Abstract
In order to promote China's economy high-quality development, the country has continuously lowered the certification standards for high-tech enterprises. The existing research literature has not yet reached a clear conclusion about the impact of high-tech qualification certification on enterprise innovation performance. This paper uses the Shanghai and Shenzhen A-share listed companies from 2013 to 2018 as a research sample. Through the propensity score matching method, it is found that the implementation of the high-tech enterprise identification policy has an effect on the innovation performance of the enterprise, especially for strategic innovation represented by the number of non-invention patent applications. The sub-sample results show that the identification policy has a more obvious impact on the innovation performance of non-state-owned enterprises, young enterprises and larger enterprises. Finally, based on the results of the research, it is proposed to continuously improve the identification policy, guide enterprises to make substantial innovations, and implement hierarchical tax rates for different types of enterprises to help improve the identification policies for high-tech enterprises.
Highlights
As China's economy turns to the stage of high-quality development, innovation has become the source of highquality development of China's economy
3.1.1 Variable definitions larger the enterprise, the more sensitive it is to the identification policy
Using the “nuclear matching” method to estimate the average treatment effect of the identification policy on the innovation performance of the enterprise, the results show that compared with non-high-tech enterprises after matching, the identification policy can significantly improve the patent applications of high-tech enterprises,and the strategic innovation more incentive than substantive innovation
Summary
The occurrence of "innovation for identification", "pseudo high-tech" and various "fraud subsidy" have made the implementation effect of the high-tech enterprise identification policy (hereinafter referred to as the identification policy) highly controversial. One view is that the tax reduction and exemption enjoyed by the enterprise after the certification may "crowd out" the company's R&D investment; another view is that the tax incentives and government subsidies obtained by enterprises after the qualification of high-tech enterprises can reduce the R&D cost and promote the innovation performance of enterprises. Since the implementation of the recognition policy in 2016, many companies have been recognized as high-tech enterprises for three years, and the implementation effect of the policy has shown. This paper will take the identification policy issued in 2016 as the research object, and test the impact of its implementation on enterprise innovation performance through empirical analysis, so as to provide reference for the implementation of subsequent policies and effect evaluation
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