Research On The Impact Of Government Subsidies And Tax Incentives On The Innovation Of High-Tech Enterprises

Innovation is the fundamental driving force for enterprises to achieve high-quality development.In order to promote and encourage enterprises to innovate on their own,and to give full play to the economic leading role of science and technology innovation,the government has proposed many incentive policies.High-tech as the core high-tech enterprises,which are the economic main body to conduct R&D and innovation activities,are the key factors to promote the progress of China’s innovation business.Whether fiscal and tax incentive policies can promote innovation of high-tech enterprises,and how to better play the innovation incentive effect of fiscal and tax policies,so as to improve the core competitiveness of Chinese industries become urgent issues to be solved.This article comprehensively reviews relevant theories and research results,and combines them with the innovation development status of Chinese enterprises to conduct in-depth research on the incentive effect of fiscal and tax policies on innovation and draw conclusions and suggestions.Firstly,the concepts of substantive innovation and strategic innovation were summarized,and theories such as resource based theory,government intervention theory,technological innovation theory,and tax regulation theory were elaborated;We also compared the characteristics of the two policies and the innovation motivation of enterprises.This article aims to explore how government subsidies,tax incentives,and the interaction between the two promote substantive,strategic,and overall innovation of high-tech enterprises.An analysis was conducted on the operational status,R&D investment,data and trends of various innovation applications and authorizations of high-tech enterprises.We also analyzed the current development status and characteristics of high-tech enterprises,as well as the problems in patent innovation in China.Then,empirical analysis was conducted to explore the innovation development of high-tech enterprises listed in Shanghai and Shenzhen from2016 to 2021.A bidirectional fixed effect model was used to analyze the action paths and implementation effects of government subsidies and tax preferential policies on individual and parallel incentives for various types of innovation.The analysis was also conducted from the perspectives of ownership and regional heterogeneity.Empirical conclusion:(1)There is a positive correlation between government subsidies or tax incentives received by high-tech enterprises and innovation.Government subsidies have a stronger promoting effect on strategic innovation than substantive innovation,and tax incentives have a stronger promoting effect on substantive innovation than strategic innovation.(2)Both government subsidies and tax incentives have an inverted "U" shaped relationship with innovation.When government subsidies or tax incentives are less than the critical value,the incentive effect on innovation of high-tech enterprises will be enhanced;When the critical value is exceeded,the excitation effect will be limited and weakened.(3)There is a complementary effect between government subsidies and tax incentives received by high-tech enterprises,and the incentive effect of government subsidies and tax incentives on innovation is weaker than that of policy alone.(4)The promotion effect of government subsidies and tax incentives on innovation of high-tech enterprises in the eastern region is stronger than that in the central and western regions,while the incentive effect of government subsidies and tax incentives on innovation of non-state-owned enterprises is stronger than that of state-owned enterprises.Based on the above empirical conclusions,in order to promote the innovative development of high-tech enterprises,this article proposes to reasonably set the range of government subsidies and tax incentives,improve the regulatory system of government subsidy incentive policies,build a model where government subsidies and tax incentives complement each other,and fully consider the heterogeneity of enterprise ownership and location.