Research On The Impact Of Government Subsidy And Tax Preference On The Innovation Performance Of Northeast Equipment Manufacturing Enterprises

As the core of the Northeast Old Industrial Base,the equipment manufacturing industry of the Northeast Old Industrial Base is also an important part of the economic strength of the Northeast region.The economic growth of the old industrial bases in the Northeast continued to be sluggish.The source was that the productivity growth of the enterprises could not be sustained.And the root cause of the stagnation in productivity growth was the bottleneck constraints on the innovation capabilities of the enterprises.Improving the innovation performance of the equipment manufacturing enterprises in the three northeast provinces is the key to revitalizing the northeast economy again.Our governments realize that improving innovation ability is the way to escape the lowest end of the “smile curve”.In order to deal with the externality problem of corporate innovation and the failure of the innovation market,government intervention has become an important part of the process of corporate innovation.The government has adopted a series of fiscal policies and measures to promote and stimulate corporate innovation activities.In the practice of policy implementation,whether it can effectively allocate resources and reach the optimal level,the follow-up effect of policy implementation has been the focus of research by scholars at home and abroad.In the current research,the most mainstream views are mainly divided into two categories;one is the “incentive effect”,and the other is the "crowding effect".This paper selects the government subsidy and tax preferences to study their impact on corporate innovation performance.In addition,the equipment manufacturing industry in the old industrial base of Northeast China is prominently characterized by capital-intensive,technology-intensive,and labor-intensive industries and is mainly based on the agglomeration industry model.The industrial environment and concentration of the equipment manufacturing industry are also very important for its development.This article introduces two different agglomerations of industrial agglomeration into the research model.The purpose is to study the impact of the agglomeration situation of the equipment manufacturing industry in the three northeast provinces on the relationship between the two incentive policies and the innovation performance of enterprises.This paper selects panel data of listed companies in the seven sub-industries of Northeast equipment manufacturing industry from 2012 to 2017 and to conducts an empirical analysis of the relationship between government subsidies,tax preferences,industrial agglomeration and corporate innovation performance by STATA 13.0.After verifying the relevant assumptions proposed in this article,the following conclusions were finally reached:Government subsidy and tax preferences have a significant positive impact on the innovation performance of the equipment manufacturing industry in the three northeast provinces.At the same time,it is found that there is a difference in the effect of the two incentive policies on the innovation performance.The incentive effect of government subsidies is more obvious than tax preferences.In addition,specialized agglomerations and diversified agglomerations have a moderating effect on the relationship between government subsidy,tax preferences and innovation performance.The specialized agglomerations have a positive moderating effect on between innovation performance and both fiscal policies.The diversified agglomerations have a positive moderating effect between government subsidy and innovation performance and have a negative moderating effect between tax preferences and innovation performance.It has been verified that the different degrees of industry agglomeration have an impact on the innovation and development of enterprises.The government should pay attention to the regional planning and development of the equipment manufacturing industry,actively adopting government subsidies and tax preferences with the moderating effect of agglomeration.