based on the strategic background of China’s innovation driven development,it is beneficial to give full play to the incentive effect of government economic policies on the core competitiveness of enterprises and improve the quality of intangible asset investment.Third,expand the research perspective in the field of intangible asset investment.At present,most of the existing literatures on intangible assets carry out research from the input stage or research and development stage.This paper will further clarify the relationship between R&D input,R&D and R&D output,sort out the R&D innovation process in detail,and focus the research on the output stage of intangible assets,However,at this stage,the research on independent research and development of intangible assets has not received due attention.This paper attempts to further enrich the research data of intangible assets,classify the investment of intangible assets according to different formation channels and different types,and provide a new research perspective for the field of enterprise intangible assets. |
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