<p>近年来，随着一系列创新政策的实施，我国综合创新能力显著提高，但在企业层面仍与发达国家存在一定的差距。在此背景下，激发企业开展创新活动的意愿、提高企业创新绩效对促进我国创新发展具有重要意义。然而，由于创新活动投入多、风险高、周期长，且其收益不确定性大、外部性较强，导致企业的创新意愿较低。为了缓解这一问题，政府出台了一系列财税补贴政策，不仅可以为企业开展创新活动提供资金支持，而且能在一定程度上激发企业开展创新活动的意愿，进而影响创新绩效。在这一过程中，研发投入作为一项重要的资源投入，能够在为企业提供资金支持的基础上，帮助企业突破技术瓶颈，提高创新驱动力，进一步对创新绩效产生影响。与此同时，高管作为职业经理人，对企业的研发投入具有决定性作用，因此，对高管实施适当的薪酬激励能够对企业研发投入产生影响。由此可见，政府实施财税补贴政策会影响企业创新绩效，且研发投入会对这一影响产生作用，但这一作用是否为中介效应尚未可知，同时高管薪酬激励是否会对这一过程产生调节作用也有待进一步研究。</p> <p>基于此，本文首先梳理了财税补贴、研发投入、高管薪酬激励和创新绩效之间关系的相关文献，并基于外部性理论、政府干预理论、投入产出理论和激励理论，对财税补贴影响创新绩效的机理进行分析，同时进一步探究研发投入的中介效应及高管薪酬激励的调节作用，并在此基础上提出研究假设。其次，本文选取我国沪深两市A股上市公司为研究对象，运用多元回归法对其2016-2021年的平衡面板数据进行实证分析，以验证本文提出的研究假设，并得出了相应的结果。同时本文运用内生性检验、替换变量和区分企业类型三种方法分别进行了稳健性检验，验证了本文的研究具有稳健性。研究结论表明：（1）增加财税补贴有利于促进创新绩效的提高；（2）增加财税补贴有利于促进研发投入的增加；（3）增加研发投入有利于促进创新绩效的提高；（4）研发投入在财税补贴促进企业创新绩效提高的过程中存在中介效应；（5）高管薪酬激励在&ldquo;财税补贴&mdash;研发投入&mdash;创新绩效&rdquo;的前半段发挥正向调节作用。最后，在得出以上研究结论的基础上，本文分别从政府和企业两个层面出发，提出具有针对性的建议，以期为企业从财税补贴、研发投入和高管薪酬激励等角度提升创新绩效提供一定的参考。</p>

<p>In recent years, with the implementation of a series of innovation policies, China&#39;s comprehensive innovation capacity has improved significantly, but there is still a gap between China and developed countries at the enterprise level. In this context, it is important to stimulate the willingness of enterprises to carry out innovation activities and improve their innovation performance to promote the development of innovation in China. However, due to the high investment, high risk and long cycle of innovation activities, which are characterised by high uncertainty and strong externalities, the willingness of enterprises to innovate is low. In order to alleviate this problem, the government has introduced a series of fiscal and tax subsidy policies that can provide financial support for enterprises to carry out innovation activities, which will, to a certain extent, stimulate enterprises&#39; willingness to carry out innovation activities and further influence their innovation performance. In this process, R&amp;D investment is an important resource input that can help companies break through technological bottlenecks and improve their innovation drive on the basis of financial support, which in turn has an impact on innovation performance. At the same time, executives, as professional managers, have a decisive role to play in the R&amp;D investment of enterprises, therefore, the implementation of appropriate incentives for executives can have an impact on the R&amp;D investment of enterprises. It is clear that the government&#39;s policy of fiscal and tax subsidies affects innovation performance, and that R&amp;D investment has an effect on this process, but whether this effect is a mediating effect is not yet known. At the same time, whether the executive compensation incentive has a moderating effect on this process also needs to be further studied.</p> <p>Based on this, this paper firstly reviews relevant literature on the relationship between fiscal and tax subsidies, R&amp;D investment, executive compensation incentives and innovation performance. And based on the externality theory, government intervention theory, input-output theory and incentive theory, this paper analyses the mechanism of fiscal and tax subsidies affecting innovation performance, and further investigates the mediating effect of R&amp;D investment and the moderating effect of executive compensation incentive, on the basis of which research hypotheses are proposed. Secondly, this paper selects A-share listed companies in Shanghai and Shenzhen in China as the research object, and uses multiple regression method to conduct empirical analysis on their balanced panel data from 2016-2021 to verify the research hypothesis proposed in this paper, and draws the corresponding results. At the same time, this paper applied three methods of replacing <font color='red'>variable</font>s, lagging one period and differentiating firm types to conduct robustness tests on the regression models respectively, verifying the robustness of this paper&#39;s research. The findings show that: (1) increasing fiscal and tax subsidies is conducive to improving innovation performance; (2) increasing fiscal and tax subsidies is conducive to increasing R&amp;D investment; (3) increasing R&amp;D investment is conducive to improving innovation performance; (4) there is a mediating effect of R&amp;D investment in the process of fiscal and tax subsidies promoting innovation performance; (5) executive compensation incentives play a positive moderating role in the first half of the mediating effect of fiscal and tax subsidies on innovation performance through R&amp;D investment. Finally, on the basis of the above findings, this paper puts forward targeted suggestions from both government and enterprise levels, with a view to providing some reference for enterprises to improve their innovation performance from the perspectives of fiscal and tax subsidies, R&amp;D investment and executive compensation incentives.</p>