A Study Of Government Fiscal And Tax Policies On The Innovation Performance Of Manufacturing Enterprises

Manufacturing industry is the pillar industry of economic and social development,and its development level directly reflects the productivity level of a country.After years of unremitting efforts,The manufacturing industry of China has made great progress,however it is still at the low end of the global value chain,It urgently needs to rely on innovation to enhance international competitiveness.There are two kinds of factors directly related to the innovation performance of enterprises.One is the external innovation environment of enterprises,such as policy environment and macro environment.The second is the internal innovation resources of the enterprise,such as human,material and financial resources.Restricted by the characteristics of strong externality,long cycle and high risk of innovation activities,companies have difficulty in financing innovation activities and need to rely on government fiscal and tax policies to break the financing bottleneck.In particular,with the continuous fluctuations of the macro economy,enterprises are facing more and more environmental uncertainties.In order to avoid possible risks,some enterprises are unwilling to concentrate resources to carry out innovation activities.Therefore,government fiscal and tax policies become an important means to guide enterprise R&D and innovation.However,due to the influence of practical factors,the actual effect of fiscal and tax policies has enterprise heterogeneity.Therefore,it is very important to discuss whether fiscal and tax policies can improve enterprise innovation performance and how to use fiscal and tax policies to promote and encourage enterprise technological innovation.This paper takes A-share market manufacturing enterprises from 2010 to 2020 as the research objective,and empirically discusses the effect mechanism of government fiscal and tax policies on enterprises’ innovation performance by constructing mediating and moderating effect models.The results show that:(1)in the absence of external environmental uncertainties,both fiscal subsidies and tax incentives can significantly improve enterprise innovation performance,while tax incentives have a better effect.(2)Government financial subsidies and tax incentives can both influence firms’ innovation performance by influencing their innovation intention.However,the mediating effect between tax incentives and innovation performance is obvious,while the mediating effect between fiscal subsidies and innovation performance is not obvious.(3)Environmental uncertainty plays a significant positive moderating role in fiscal subsidies and innovation performance,but does not play a significant positive moderating role in tax incentives and innovation performance.This shows that under the circumstance of environmental uncertainty,the government’s incentive effect is better by means of financial subsidy.Under uncertain environment,enterprises prefer financial subsidies.This paper is divided into two incentive policies,fiscal subsidy and tax preference,to study how manufacturing enterprises adjust their willingness to innovate and integrate government policy resources to improve innovation performance in the face of environmental uncertainty.On the discussion of the subject,not only helps to clarify the government fiscal and taxation policy effect from the mode and path of the enterprise innovation performance,can also reveal the innovation of the manufacturing enterprise in the face of uncertain environment decision-making behavior motivation,and then from the enterprise external environment and internal innovation will two angles in order to improve the government innovation resources allocation efficiency,improve enterprise performance to provide theoretical reference.