Research On The Impact Of Fiscal Subsidies And Tax Incentives On Regional Innovation Efficienc

During the "14th Five-Year Plan" period,China’s economic development has entered a new stage,in order to ensure high-quality economic development,the state has always adhered to the core strength of scientific and technological innovation,and vigorously promoting scientific and technological innovation will help enhance market competitiveness.However,the externality of the R & D products themselves and the high risk of carrying out R & D activities,reduce the initiative and enthusiasm of R &D entities to carry out R & D activities,when this market failure phenomenon occurs,the government to provide policy support is particularly important,in order to promote advanced manufacturing technology innovation,the government has introduced a number of financial R & D subsidy policies to reduce the risk and financial pressure faced by enterprises to carry out technological innovation activities.Most of the literature has analyzed the impact of fiscal and taxation policies on enterprise R&D investment and R&D output,this paper focuses on regional innovation efficiency,subdivides into technological innovation efficiency and business innovation efficiency through the combination of current situation analysis,mechanism analysis and empirical analysis,explores whether the incentive effect of fiscal and taxation policies is effectively exerted,and puts forward suggestions for the problems existing in the implementation of fiscal and taxation policies.Using the data of Yunnan,Guizhou,Sichuan-Chongqing from 2009 to 2019,this paper uses the systematic GMM method to empirically analyze the effect of financial subsidies and tax incentives on regional innovation efficiency,and conducts a heterogeneity analysis,and the empirical results show that:(1)Financial subsidies and tax incentives can significantly improve the innovation efficiency of Yunnan-Guichuan-Chongqing area,financial subsidies have a stronger incentive effect on business innovation efficiency,and tax incentives have a stronger incentive effect on technological innovation efficiency.(2)The regional innovation environment has a moderating effect in the process of tax incentives to stimulate innovation,but there is no moderating effect between financial subsidies and regional innovation efficiency;The role of regional innovation environment in moderating between tax incentives and business innovation efficiency is stronger than that between tax incentives and technological innovation.(3)In economically underdeveloped areas,tax incentives have no significant impact on regional technological innovation efficiency and commercial innovation efficiency,and financial subsidies have a significant impact on technology and commercial innovation efficiency.In economically developed areas,tax incentives have a significant impact on technological innovation efficiency and commercial innovation efficiency,financial subsidies have a significant impact on technological innovation efficiency,but have no significant impact on commercial innovation efficiency,and the implementation of fiscal and taxation policies in economically developed areas is relatively better.(4)After the implementation of supply-side structural reform,the impact of financial subsidies on the efficiency of technological innovation is stronger than the impact on it before the reform,the impact of tax incentives on the efficiency of technology and business innovation is stronger than the impact before the reform,and the supply-side structural reform has played a certain role in promoting innovation.According to the conclusions drawn from the empirical analysis,combined with the current financial subsidy situation,preferential tax policies,and the current situation of innovation and development in Yunnan-Guichuan-Chongqing regions,corresponding policy suggestions are put forward,and preferential tax policies are improved,policies are formulated to guide the rational flow of resources and optimize the regional innovation environment,so as to promote the innovation and development of various regions while coordinating development.