Abstract
This paper firstly analyzes the impact and mechanism of tax incentives on corporate financing, innovation investment and innovation output. Secondly, 1311 observations were selected from A-share listed companies as samples, and the propensity score matching method was used to empirically test the net effect of tax incentives on enterprise innovation. Thirdly, it uses linear regression model to analyze the factors affecting the level of innovation of enterprises. The results show that tax incentives have no significant effect on corporate financing and innovation output, but they have a significant role in promoting corporate innovation investment. And the scope of current policy is accurate and efficient. If the preferential treatment spreads to more enterprises, it can also promote its innovation investment to a certain extent, but the average promotion efficiency of preferential policies will be significantly reduced. Finally, it proposes policy recommendations to promote the innovation vitality of enterprises from the aspects of stimulating external innovation investment, perfecting personnel training preferential policies and tracking and evaluation of policies later.
Highlights
In recent years, China’s demographic dividend has gradually disappeared with the aging of the population, and investment has been constrained by problems such as overcapacity
The results show that tax incentives have no significant effect on corporate financing and innovation output, but they have a significant role in promoting corporate innovation investment
I0 technological innovation investment measures), the outcome variables, and a set of covariates that affect the results of the sample selection process, and estimate the probability of the sample being processed by covariates; the experimental group was matched with the control group according to the propensity score value; the mean value difference between the experimental group and the control group was calculated as the average treatment effect
Summary
China’s demographic dividend has gradually disappeared with the aging of the population, and investment has been constrained by problems such as overcapacity. In terms of the total amount of tax reductions, in 2015, China supported the “double-creation” activities to reduce taxes and exemptions by more than 300 billion yuan, of which the implementation of high-tech related preferential policies for tax reductions and exemptions exceeded 140 billion yuan [4]. In 2017, the preferential policies for supporting “double-creation” activities were more than 500 billion yuan, of which high-tech enterprises reduced their income tax by 15%, and promoted the software industry, integrated circuit industry development, tax exemption, corporate income tax and other tax cuts of more than 240 billion yuan. By reviewing the relevant researches of scholars in the past, this paper analyzes and summarizes the existing research characteristics and laws of scholars on tax incentive innovation, and explores the innovation points of this paper It theoretically analyzes the impact of tax incentives on corporate finance, R&D investment, and R&D output. Sixth, based on the previous research, it puts forward the policy recommendations for improving tax incentives to stimulate technological innovation of enterprises
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