Fiscal And Tax Incentive Policies,Corporate Risk-Taking And Independent Innovation

In recent years,innovation capacity has been regarded as the strategic foundation for promoting the modernization of China’s economy.The "14th Five-Year Plan" clearly puts forward the transformation mode of China’s economic development and the direction of strategic upgrading of modern industries,highlighting the important role of scientific and technological innovation in China’s economic development.However,at present,the characteristics of insufficient innovation and low energy efficiency of digital transformation in China have become the main shortcomings restricting the innovation and high-quality development of modern enterprises.In order to promote the innovation and development of enterprises,the state has implemented a series of fiscal and tax incentive policies,such as government subsidies and tax incentives,which have always been an important policy support for the smooth implementation of R&D and innovation of Chinese enterprises.Fiscal and tax incentive policies can give full play to the allocation function of resource elements,thereby forming a benign enterprise allocation,bringing positive effects to independent innovation of enterprises,promoting the sustainable development of China’s economy,and promoting the modernization of the national governance system and governance capacity.Studying the impact of fiscal and tax incentive policies on independent innovation of enterprises is of important and far-reaching significance for accelerating the transformation of China’s economic development momentum and stimulating and releasing internal vitality.Supported by MM theory,resource dependence theory and signal transmission theory,this paper constructs a research framework and theoretical model composed of fiscal and tax incentive policies,financing constraints,enterprise risk taking and independent innovation of enterprises,selects A-share listed enterprises in Shanghai and Shenzhen from 2011 to 2020 as sample data,and uses the systematic GMM estimation method to verify the U-shaped relationship between fiscal and taxation policies and independent innovation of enterprises.Through the adjustment effect of financing constraints and the intermediary effect of enterprise risk taking,the influence mechanism of fiscal and taxation policies on independent innovation of enterprises was discussed.The results show that(1)the impact of government subsidies on independent innovation of enterprises presents an inverted U-shaped relationship,indicating that appropriate government subsidies will promote independent R&D of enterprises,which is conducive to the innovation and development of enterprises,and when the government subsidies exceed a certain threshold,they will inhibit the R&D and innovation of enterprises;At the same time,external financing constraints will weaken the impact of government subsidies on enterprise innovation,and negatively regulate the relationship between government subsidies and independent innovation of enterprises.(2)The impact of tax incentives on independent innovation of enterprises also presents an inverted U-shaped non-linear relationship,appropriate tax incentives will promote enterprise innovation,when the degree of tax incentives exceeds a certain threshold,it will hinder the development of independent innovation of enterprises;At the same time,the external financing constraints imposed by enterprises will aggravate the impact of tax incentives on enterprise innovation,and the relationship between tax incentives and independent innovation of enterprises will be positively adjusted.(3)Enterprise risk-taking plays an intermediary effect in the process of government subsidies affecting independent innovation of enterprises.At the same time,this paper finds the shortcomings of government incentive policies in independent innovation of enterprises,and gives practical suggestions,which provides a reference for the government to implement macro-control and enterprise innovation,and also provides useful enlightenment for fiscal and taxation policies to support the construction of modern enterprise innovation-driven system and the optimization and adjustment of fiscal and taxation policies during the "14th Five-Year Plan" period.