Abstract: With the continuous development of the economy, China has entered a new era of high-quality development. In the new stage of Chinese development, the main direction is to vigorously develop new quality productive forces driven by innovation based on local conditions. For a large economy like China, the real economy has always been the foundation of the entire economic framework, and industrial production is the main component in the real economy. Therefore, supporting and incentivizing industrial innovation has become a major gain for policy makers in the process of building an innovative country. The government has two methods to incentivize industrial innovation, including explicit and implicit fiscal expenditure of science and technology. Firstly, the government can support industrial innovation by directly injecting fiscal funds into industrial enterprises, which is known as explicit fiscal expenditure of science and technology. Secondly, in the process of market-oriented reforms, enterprises are the main body of innovation, so the expenditure methods for supporting industrial innovation more prefer to the ways of market. Therefore, implicit fiscal expenditures of science and technology in the form of R&D expense additional deduction and high-tech enterprise tax reduction are more applicable in more scenarios. Currently, in the China’s Public Finance Model, fiscal expenditure of science and technology for promoting industrial innovation has presented a new feature as follows: the implicit fiscal expenditures of science and technology in the form of tax reductions have greatly exceeded the explicit fiscal expenditures of science and technology. Direct effect of science and technology expenditure by the public sector in supporting industrial innovation activities is increasing industrial R&D innovation input because enterprises are the main body of innovation as described above. However, its actual economic value is bringing about a significant increase in innovation output. Using data from China’s industrial sectors and taking the number of invention patent applications as an indicator of innovation output, this paper estimates the impact of explicit fiscal expenditure in the form of direct government funding and implicit tax expenditure in the form of R&D expense additional deduction and high-tech enterprise tax reduction on industrial innovation output through various methods. This study finds strong and robust evidence that the two forms of implicit fiscal science and technology expenditure have no significant impact on industrial innovation output, and their combined effect is also not significant. Contrastively, R&D expense additional deduction and high-tech enterprise tax reduction have a significantly positive impact on internal R&D expenditure of industrial sectors, with elasticities of 22.38% and 7.9%, respectively. Therefore, industrial enterprises have a strong tendency of “strategic catering” innovation when facing tax reduction incentives. There is evidence that explicit fiscal science and technology expenditure has a significantly positive impact on industrial innovation output, but it is not robust. Since industrial enterprises do not significantly increase internal R&D expenditure due to government inputs fiscal science and technology funds, there is no incentive for industrial enterprises to engage in “strategic catering” innovative behaviors due to explicit fiscal science and technology expenditure. Based on the theoretical analyses and empirical tests, to increase the value of the market in the allocation of innovation resources, the form of government support for industrial innovation should prefer to implicit tax subsidies rather than explicit fiscal expenditures. However, the “strategic catering” innovation behavior of market entities for tax reduction is not conducive to the effective utilization of innovation resources. This dilemma is a major obstacle to support industrial innovation by using the fiscal funds. Eliminate this bottleneck requires the integration and coordination among technology policies, industrial policies, and fiscal and tax policies in the future.

摘要： 由于企业是创新主体，因而公共部门在支持工业创新活动时，财政科技支出的政策效果体现在能否提高工业研发创新投入之上，但其实际经济价值则体现在能否带来创新产出的显著增加之上。利用中国工业行业数据，以发明专利申请数量作为衡量创新产出的指标，通过多种实证检验方法来估计以直接注入政府资金为形式的显性财政科技支出与以研发费用加计扣除减免税和高新技术企业减免税为形式的隐性税式支出对工业创新产出的影响。实证研究发现存在强烈且稳健的证据显示两种隐性财政科技支出对工业创新产出的影响不显著，同时联合也不显著，而研发费用加计扣除减免税与高新技术企业减免税对工业研发内部经费支出的影响是正向显著的，且各自弹性达到22.38%与7.9%，因而工业企业在面对政府提供的创新减税激励时，存在相当强烈的“迎合式”创新倾向。存在显性财政科技支出显著正向影响工业创新产出的证据，但不稳健。由于工业企业不会因为政府注入财政科技资金而显著地增加研发内部支出经费，所以并不存在工业企业因显性财政科技支出而采取“迎合式”创新行为的激励。