Journal of Guangxi Teachers Education University (Philosophy and Social Sciences Edition) ›› 2020, Vol. 56 ›› Issue (3): 52-63.doi: 10.16088/j.issn.1001-6597.2020.03.005

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The Effect and Evaluation of Fiscal Policy on Manufacturing Innovation

XI Wei-qun   

  1. Research Center for Finance and Taxation, Jiangxi University of Finance and Economics, Nanchang 330013, China
  • Received:2020-01-22 Online:2020-05-25 Published:2020-06-04

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Abstract: Fiscal policy, as a selective tool, plays an important role in promoting innovation by enterprises. This paper, based on the data of listed manufacturing companies in the Wind database (2007-2015), employs OLS estimator and SLS estimator to establish regression model for analyzing the impact of financial subsidies on innovation by enterprises. The results tell that financial subsidies 1) reduce the innovation cost of manufacturing enterprises and reduce their research and development risk, 2) stimulate enterprises to conduct research on invention patents, 3) influence greatly on the innovation of low capital intensive enterprises; for high capital intensive enterprises, the influence on their personnel ratio and invention patent application is not significant. Therefore, fiscal policy should be well-targeted with emphasis on key points and classified governance.

Key words: financial subsidies, manufacturing industry, innovation

CLC Number: 

  • F810
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