关键词: 财政政策,政府资助,税收优惠,生命周期,创新能力

Abstract: Taking the non-listed technology-based SMEs as the research objects, this paper evaluates enterprises’ innovation abilities by applying the method of principal component analysis. On such a basis, it makes an empirical analysis of the impacts of fiscal policies on the innovation ability and the regulatory effect of life cycle. The findings show that the two tools of government funding and tax incentive in the fiscal policies have incentive effects on the innovation abilities of enterprises. At the different stages of life cycle, the impacts of the two tools on the innovation ability are different; at the start-up stages of enterprises, the impact of government funding is greater than that of tax incentives, while at the mature stages of enterprises, the impact of tax incentives is greater than that of government funding. Therefore, it is suggested to strengthen the fiscal policy support to the technology-based SMEs, to deepen the financial system reforms, and to promote the sound development of the multi-level capital markets.

Key words: fiscal policy; government funding; tax preference; life cycle; innovation ability