Research On The Marginal Benefit Of Innovation Incentive Policies For High-tech Enterprises

As the main body of the market economy,enterprises play an important role in promoting the integration of science and technology with the economy and improving the country’s scientific and technological innovation capabilities,and high-tech enterprises are the key force.In recent years,the development momentum of high-tech enterprises has been strong.Major breakthroughs in the field of high-tech support and lead the high-quality development of my country’s economy.The innovation capability of high-tech enterprises has become a key factor in evaluating my country’s international competitiveness.In the fierce market competition,high-tech enterprises must continue to innovate in order to achieve high-quality development.However,due to the large positive externality of the R&D and innovation activities of enterprises,it is easy to be misappropriated or copied by others at a lower price,which seriously affects the enthusiasm of enterprises for innovation,and leads to the reduction of enterprises’ investment in innovation,resulting in " Market failure".The Chinese government has continued to provide policy support and continued to increase innovation investment in high-tech enterprises.The central and local governments have introduced a package of innovation incentives based on direct financial subsidies and tax incentives to improve the technological innovation capabilities of enterprises.However,in reality,scholars and the public question the effect of innovation incentive policies: on the one hand,whether innovation incentive policies promote enterprise innovation in the way the government expects;on the other hand,whether innovation incentive policies can improve the level of corporate economic returns.Therefore,it is necessary to study the impact of various innovation incentive policy tools on the economic interests of my country’s high-tech enterprises from an empirical perspective on the basis of sorting out the overview of my country’s high-tech innovation incentive policies and the status quo of enterprise economic development.Focusing on the core issue of the evaluation of marginal benefits of innovation incentive policies for high-tech enterprises,this paper empirically analyzes the impact of innovation incentive policies on the economic benefits of high-tech enterprises,including fiscal policies represented by government subsidies,preferential income tax rate policies for high-tech enterprises,Research and development expenses plus deduction policy and financial support policy,etc.Marginal analysis is used to identify the main policy factors that affect the economic benefits of high-tech enterprises.The empirical analysis results show that:(1)In addition to government subsidies,there is a significant causal relationship between high-tech enterprises’ preferential income tax rate,research and development expenses deduction,and financial support policies and corporate economic benefits;(2)Different innovation incentive policies have different marginal benefits.Compared with other policies,the additional deduction policy for research and development expenses has a better effect on improving the marginal revenue of enterprises.In addition,increasing financial support can also significantly improve the marginal income of high-tech enterprises;(3)Innovation incentive policies have different characteristics of marginal income in enterprises of different scales: the two policies of government subsidies and financial support show the characteristics of declining marginal income,the larger the scale of high-tech enterprises,the smaller the marginal benefit of the policy;the two preferential tax policies for high-tech enterprises are higher than the marginal benefits of small-scale enterprises for large-scale enterprises.