The Impact of Government Subsidies and Reduction of Taxes and Fees on the Efficiency of Enterprises Innovation: An Analysis of the Threshold Effect Based on the Listed Manufacturing Enterprises

Abstract

Abstract: Since China implemented the innovation-driven development strategy, the government has put into effect a variety of policies to encourage enterprises’ innovation in terms of expenditure and revenue. By making use of the data of China’s listed manufacturing enterprises from 2015 to 2017, this paper checks the effectiveness of government subsidies and reduction of taxes and fees on the improvement of corporate innovation efficiency. The findings show that, firstly, the strength of government subsidy has a positive incentive for the innovation efficiency of manufacturing enterprises, and the actual tax burden rate has a negative incentive for the innovation efficiency of these enterprises. Secondly, the strength of government subsidy has a double threshold effect on the innovation efficiency of the manufacturing enterprises, while the actual tax burden rate only has a single threshold effect on the innovation efficiency of high-end manufacturing enterprises. Thirdly, the threshold values from the promotion of government subsidies to the innovation efficiency of high-end, mid-end and low-end manufacturing enterprises are 5.78%, 13.14%, and 20.35% respectively. When the actual tax burden rate is lower than the threshold value of 1.24%, the inhibitory effect on the innovation efficiency of high-end manufacturing enterprises will be alleviated, but the impact on mid-end and low-end manufacturing enterprises is not significant. Therefore, it is recommended to increase government subsidies on the whole for the innovation in manufacturing enterprises, and to reduce the actual tax burden rate of them. As for different kinds of manufacturing enterprises, it is necessary to reduce the excessive dependence of low-end manufacturing enterprises on government subsidies for innovation, the focus should be on reducing the tax burden of high-end manufacturing enterprises in their production and operation, so as to improve the effectiveness of government subsidies and reduction of taxes and fees in the motivation of corporate innovation of manufacturing enterprises.

Key words: government subsidies, reduction of taxes and fees, efficiency of enterprise innovation, threshold effect

CLC Number:

F812.4

WU Hong, ZHENG Jia-xing. The Impact of Government Subsidies and Reduction of Taxes and Fees on the Efficiency of Enterprises Innovation: An Analysis of the Threshold Effect Based on the Listed Manufacturing Enterprises[J]. Contemporary Finance & Economics, 2021, 0(3): 28-39.

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