Abstract:    Enterprise innovation-driven development is an important support for improving social productivity and comprehensive national strength. The successful implementation of national innovation-driven development strategies depends not only on the continuous growth of enterprise innovation investment, but also on the improvement of the efficiency of innovation resource utilization in the process of enterprise innovation-driven development. Fiscal science and technology policy, as an important guarantee for the efficient operation of an enterprise′s innovation system, is an important engine for realizing enterprise′s innovation-driven development. While maintaining the rapid growth of financial investment in science and technology, has the fiscal science and technology policy improved the quality of innovation and the efficiency of innovation-driven development? How does fiscal technology policy affect the efficiency of enterprise innovation-driven development? In order to answer the above questions, this paper uses panel data of industrial enterprises in China at the industry level from 2009 to 2016 to empirically test the impact of fiscal science and technology policy on the efficiency of enterprise innovation-driven development, and explore the path through which fiscal science and technology policy mainly affect enterprise innovation-driven development. The specific research conclusions are as follows:First of all, fiscal science and technology policy has promoted the improvement of enterprise innovation-driven development efficiency, and this effect has obvious industry heterogeneity. Judging from the industry-wide inspection results, no matter whether the FE method or the D &K method is adopted, fiscal science and technology policy is conducive to improving the efficiency of enterprise innovation-driven development. From the perspective of resource and labor-intensive industries, although the impact coefficient of fiscal science and technology policy passed the significance level test in the FE method, it did not pass the significance level test after adopting the D&K method, indicating that the impact of fiscal science and technology policy on the efficiency of enterprise innovation-driven development is not significant. From the perspective of capital and technology-intensive industries, regardless of whether the FE method or the D&K method is used, the impact coefficient of fiscal science and technology policy is significantly positive, indicating that fiscal science and technology policies are conducive to improving the efficiency of enterprise innovation-driven development.Secondly, from the perspective of the role path, the promotion effect of fiscal science and technology policy on the efficiency of enterprise innovation-driven development is mainly achieved by improving the efficiency of technological research and development, rather than the efficiency of economic transformation. Judging from the inspection results of the entire industry, fiscal science and technology policy has significantly improved the efficiency of two stages of enterprise innovation-driven development, but fiscal science and technology policy has a stronger effect on the efficiency of technological research and development than economic transformation efficiency. Judging from the inspection results by industry, whether it is a resource and labor-intensive industry or a capital and technology-intensive industry, fiscal science and technology policy has a stronger effect on improving the efficiency of technological research and development than economic transformation efficiency. However, compared with the findings, fiscal science and technology policy in capital and technology-intensive industry has a stronger positive impact on the efficiency of the two stages of enterprise innovation-driven development.Thirdly, in the different thresholds of fiscal science and technology policy, the role of fiscal science and technology policy in promoting the efficiency of enterprise innovation-driven development shows a clear inverted "U" pattern. This paper uses fiscal science and technology policy as the threshold variable, and constructs a panel threshold model to empirically test the possible non-linear threshold relationship between fiscal science and technology policy and enterprise innovation-driven development efficiency. The research found that the impact of fiscal science and technology policy on the efficiency of enterprise innovation-driven development has a double-threshold effect based on fiscal science and technology policy. Finally, there are industry differences in the impact of different types of fiscal science and technology policy on the efficiency of enterprise innovation-driven development. This paper empirically tests the impact of different types of fiscal science and technology policy on the efficiency of enterprise innovation-driven development and their differences. From the inspection results of resource and labor-intensive industry, direct government subsidies have significantly improved the efficiency of enterprise innovation-driven development, while the estimated coefficients of direct tax benefits and indirect tax benefits have not passed the significance level test. From the test results of capital and technology-intensive industry, direct government subsidies have a stronger promotion effect on enterprise innovation-driven development efficiency than direct tax incentives, while indirect tax incentives are relatively weak.This article mainly proposes policy suggestions to promote the improvement of enterprises innovation-driven development efficiency from the following aspects: First of all, fiscal science and technology policy should adopt policy incentives that take into account industry coordination and appropriate incentive levels. Secondly, it is necessary to clarify the priorities of fiscal science and technology policy incentives to meet the innovation needs of enterprises at different stages. Finally, strengthen the enterprises′ own capacity building and stimulate the enthusiasm for innovation.

Key words: fiscal science and technology policy, enterprise innovation-driven development efficiency, technology research and development efficiency, economic transformation efficiency