The Impact Of Tax Incentives On The Innovation Of High-tech Manufacturing Industry Under The Heterogeneity Of Enterprises

In order to improve the innovation capability of China’s high-tech manufacturing industry and achieve the goal of "Made in China 2025",this paper first builds its own framework after reading the literature on the impact of tax incentives on innovation in high-tech manufacturing at home and abroad.First of all,it is found that China’s high-tech manufacturing industry is facing the problem of "big but not strong",which provides a background for writing.Through the reading of the literature,we can learn about the research done by scholars at home and abroad and discover the different enterprises.Innovation has different perceptions of tax incentives,and finds the heterogeneity of enterprises as an entry point.Secondly,it is related concept definition and theoretical analysis.It explains why tax incentives can promote enterprise innovation in the impact mechanism,and then summarizes China’s tax incentives in high-tech manufacturing.According to the policy summary,we find that China’s high-tech manufacturing enterprises There are two main deficiencies in the tax incentives,which are inadequate for the management of tax incentives and tax incentives that lack R&D investment.Third,carry out empirical analysis,patents and R&D investment are the main criteria for measuring enterprise innovation,while tax incentives directly affect corporate funds.After understanding the above relationship,the patent ratio and R&D investment are used as explanatory variables,tax incentives are used as explanatory variables,and asset-liability ratio,firm size,enterprise age and operating income are introduced as control variables to ensure that the empirical results are more objective and true.Using the multiple linear regression method,206 companies in the manufacturing sector of listed companies in China were analyzed from 1236 panel data from 2012 to 2017.First of all,the 206 companies conducted an overall regression analysis and found that the tax incentives have a very significant role in promoting the selected companies.Then the relevant indicators are divided into two major heterogeneities.The first one is the nature of the enterprise,divided into state-owned enterprises and private enterprises,and the second is the financing capacity.According to the indicators,it is divided into enterprises with strong and weak financing ability.The data was subjected to regression analysis according to this classification.The empirical results show that tax incentives have stronger influence on private enterprises than state-owned enterprises,and those with stronger financing ability have greater impact than enterprises with weak financing capabilities.Finally,it is through the above results to propose policy recommendations for the tax incentives of China’s high-tech manufacturing industry.