Research On The Incentive Effect Of Fiscal And Tax Support Policies On Enterprise Innovation

Entering the period of the 14 th five year plan,innovation is at the core of the overall situation of China’s modernization drive.It is the first driving force leading development and an important driving force for realizing high-quality economic development in China.Enterprises are an important subject of scientific and technological innovation and development.However,based on the inherent characteristics of high risk,high investment,long-term return and externality of innovation and R&D activities,it is difficult to ensure that enterprises have high innovation and R&D enthusiasm,and the government needs to reasonably intervene and participate in regulation.As the most popular inclusive fiscal and tax policies,government subsidies and preferential tax policies have different influence paths and incentive effects.What is the specific incentive effect of the two inclusive fiscal and tax policies,whether there will be interaction between policy combinations,and whether regional and industrial differences will affect the actual incentive effect.Therefore,this thesis deeply studies the actual incentive effect of each specific policy,complements the existing research,enriches the research on the combination effect between policies considering the supporting implementation of fiscal and tax policies,and provides practical policy combination suggestions based on industry and regional development.Firstly,this thesis introduces the research background and significance,arranges and reviews the relevant research of domestic and foreign scholars,and puts forward three research hypotheses based on the theories of endogenous growth and externality,combined with the current situation of China’s innovation and the current situation of two inclusive fiscal and tax support policies,starting from the specific impact path of each policy.On this premise,this thesis selects the data of gem enterprises from 2012 to 2020 as the research sample,sets each core variable and hypothetical model,and explains the regression results after regression analysis with statistical software.The empirical results show that on the one hand,government subsidies and preferential tax policies are positive incentives to enterprises’ innovation input and output.For some enterprises with large assets,they are more inclined to use preferential tax policies to stimulate.However,the actual incentive effects of the two policies are different.The greater the government subsidy,the greater the incentive impact.The "crowding out effect" brought by the increase of subsidy is not obvious.When the tax preference exceeds a certain amount,the actual incentive effect will be reduced,showing an inverted U-shaped distribution.On the other hand,government subsidies and tax incentives have negative interactive effects on the incentive of enterprise innovation.The incentive effect of each other is partially replaced,which is similar to the part that the policy affects the innovation path of enterprises,resulting in the waste of actual incentive efficiency.At the same time,the influence degree of this interaction effect is also different in different industries and regions.Its interaction effect is the weakest in the public utility industry and the strongest in the industrial industry.Moreover,the faster the regional development process,the higher the policy coupling degree and the weaker the interaction effect.Therefore,in the policy mix,we should weigh the proportion of the two as much as possible to minimize the loss of incentive efficiency.Based on the above,this thesis puts forward policy suggestions from the two aspects of government and enterprises.On the one hand,the government needs to appropriately improve the strength of government subsidies,improve the fund utilization evaluation mechanism,relax the constraints of tax preferences,enrich the forms of policy preferences,reasonably combine and match the fiscal and tax policies,consider the interaction between the two while increasing the support,build the optimal fiscal and tax support policy combination,reduce the loss of policy incentives,and maximize the utilization efficiency of the policy combination.On the other hand,we should be good at establishing a scientific and effective supervision mechanism for the innovation and development of enterprises.On the other hand,we should be good at evaluating the results of scientific and technological innovation.The suggestion has certain reference significance.