财税政策组合对企业技术创新的影响

以沪深A股高新技术上市公司2011~2019年相关数据为研究对象，实证检验财税政策组合对企业技术创新和可持续发展的影响效果和机理。研究发现:财税政策组合与企业技术创新之间呈倒U 型曲线关系，且随着创新水平的提高，财税政策组合对技术创新的影响弹性不断降低。同时，财税政策组合会通过“技术创新”这一中介桥梁对企业可持续发展产生倒U 型的影响作用，且与低技术创新相比，由于高技术创新更能提高企业竞争力，它发挥的中介作用更加显著。

Effect of fiscal and tax policy portfolio to enterprise technological innovation

Taking the data of Shanghai and Shenzhen A-share high-tech listed companies from 2011 to 2019 as the research object, an empirical study was conducted to test the effect and mechanism of fiscal policy portfolio on enterprise technology innovation and sustainable development. Results show that there is an inverted U-shaped curve relationship between fiscal policy portfolio and enterprise technology innovation, and with the improvement of innovation level, the elasticity of the impact of fiscal policy portfolio on technology innovation is decreasing. Meanwhile, the portfolio of fiscal and tax policies will have an inverted U-shaped effect on the sustainable development of enterprises through the intermediary bridge of “enterprise technology innovation”. Compared with low-tech innovation, high-tech innovation can improve the competitiveness of enterprises, so it plays a more significant intermediary role.