Researh On The Influence Of Government Subsidies And Tax Incentives On Total Factor Productivity Of High-tech Enterprises

Since opening the door in 1978,the China’s economy has achieved miraculous growth.However,with the development of China’s economy and the change of the external environment,the economic growth model brought by labor and capital investment has to be changed to the economic growth model brought by the increase of TFP.According to the New Economic Growth Theory,the enhancement of innovation capability can promote the growth of TFP.High-tech enterprises,as typical technology-intensive enterprises,their development has a strong driving effect on improving TFP.The government introduced many preferential policies to promote the development of enterprises such as increasing financial allocations and reducing income tax rates.But has the government’s fiscal and taxation policies really promoted the growth of high-tech enterprises’ TFP?What is its impact mechanism?Further research is needed.Based on the sample data of companies continuously identified as high-tech enterprises from 2014 to 2020,this paper used a fixed-effect model to empirically test the incentive effects of government subsidies and tax incentives on the TFP of micro-enterprises.The paper draws the following conclusions:(1)From 2015 to 2020,the TFP of the high-tech industries had achieved a growth rate of 2.7%.Technological progress increased by 2.1%,which is the key to boosting TFP;the technical efficiency increased by 0.6%,the growth rate of pure technical efficiency was 1.3%,and the scale efficiency decreased by 0.7%.(2)In the past seven years,the government subsidies and preferential tax policies introduced for high-tech enterprises had significantly promoted the improvement of their TFP,and the overall policy effect of tax preferential policies is stronger than that of government subsidies.(3)There is an interaction between government subsidies and tax incentives.They are neither separate nor alternative,but complementary,and work together to improve the TFP of enterprises.(4)The promotion effect of government subsidies and tax incentives on the TFP of high-tech enterprises is related to the specific characteristics of the enterprises.From the nature of property rights,fiscal and taxation policies have a stronger incentive to improve TFP of non-state-owned enterprises;from a regional perspective,our country’s fiscal and taxation policies have the strongest incentives to TFP of enterprises in the eastern region.(5)R&D investment played a partial intermediary effect.The transfer effect of R&D input in the mechanism of government subsidy is greater than the mediation effect in the mechanism of tax preference.Based on the above research conclusions,this paper puts forward the following suggestions.First of all,we must pay attention to the scale effect of high-tech enterprises in the development process,and improve their scale development strategy;Secondly,it is necessary to fully grasp the policy differences between government subsidies and tax incentives,but also pay attention to the synergy between the two,and carry out targeted management while giving full play to the role of inclusive support.Finally,it is possible to appropriately guide enterprises in the use of policy means,increase their investment in technological innovation,and maximize their supporting role.