| It has become a common practice to use tax preference to encourage enterprise technological innovation and promote national industrial restructuring all over the world.High-tech enterprises’ technological innovation decisions are often affected by the following two factors: first,the financing constraints of innovative investment,and second,the externality of technological innovation causes the marginal returns of enterprises to be lower than the social marginal returns.Although tax preference can reduce the cost of technological innovation of high-tech enterprises to a certain extent and spread the risk of technological innovation,under the circumstances that the external supervision mechanism and internal corporate governance of enterprises and not perfect,management may take advantage of information to engage in opportunistic behavior that goes against the original intent of tax incentives in order to maximize corporate profits.Therefore,It is a common concern of the government and high-tech enterprises whether tax preference can promote technological innovation in high-tech enterprises and whether venture capital can give full play to the incentive effect of tax preference and restrain the crowding-out effect of tax preference.According to the research topic,this paper comprehensively uses a variety of research methods,and studies the effect of tax preference on the technological innovation of high-tech enterprises from the following three aspects: First,this article clarifies the concepts of tax preference,venture capital,and technological innovation,and evaluates existing research by reviewing and combing domestic and foreign scholars’ research results on tax preference,venture capital,and technological innovation of enterprise;Secondly,based on the modern contract theory and the incentive regulation theory,this paper analyzes the influence mechanism of tax preference on enterprise technological innovation from the perspective of venture capital intervention,puts forward hypotheses and constructs the moderating effect model.Finally,based on the data of 252 high-tech enterprises in China’s GEM,this paper uses regression analysis to test the model.The results show that:(1)For the technological innovation input and output of high-tech enterprises,the incentive effect of tax preference is greater than the extrusion effect,and the overall performance is positive promotion effect;(2)Compared with indirect tax preference,direct tax preference has stronger promotion effect ontechnological innovation input and output of high-tech enterprises;(3)Venture capital intervention has a positive effect on tax preference and technological innovation input and output of high-tech enterprises.Based on the above research conclusions,this paper puts forward corresponding suggestions to the government and high-tech enterprises respectively. |
