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| Innovation Incentive Effect of Fiscal Subsidies and Tax Incentives |
| Duan Shu,Yang Bin |
| (School of Business , Suzhou University of Science and Technology, Suzhou 215009, China) |
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Abstract Under the background of "mass innovation and entrepreneurship", it is of great strategic significance to stimulate the innovation vitality of micro subjects. Government subsidies are an important policy tool to promote the innovation intensity of enterprises, including fiscal subsidies and tax incentives. In this paper, private science and technology enterprises listed on the small and medium-sized board of China from 2013 to 2017 were selected as the research samples. The fixed effect model was adopted to empirically analyze the impact of government fiscal subsidies and tax incentives on the R&D innovation intensity of enterprises, as well as the moderating effect of enterprise scale on the relationship between them. The model of enterprise life cycle is introduced to investigate the best intervention period of government subsidy in enterprise innovation. The result of research shows that Fiscal subsidies have no obvious impact on the innovation intensity of enterprise research and development, while tax incentives can significantly enhance the innovation intensity of enterprises. There is a significant moderating effect between government subsidy and innovation intensity of enterprises. The larger the enterprise scale, the weaker the incentive effect of government subsidy on innovation intensity of enterprises. Through the use of enterprise life cycle factors into the model for analysis and discovery, it is found that government subsidies have significant incentive effect on the innovation intensity of enterprises in the growth and maturity stages, but have no obvious influence on the innovation intensity of enterprises in the initial stage and the decline stage.
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Received: 02 January 2019
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