Financial support for economic development should be in accordance with the requirements of building a conservation-oriented society and public finance, through the comprehensive use of financial policies, funds, management and services, increase support, actively promote scientific and technological progress and innovation, form a reasonable industrial division of labor and productivity layout, and strive to strengthen financial strength. This paper puts forward the following countermeasures and suggestions.
Ensure that the growth rate of science and technology investment is significantly higher than others.
Ensure that the growth rate of financial investment in science and technology is significantly higher than the growth rate of recurrent fiscal revenue, and form a diversified, multi-channel and efficient investment system in science and technology, so that the proportion of R&D investment in GDP of the whole society will increase year by year, and ensure the steady growth of financial investment in science and technology. Governments at all levels should put investment in science and technology as the focus of budget guarantee, and the distribution of excess income in budget preparation and budget implementation at the beginning of the year should reflect the requirements of statutory growth. Specifically, we can consider increasing support for basic research, tackling key problems in science and technology, basic conditions of science and technology and popular science platforms, and gradually make basic research funds account for R&; D (research and development) funds will be increased from about 5% now to 10% ~ 15%. We can also consider measures such as increasing the income tax deduction ratio of enterprises' independent research and development technology.
Adjust the direct investment field of finance in scientific and technological innovation
Under the same conditions of scientific and technological resources, different policies adopted by the government will lead to different resource utilization efficiency. From the practice of the United States, Britain and other countries, they put the emphasis on encouraging the development of high-tech industries in the research and development stage, and achieved good results in practice. From the perspective of promoting scientific and technological innovation, increasing investment in basic research and industrial application research of scientific research institutions is of great help to the potential and stamina of regional scientific and technological development. At the same time, the WTO Agreement on Subsidies and Countervailing Measures also allows the government to subsidize research and development. Therefore, the support of fiscal expenditure policy for independent innovation can be located in the R&D stage of basic research and industrial research, supported by independent intellectual property rights, combined with subsidies and loan interest subsidies, supplemented by tax relief.
From the perspective of public finance theory, the direct investment field of financial funds should be adjusted according to the three stages of technology application. First of all, it is necessary to increase financial support for independent R&D institutions engaged in basic and social public welfare research in Nanping; Secondly, for key scientific and technological projects and technological transformation projects, while actively guiding social capital investment, gradually reduce the proportion of direct financial investment; Thirdly, for productive and competitive commercial scientific and technological development projects, the financial supply will be gradually reduced within the prescribed time limit, and no more funds will be invested after the expiration, and enterprises or scientific research units will raise funds from the market on their own.
Optimize the investment structure of financial funds
The total financial input of enterprise technology innovation funds should be moderate and the structure should be optimized, so that the limited input can be used more effectively. It is also the understanding of governments to choose the key points according to the national conditions and implement the strategy of doing something different. Therefore, in terms of capital allocation structure, we can focus on breakthroughs and choose advantageous industries to support them. In the time structure of fund allocation, we should adhere to the policy continuity for a period of time. Only in this way can we achieve the greatest possible innovation results with limited scientific and technological resources.
Broaden the scope of indirect financial investment in scientific and technological innovation. According to the principle of wider coverage of public expenditure, we will continue to strengthen the strategy of financial support for the construction of public platforms. First of all, we should increase investment in the infrastructure construction of science and technology carriers, encourage cluster innovation and technology sharing, and make social science and technology innovation activities generally benefit. Secondly, we should use funds, policies and systems to cultivate professional technological innovation platforms, and give full play to the role of scientific research application centers and independent R&D institutions with intellectual property rights in technological innovation. Thirdly, finance can support the establishment of regional financial cooperation associations and various science and technology industry or enterprise associations for mutual cooperation and exchanges.
Strengthen the construction of financial science and technology expenditure management mechanism.
The construction and improvement of system and mechanism is the soil to promote enterprises to maintain innovation vitality, and it is also the need to create a good entrepreneurial development environment. In order to effectively ensure the effectiveness of the use of funds, it is imperative to actively promote the construction and standardization of the financial expenditure management system, so that the functions of public expenditure can be implemented. At the same time, we must ensure that the system can be effective and avoid becoming a mere formality.
(1) It is necessary to establish a dynamic analysis and guidance mechanism for Nanping's industrial planning and layout. What industries are invested, supported and guided by scientific and technological funds is related to Nanping's grasp of development opportunities and the promotion of regional competitive advantages. The Science and Technology Development Fund itself has this function, which is used to track and investigate the industrial development of Nanping City, strengthen the reference role for future industrial layout planning, and strengthen the guiding role for the planned use of policy resources and R&D funds, so as to better save resources and control opportunities.
(2) Explore the establishment of a scientific management mechanism to promote the investment decision-making process of science and technology capital industry. We can try to establish a consultation and evaluation meeting system for key technology industrialization projects. Through the project consultation and deliberation meeting, the industrial investment and technical project investment of science and technology funds are demonstrated and evaluated, and adjustment suggestions are put forward to promote the scientific decision-making process. At the same time, we can also design operating rules for enterprises to apply for R&D investment assistance, which is based on the principles of openness, standardization and transparency and reflects social fairness. At the same time, the financial department and the science and technology department should organize social intermediary service agencies to evaluate the performance of enterprises funded by R&D investment in the previous year. Enterprises that have not made significant progress in evaluation shall be stopped from continuing to apply for funding.
(3) standardize the use mechanism of funds for scientific and technological development. It is necessary to gradually reform the financial management mode of fund use, establish an open, transparent and orderly fund management mechanism, strengthen the supervision mechanism of science and technology funds, implement the incentive mechanism, and promote a virtuous circle of fund use. First of all, it is necessary to clarify the respective responsibilities and division of labor between the financial department and the science and technology department. Change the management habits of the original financial department on the budget funds of various functional departments. Secondly, the criteria for funding conditions, application approval procedures and management measures are stipulated. Finally, the supervision and inspection methods of funds are stipulated to ensure the effectiveness of the use of funds and the rationality of the budget arrangement for the next year, and fully reflect the budget incentive mechanism.
(4) Establish an evaluation mechanism and a budget feedback mechanism for the efficiency of the use of science and technology funds to effectively improve the efficiency of the use of science and technology funds. With the increase of investment in science and technology, it is equally important to improve the efficiency of capital use and increase financial investment.
(5) Improve the subsidy management mechanism of technology business incubators. The key to improve the management of science and technology business incubators is to establish a strict graduation elimination mechanism for enterprises entering incubators. Secondly, the science and technology department should carry out dynamic management and annual inspection of technology business incubators. Incubators that pass the annual examination can enjoy the support subsidies and tax relief given by the financial department.
Give full play to the guiding role of fiscal and taxation policies
Give full play to the guiding role of fiscal and taxation policies, share risks, and encourage and attract more enterprise funds to enter the field of technological progress and innovation. Specific measures can be considered as follows:
(1) Make full use of the preferential policies of the current tax system. Article 3 1 of China's enterprise income tax law stipulates that venture capital enterprises engaged in venture capital that the state needs to support and encourage can deduct taxable income according to a certain proportion of the investment amount.
(2) Promote the transformation and reform of value-added tax, unify the tax systems of various enterprises, and increase the tax incentives for R&D investment of enterprises. We can consider implementing the value-added tax reform for high-tech enterprises first, and reduce the cost of scientific and technological innovation by changing the input tax deduction policy of value-added tax.
(3) Pay equal attention to income tax concessions and turnover tax concessions. This is because both turnover tax and income tax can be used as R&; Tax incentives can play a role in taking risks for the government and enterprises. However, from the current R & ampd tax preferential policies, most preferential policies focus on income tax, while turnover tax is less, which does not match the characteristics of China's dual-subject tax structure and R & activities.
(4) Further broaden the indirect preferential ways of enterprise income tax. The first is to relax the scope and standard of pre-tax expense deduction. The second is to establish a reserve system for scientific and technological research and development, allowing enterprises to set aside a certain proportion of reserve for technological research and development, reserve for trial production of new products, reserve for loss in new product development, etc. According to the pre-tax sales revenue, in order to enhance the joint efforts of enterprises in research and development. Third, we can also try out the pre-tax repayment policy for start-ups and implement the reinvestment tax credit policy for high-tech enterprises to expand production. Fourth, improve the preferential tax policies to encourage venture capital.
(5) Tax incentives for scientific researchers. In the final analysis, the development of high-tech industry is the competition of talents. Therefore, in order to stabilize the scientific research team and mobilize the enthusiasm of scientific research and development personnel, it is necessary to attach importance to the tax incentive of personal income tax.
Establish financial guidance policies to support independent innovation.
The experience of developed countries shows that only by strengthening the coordination of financial guidance policies and fiscal and taxation policies can a stable and effective independent innovation support system be formed. Only through the joint efforts of policies can we give full play to the policy functions and leverage of encouragement, guidance, protection and coordination, adjust the resources of the whole society, improve the environment for independent innovation of enterprises and ensure the effective implementation of independent innovation. In addition to the government's fiscal and taxation policies, it can also improve the credit service and financing environment of high-tech enterprises, increase financial support for high-tech industrialization, develop venture capital and capital markets, and support high-tech industries.
(1) Improve the social investment and financing system of venture capital and venture guarantee. Finance can be guided by financial subsidies, loan interest subsidies, direct investment and other ways to support the development of venture guarantee institutions and venture capital institutions that provide financing services for science and technology enterprises, and gradually form a venture guarantee system and venture capital system with social capital as the main body, forming a diversified, multi-channel and efficient science and technology investment system.
(2) Increase the incentives for the establishment of venture capital funds and investment business. The first is to strengthen the incentive mechanism of venture capital fund investment business. Encourage them to increase their support for small and medium-sized science and technology enterprises by means of discount loans, free subsidies and capital injection. The second is to encourage the establishment of more venture capital funds in Nanping. Guide the parent fund through scientific and technological venture capital, give play to the guiding and amplifying role of government funds, effectively improve the management ability of high-tech industrialization and promote the development of high-tech industrialization. Third, give full play to the investment-driven role of Sino-Singapore high-tech industrial investment funds, guide social investment and broaden financing channels.
(3) Encourage banks to increase loan financing for small and medium-sized scientific and technological innovation enterprises and venture capital enterprises. By using and adjusting the fiscal expenditure policy, we will improve the loan financing platform for small and medium-sized enterprises with scientific and technological innovation. First, encourage the exploration of various independent innovative financial support methods and increase financial incentives for bank financing institutions. Second, actively encourage policy banks to provide financial support to enterprises and venture capital companies in the form of low-interest loans, interest-free loans, extended credit cycles, preferential loans and discount loans.
(4) Broaden the exit channels of venture capital. Make full use of securities capital market to support scientific and technological progress and development. The capital market can provide a channel for venture capital companies to withdraw their capital, solve the direct financing problem of innovation transformation and high-tech industrialization, and help to establish a diversified risk investment and financing system based on social capital. Therefore, we should not only encourage high-tech enterprises to go public, but also encourage high-tech venture capital companies to go public. Encourage venture capital companies to securitize their industrial investment, make it stronger and bigger faster, so as to reduce the overall risk of high-tech enterprises' investment.
Authors: Nanping Finance Bureau, Fujian Province