Research On The Influence Of Financial Subsidies And Tax Reduction On Innovation Output Of High-tech Enterprises

In recent years,China’s economic growth has slowed down,shifting from a stage of high-speed growth to a stage of high-quality development,and entering a new era of "new economy".In the current highly competitive international environment,China has put forward an innovation-driven development strategy to transform the driving force of economic growth and improve its overall national strength and international competitiveness.Focusing on the general trend of global industrial development,all countries aim at the commanding heights of industrial development,actively develop new and high technologies,and intend to grasp the leading power of science and technology.It can be seen that it is of great strategic significance to attach importance to the development of high-tech enterprises,whether it is required by China’s current economic development or forced by the severe international situation.However,the development of high-tech enterprises relying mainly on technological progress cannot be separated from the support of national fiscal and tax policies.The government actively implements financial subsidies and tax reduction and exemption policies for high-tech enterprises,in order to reduce the influence of external factors on enterprise innovation activities,encourage high-tech enterprises to carry out technological innovation,and constantly expand the output of high-quality innovation results.Due to the heterogeneity of high-tech enterprises,whether the incentive effect of financial subsidies and tax reduction on high-quality innovation output of enterprises meets the policy expectation needs to be further verified.Moreover,considering the characteristics of the two policies,it is necessary to further empirical observation whether there is a difference in the incentive effect between fiscal subsidies and tax relief.Based on the important strategic position of technological innovation,this paper selected high-tech enterprises listed in Shanghai and Shenzhen from 2010 to 2017 as the research objects,distinguished the types of innovation output,and empirically compared the incentive effects of financial subsidies and tax reduction policies on innovation output of high-tech enterprises.Firstly,this paper sorts out and summarizes relevant research literature at home and abroad.Secondly,on the basis of defining high-tech enterprises,financial subsidies,tax reduction and exemption policies and innovation output,the externality theory,resource dependence theory and information asymmetry theory are respectively introduced.Thirdly,on the basis of comparing the characteristics of fiscal subsidies and tax relief policies,the paper further expounds the mechanism of the two policies affecting the innovation output of enterprises and makes corresponding assumptions.In addition,the bidirectional fixed effect model and negative binomial distribution model of panel data were constructed for verification according to the proposed research hypothesis.The empirical results show that fiscal subsidy and tax reduction have different incentive effects on innovation output of high-tech enterprises.Although fiscal subsidies and tax reduction and exemption policies have positive incentive effects on innovation output of high-tech enterprises,there are differences in the direction of incentive effects.Tax reduction and exemption policy not only promotes the output of non-substantive innovation results of high-tech enterprises,but also has more obvious incentive effect on substantive innovation output.However,the incentive effect of financial subsidies is affected by the heterogeneity of enterprise ownership.For state-owned enterprises,fiscal subsidies promote the output of substantial innovation results,which is consistent with the effect of tax reduction and exemption.For private enterprises,the incentive effect is inconsistent with the tax reduction policy,and the financial subsidy policy has a negative correlation with the substantive innovation results.Finally,based on the conclusion of the research,this paper puts forward the corresponding policy Suggestions,and points out the shortcomings of empirical research,and further puts forward the prospect of future research.