An Analysis On The Incentive Effect Of Tax Incentives On Enterprise Innovation From The Perspective Of Innovation Chain

Since the beginning of the 21 st century,a new round of scientific and technological change has spawned a series of strategic emerging industries.Because it represents the strength of national comprehensive competitiveness,countries begin to compete fiercely for the leading power of developing strategic emerging industries.At the same time,Chinese economy has begun to enter a stage of high-quality development.Developing strategic emerging industries is an inevitable choice for China to cultivate economic development momentum and accelerate the upgrading of industrial structure.As one of the strategic emerging industries,the new generation information technology industry has high scientific and technological content and great development potential.Developing this industry is an important measure to improve the level of scientific and technological innovation and become an innovative country in the current background.However,the new generation of information technology industry in China still has the problem of relying on imports of core technologies and equipment and lacking independent research and development capabilities.In addition,the R&D activities carried out by enterprises have the characteristics of long project cycle,large capital investment and high business risk,which will inhibit the R&D enthusiasm of enterprises.The government needs to provide policy support to stimulate enterprise innovation and promote the development of the new generation of information technology industry,and formulating relevant preferential tax policies is one of the important means.Based on the theory of innovation chain,enterprise innovation activities can be divided into three stages: technology input,technology achievements output and technology achievements transformation.Tax preference can help enterprises improve their innovation performance by encouraging them to increase investment,promote the output of achievements and realize the industrialization of achievements.However,due to the influence of enterprise strategic choice,financing constraints and other factors,tax incentives may not produce incentive effects.On the other hand,enterprises may deliberately increase input and output to meet government requirements in order to enjoy tax incentives.Therefore,the analysis only from a certain stage of innovation activities cannot explain the effectiveness of preferential tax policies.This paper divides enterprise innovation activities into three stages of "input output income" based on the overall perspective of the innovation chain,and studies the policy effects of tax incentives on enterprise innovation activities at different stages.This is of great significance for improving the definition of government and market functions and comprehensively evaluating the efficiency and accuracy of the implementation of tax incentives under the market economy.First of all,this paper sorted out and summarized relevant research literature at home and abroad,introduced the mechanism of tax incentives on corporate innovation activities and related theories,and analyzed the current situation of innovation activities at the macro and micro levels in china from three aspects:capital investment,human input and patent output,and put forward assumptions.Hypothesis 1: Tax incentives can motivate companies to increase R&D investment.Hypothesis 2: Tax incentives have no effect on the enterprise’s patent output.Hypothesis 3: Tax incentives can improve the economic benefits of enterprises.Secondly,in the empirical analysis,based on the panel data of 156new-generation listed companies in the information technology industry from 2016 to 2020,this paper uses fixed effect and robustness test to test the above three assumptions respectively,and divides the research samples according to the size of enterprises and the nature of ownership in order to further study the heterogeneous impact of tax incentives among different enterprises on the incentive effect of enterprise innovation activities.The empirical results show that: First,from the perspective of investment,tax incentives will have a crowding-out effect on the R&D investment of enterprises.Second,from the perspective of output,tax incentives have no significant impact on corporate innovation output.Third,from the perspective of income,tax incentives have a significant incentive effect on the economic income of enterprises.Fourth,from the perspective of the nature of property rights,tax incentives will not have a significant crowding-out effect on the R&D investment of state-owned enterprises,but still have a significant inhibitory effect on non-state-owned enterprises.However,for the innovation output and economic benefits of enterprises,the nature of enterprise property rights does not have a heterogeneous impact on the policy effect of tax incentives.Fifth,from the perspective of enterprise scale,tax incentives have a stronger crowding-out effect on the R&D investment of medium-sized enterprises,but have a significant incentive effect on their innovation output.For economic benefits,there is no heterogeneous impact on the incentive effect of tax incentives.Finally,this paper puts forward relevant policy suggestions based on the above theoretical analysis and empirical results: First,increase tax incentives,encourage enterprises to dare to innovate and invest,effectively reduce the tax burden of enterprises,and enrich the cash flow of enterprises.Second,we should formulate differentiated tax policies for enterprises at different stages of development and industries,so that enterprises in all stages and industries can effectively enjoy policy dividends.Third,establish an incentive system based on tax incentives and supplemented by financial subsidies.Provide sufficient financial support for enterprises through financial subsidies,and at the same time,through tax incentives to further stimulate the enthusiasm of enterprises for research and regulate the production and operation activities of enterprises.Fourth,establish a dynamic performance evaluation system for tax incentives to supervise enterprises,adjust the content of corresponding policies in time according to the implementation effect of tax incentives,and give certain punishments and rewards for enterprises’ "rent-seeking" behavior and R&D behavior.