| Innovation is the primary driving force for high-quality development.In the process of implementing the innovation-driven development strategy,giving consideration to both "quality" and "quantity" is a must for sustainable development and high-quality development.However,China is still faced with the realistic problem of rapid quantitative growth and "low quality and low efficiency".Developing strategic emerging industries has become a must to enhance the independent innovation ability of enterprises,promote the upgrading of industrial value chain and ensure national economic security.Faced with the positive externalities and high level innovation risks of enterprises’ innovation activities,fiscal and tax policies,as an important tool for the government to implement macro-control,play an important role in driving strategic emerging industries to improve the quality of innovation.Based on Python technology,this paper interprets the management discussion and analysis texts of listed companies in strategic emerging industries from 2010 to2021,constructs the innovation gene database of strategic emerging industries,and re-measures the innovation quality.A two-way fixed effect model was constructed to test the policy-driven effect of fiscal and tax policies on the innovation quality of strategic emerging industries,and to test the policy-driven effect of fiscal and tax policies on the innovation quality of strategic emerging industries when the intensity of R&D investment and the level of internal control were used as moderating variables.Furthermore,the heterogeneity of fiscal and tax policy effects in different dimensions is analyzed.The main conclusions are as follows: First,financial subsidies can effectively drive the improvement of innovation level in strategic emerging industries,including innovation quality and innovation quantity.However,the policy driving effect of tax incentives is not significant.The main reason lies in the difference of driving mechanism between them and the innovation characteristics of strategic emerging industries.Second,the driving effect of fiscal and tax policies affects the innovation level of strategic emerging industries mainly through the R&D input of enterprises.When the internal control operation is effective,fiscal subsidies can accurately play the policy-driven effect on the quality of innovation,while the effect of tax incentives is not obvious.Third,considering the unbalanced development within strategic emerging industries,the policy effects of fiscal subsidies and tax incentives in different dimensions have great heterogeneity.Finally,from taking into account the dimensions of "quality" and "quantity",the level of fiscal and tax policy formulation and the level of different industries within the industry to put forward policy suggestions to optimize the effect of fiscal and tax policy driving.For example,in the aspect of acceptance of results,improve the project performance evaluation system,build a financial performance evaluation system with quality evaluation as the core,improve the supervision and management mechanism and intellectual property protection mechanism;In terms of policy formulation,we should consider strengthening financial subsidies for the start-up stage of strategic emerging industries.When improving supporting policies,it is more important to ensure that policies can be "tailored to local conditions and industrial conditions",so as to enhance the precision and effectiveness of fiscal and tax policies to support the innovation quality of strategic emerging industries,and solve the problems of "one-size-fits-all" and "pepper spraying" of policy driving. |
