Research On The Impact Of Fiscal And Tax Policies On The Technological Innovation Performance Of Military Enterprises In China

Under the background of innovation-driven development strategy,the Party and the state have introduced a series of fiscal and tax policies to support technological innovation of enterprises.However,due to the high risk,long cycle and great uncertainty of technological innovation,it is difficult for enterprises to exclusively enjoy the benefits brought by technological innovation,resulting in the innovation level of enterprises below the social optimal level.In addition,in terms of R&D investment,the need for funds is large,and government support is crucial.Financial subsidies and tax incentives,as government policies to support enterprise technological innovation,are quite different from each other in terms of their action modes and effects.However,there are various opinions in the academic community as to which policy has a greater impact on enterprise technological innovation performance.Military enterprises,as the pillar of national security,undertake the task of national defense research and production,and their technological innovation performance is paid more attention by the country.The coverage of fiscal and tax policies is more extensive and the implementation is more robust.The paper takes our military enterprise as the research object,studies the effect of fiscal and tax policy on technological innovation performance,which is helpful to military enterprise to effectively use fiscal and tax policy and improve the technological innovation performance to form a benign interaction.Based on the technological innovation theory,externality and market failure theory,information asymmetry theory,on the basis of reviewing and combing the existing literature,the "status quo analysis,model building,and the empirical researches on the path,selection of a-share listed military enterprise data from 2012-2020 as the research sample,set up multiple regression model,the intermediary effect model.The paper empirically analyzes the different effects of fiscal subsidy policy and tax preferential policy on technological innovation performance of military enterprises,and tests the mediating effect of R&D investment.In addition,in order to test the influence of fiscal and tax policies of military enterprises with different ownership properties on technological innovation performance,this paper further subdivides the ownership nature of military enterprises,and further explores the influence of ownership nature differences on technological innovation performance of military enterprises.The empirical results of this paper show that: first,fiscal and tax policies can improve the technological innovation performance of military enterprises,and the positive impact of fiscal subsidy policy is greater than the positive impact of tax incentives.Second,different ownership of the nature of military enterprise: the fiscal and taxation policy to influence the technological innovation performance of different state-owned military enterprise finance subsidy policy is stronger than the action of the positive influence on the technological innovation performance of non-state military industrial enterprises,but the non-state defence companies preferential tax policy on technological innovation performance affects the relationship is stronger than the state-owned military enterprise.Third,R&D investment of military enterprises plays a partial mediating role between financial subsidies,tax incentives and technological innovation performance.The paper puts forward the following suggestions from both enterprises and government: military enterprises should pay attention to the longterm promoting effect of R&D investment on technological innovation performance,improve the utilization efficiency of fiscal and tax policies,and pay attention to the training of technological innovation talents.The government should develop differentiated fiscal and tax policies,strengthen the implementation of fiscal and tax policies,and effectively track the implementation effects of fiscal and tax policies,so as to finally achieve the purpose of improving the technological innovation performance of military enterprises.