Tax Incentives, Intellectual Property Protection And Corporate Innovation Performanc

Accelerating the implementation of the innovation-driven development strategy is the only way for high-quality economic growth.High-tech enterprises have been the main force of Chinese science and technology innovation since their establishment,especially playing an irreplaceable role in fighting for the power of international science and technology discourse and solving the problem of "choke".Chinese high-tech enterprises develop rapidly and enjoy many preferential tax policies.However,in recent years,with the deepening of research on innovation of high-tech enterprises and related preferential tax policies,there are doubts about the quality of innovation output and the effectiveness of preferential policies.Therefore,it is necessary to explore whether the existing tax preferential policies really promote the innovation performance of high-tech enterprises,and look for the important mechanism in the whole process,so as to contribute to the improvement of the tax preferential policy and the increase of high-quality and substantive innovation results.This paper takes the high-tech enterprises in China’s A-share growth enterprise market from 2018 to 2021 as the research object.Through the dual fixed effect model,this paper uses Stata15.0 to empiricately explore the impact of two specific policies,namely low tax rate preference and additional deduction of R&D expenses preference,on enterprise innovation performance.Meanwhile,the heterogeneity test of enterprise size and property right nature is conducted.The moderating effect of intellectual property protection is further verified.The empirical results verify all the hypotheses proposed in this paper,and draw the following five conclusions: firstly,low tax incentives can significantly improve enterprise innovation performance;secondly,additional deduction of R&D expenses can significantly improve the innovation performance of enterprises;thirdly,compared with small and medium-sized enterprises,the influence of the two kinds of tax incentives on enterprise innovation performance is more obvious in large enterprises;fourthly,compared with state-owned enterprises,the influence of the two kinds of tax incentives on enterprise innovation performance is more obvious in non-state-owned enterprises;fifthly,intellectual property protection positively moderates the impact of the two tax incentives on enterprise innovation performance.After the robustness test and further solving the endogeneity problem,the above conclusions are still valid.Based on the experimental conclusions,this paper puts forward the following five countermeasures and suggestions: firstly,continue to reduce the tax rate applicable to high-tech enterprises and improve the qualification cancellation system of pseudo high-tech enterprises;secondly,gradually increase the proportion of additional deduction of R&D expenses,further standardize the scope of R&D expenses collection;thirdly,ease the financing constraints of smes and incorporate cooperative assistance mechanisms into preferential tax policies;fourthly,further promote the reform of state-owned enterprises,construct a long-term incentive system of tax preferential policies;fifthly,improve the legal system for IPR protection and strengthen law enforcement.The research results of this paper provide useful reference for improving relevant tax preferential policies,improving the innovation performance of Chinese high-tech enterprises,and promoting high-quality economic and social development.