| General Secretary Xi Jinping pointed out in the report of the 20 th Party Congress that it is important to adhere to the central position of innovation in the overall situation of China’s modernization.When the economy enters a new journey of transformation and upgrading,only by continuously enhancing innovation as a driving force and putting innovation in the priority position of development can we achieve high-quality sustainable economic development.Enterprises are the carrier of innovation activities and the mainstay of promoting national innovation capability and economic development transformation.The most intense competition among enterprises is about the innovation efficiency,which is closely related to the development of enterprises(Schumpeter,1942).The high-tech enterprises,as representatives of the future direction of technological development,are not only the core force in promoting industrial upgrading and technological development,but also play an irreplaceable role in promoting technological progress and productivity improvement.In order to promote innovation and value creation,the government has introduced a series of tax policies,the most typical of which is the VAT reform."The policy was initially designed for transportation and some modern service industries,but with the linkage of upstream and downstream industries and the expansion of the policy,high-tech enterprises are also affected by this policy,resulting in changes in tax burden,which provides an opportunity to study the impact of tax policy on innovation efficiency of high-tech enterprises.Therefore,does the "camp reform and increase" policy promote the innovation efficiency of high-tech enterprises? What are the factors that transmit the relationship between the two? Is there any heterogeneity in the impact of policy on innovation efficiency of high-tech enterprises? How to further develop economic policies to enhance innovation efficiency is the key issue to be discussed.Based on the above considerations and previous research on the impact of tax policy on enterprise innovation,this paper takes the innovation efficiency of high-tech enterprises as the research object and uses the double difference model to explore the mechanism and effect of policy impact.In the theoretical analysis,the paper firstly defines the concepts of "camp reform",enterprise innovation efficiency and high-tech enterprises,and introduces the relevant theoretical foundations: technological innovation theory,financing priority theory and tax incentive theory.In terms of mechanism analysis,we analyze the impact of "camp conversion" policy implementation on innovation efficiency of high-tech enterprises in China and its transmission mechanism,including the moderating effect of R&D manipulation and corporate governance variables and the mediating role played by effective tax rate,government subsidies and specialized division of labor;we analyze the differences of "camp conversion" policy effect among different property rights,different life cycles,different degrees of financing constraints and whether to choose cooperative innovation enterprises of industry-university-research,and propose four hypotheses for different theoretical analyses.In the current situation analysis section,we mainly analyze and explain the innovation efficiency of high-tech enterprises and VAT reform in China using graphs and charts.In the empirical study,based on the existing research,this paper selects the panel data of high-tech enterprises from 2008 to 2021 to study the impact of the "camp reform" policy on the innovation efficiency of high-tech enterprises and analyze the moderating and mediating effects of the policy impact.In the part of mediating effect study,stepwise regression method,Sobel test and Bootstrap self-help method are used for analysis respectively.To overcome the selectivity bias of the DID model,the PSM-DID test is chosen in this paper,and the robustness of the underlying regression results is demonstrated by a series of operations such as virtual policy time and replacement of explanatory variables.This paper also conducts heterogeneity analysis such as nature of property rights,life cycle,and financing constraints.The final conclusions are as follows:Firstly,the implementation of the "camp conversion" policy promotes the innovation efficiency of high-tech enterprises.Secondly,the R&D manipulation and governance level of enterprises play a significant positive moderating role in the impact of the "camp conversion" policy on the innovation efficiency of enterprises.During the implementation of the "camp conversion" policy,high-tech enterprises are more motivated to invest in innovation because of the inclusion of R&D manipulation and the improvement of corporate governance,and the innovation efficiency is improved more significantly.Thirdly,the implementation of the "camp reform" policy can promote the improvement of enterprises’ innovation efficiency by reducing their tax burden,increasing government subsidies and improving specialisation,i.e.the tax burden,government subsidies and specialisation of enterprises have mediating effects,and they are partly mediating effects.Fourthly,by analysing the impact of the "camp conversion" policy on the innovation efficiency of state-owned enterprises and non-state-owned enterprises,those in different life cycles,with different degrees of financing constraints and whether they choose to cooperate with industry-university-research institutes,we found that the innovation efficiency of non-state-owned enterprises,those with mature growth,those with low financing constraints and those who cooperate with industry-university-research institutes The increase in innovation efficiency was more significant for non-state owned enterprises,those with mature growth,low financing constraints and those with university-industry cooperation.In order to promote the innovation efficiency of high-tech enterprises,the following suggestions are made: the government should continuously deepen the reform of the fiscal and taxation system to ensure that enterprises enjoy tax benefits;optimize taxation services,and increase the information review and follow-up supervision when enterprises apply for tax benefits.Enterprises should focus on the degree of optimization of their main and auxiliary businesses in the development process,improve their own professionalism,pay attention to innovation drive and strengthen the improvement of their technological innovation ability.These have reference value for improving tax collection and management mechanism,optimizing tax business environment and improving the competitiveness of high-tech enterprises. |
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