| The report of the 20 th National Congress of the Communist Party of China pointed out that "improve the scientific and technological innovation system and adhere to the core position of innovation in China’s overall modernization drive".Under the background of vigorously advocating the construction of an innovation-oriented country at the present stage,innovation activities should uphold the concept of efficiency first and quality first,rather than simple imitation and transformation of the original technology.In order to solve the externalities faced by enterprises in their innovation activities,Chinese government has continuously introduced a number of large-scale and substantial measures to encourage and reduce taxes and fees for innovation,although they have effectively improved the operating cash flow of enterprises and timely eased the financing constraints in innovation.However,it also caused a serious problem of "patent bubble",which strengthened the strategic behavior incentive of enterprises catering innovation.The innovation output values quantity rather than quality.The fiscal and tax support had obvious policy bottleneck in the innovation incentive effect.As the structural tax reform with the largest tax reduction in recent years after the reform of the Tax Sharing System,The implementation of replacing business tax with value-added tax policy unclog the VAT deduction chain,which not only helps to deepen the division of labor and cooperation between upstream and downstream enterprises,promote the interaction and integration of heterogeneous knowledge,but also stimulates the renewal of production equipment,realizes the capital-skill complementary effect,and promotes the optimization of human capital structure.Moreover,the elimination of double taxation has also released significant tax reduction dividends,effectively improved corporate cash flow.In view of this,this study based on the micro-data of China’s listed companies from 2008 to 2018,regards the implementation of replacing business tax with value-added tax policy as A quasi-natural experiment,calculates the quality of enterprise technological innovation by using the knowledge width method,and constructs a triple-difference model to empirically-study the effect and mechanism of structural tax reduction policy on the quantity and quality of enterprise technological innovation.The results of this paper were as follows: the implementation of the policy of replacing business tax with value-added tax can not only promote the growth of enterprises’ innovation output in quantity,but also help to improve the quality of innovation.The conclusion is still reliable after multiple robustness tests.The mechanism test shows that financing constraint relief,professional division of labor improvement,and human capital upgrading are the three internal paths.Heterogeneity analysis shows that the innovation incentive effect of replacing business tax with value-added tax has significant structural differences due to the differentiation of enterprise life cycle,industry element types and urban network foundation.Further research found that the tax system reform has a remarkable value creation effect and can promote the improvement of enterprise profitability.The conclusion of this paper is not only have certain practical significance for improving the pertinency of tax and fee reduction policies,realizing the precise drip irrigation of policy dividends and stimulating enterprise transformation development,but also provide empirical reference and management strategy suggestions for promoting the realization path of high-quality innovation of enterprises.Based on the above research conclusions,this article proposes policy recommendations from the following aspects: Firstly,simplify and consolidate VAT rates.Secondly,smooth the deduction chain,improve the VAT deduction system.Thirdly,further deepen the VAT credit refund system reform and gradually relax kinds of restrictions.In addition to improving the value-added tax system,efforts should also be made to build a market-oriented industrial policy system through industrial policy guidance,achieving the combined effects of fiscal and industrial policies,maximizing the vitality of enterprise innovation. |
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