| In the international context of increasingly fierce competition in science and technology,the development of strategic emerging industries has become a commanding point to enhance international core competitiveness and transform the mode of economic development.China’s strategic emerging industries are still in the growth stage,due to technological innovation difficulties,financing difficulties and other factors,the development of slow.The government has issued a series of fiscal policies to support the innovation of strategic emerging enterprises,but in recent years,enterprises cheat subsidies,emphasizing quantity over quality,and restricting key technologies to others are becoming increasingly prominent,which hinder the high-quality development process of China’s strategic emerging enterprises.How to formulate scientific and effective financial policies to improve the quality of enterprise innovation,promote the development of China’s strategic emerging industries and form competitive advantages has become an important issue to be urgently solved by the Chinese government.How the fiscal policy can improve the innovation quality of strategic emerging enterprises,and where the focus and core of future fiscal policy should be,are important issues that need to be paid attention to.At the same time,the incentive effect of fiscal policy on the innovation quality of strategic emerging enterprises may be different due to the great difference in innovation behavior of strategic emerging enterprises with different property rights,different regions and different industry backgrounds.Therefore,from the perspective of firm heterogeneity and from the perspectives of property right heterogeneity,regional heterogeneity and industry heterogeneity,this paper studies the difference in the impact of fiscal policies on the innovation quality of firms with different characteristics.First of all,this paper summarizes relevant domestic and foreign research literature.By sorting out the theory and practice of fiscal policy supporting enterprise innovation,it finds that the existing research is relatively single in the investigation of heterogeneity factors,and lacks comprehensive and in-depth discussion.Secondly,based on the theory of government intervention,the theory of the effect of fiscal policy and the theory of innovation quality,the theoretical analysis framework of the impact of fiscal policy on enterprise innovation quality is constructed from two policy tools dimension of fiscal subsidy and tax preference.This paper analyzes and compares the mechanism of the two types of fiscal policy tools on innovation quality,and studies the difference of the impact of fiscal policy on strategic emerging firms with different characteristics from the perspectives of property right heterogeneity,regional heterogeneity and industry heterogeneity,and then puts forward research hypotheses.Third,on the basis of theoretical analysis,the strategic emerging industry in China’s fiscal policy and innovation quality present situation analysis,selection of strategic emerging industries in 2010-2020 a-share listed company data,an empirical test of fiscal policy on the quality of the strategic emerging enterprise innovation effect,and based on the heterogeneity grouping to compare different effect differences between groups.Fourthly,on the basis of the above research,suggestions are put forward to optimize the fiscal policy system of strategic emerging industries,so as to better improve the innovation quality of enterprises.The results show that :(1)both fiscal subsidies and tax incentives can improve the innovation quality of strategic emerging firms.(2)The incentive effect of fiscal subsidies on the innovation quality of strategic emerging enterprises is better than that of tax incentives,and the incentive effect of the two policy tools is better than that of single use.(3)Fiscal subsidies have a significant positive incentive effect on the innovation quality of private strategic emerging enterprises,while fiscal subsidies and tax incentives do not have a significant impact on the innovation quality of state-owned strategic emerging enterprises.(4)From the regional distribution of enterprises,the incentive effect of fiscal subsidies on the innovation quality of strategic emerging enterprises in the middle and west is more significant than that in the east,while the incentive effect of tax incentives on the innovation quality of strategic emerging enterprises in the east is more significant than that in the middle and west.(5)From the industry attributes of enterprises,fiscal subsidies and tax incentives have different impacts on the innovation quality of strategic emerging enterprises in different industries.Based on the above research conclusions,the following suggestions are put forward :(1)strengthen fiscal policy support for innovation of strategic emerging enterprises,and strengthen the guidance of fiscal policy on innovation quality.(2)Give full play to the combined incentive effect of fiscal subsidies and tax incentives on the innovation quality of enterprises,and enhance the system of fiscal policies for strategic emerging industries.(3)Strengthen the incentive effect of fiscal policy on the innovation quality of private strategic emerging enterprises,and timely adjust the object of fiscal policy support.(4)Formulate fiscal policies to improve the innovation quality of strategic emerging enterprises in accordance with local conditions,and enhance the precision of policy implementation.(5)When the government uses fiscal policies to improve the innovation quality of strategic emerging enterprises,it should fully consider the difference of industry development and improve the utilization efficiency of fiscal policy funds. |
