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Based on the research and review of existing literature, this paper finds that the effects of government public policies (including fiscal policies and tax policies) on enterprise innovation can be roughly divided in to the following three categories. Firstly, the government's public policies are encouraging enterprise innovation. When companies are stimulated by public subsidies or tax incentives, they will increase investment in R & D and innovation. Secondly, the government's public policy has inhibited enterprise innovation. When enterprises receive the public subsidies from the government or enjoy the related tax incentives, they often do not increase the investment in research and innovation, but simply reduce the investment on R & D. Thirdly, there is no significant or non-linear relationship between government public policy and enterprise innovation. There is no significant correlation or complex non-linear relationship between whether enterprises increase their investment in R & D innovation and the government's public subsidies and other policies. At the same time, the author found that most of the existing research samples are large enterprises in developed countries. Furthermore, there is a lack of relevant research on small and medium-sized enterprises in developing countries. SMEs account for the vast majority of the whole enterprises, so it is meaningful to study the impact of government subsidies and tax incentives on SMEs' innovation.

The existing researches about the effects of public policies on promoting enterprise innovation are mostly on large enterprises, but few on small and medium-sized enterprises. The literature on small and medium-sized enterprises in developing countries is even less. As an important part of the world economy and an important representative of developing countries, it is necessary to study the impact of China's public subsidies and tax incentives on the innovation and research and development of Chinese SMEs. Based on the relevant enterprise data, using the LSDV model, this paper empirically finds that the Chinese government's fiscal subsidy policies indeed promote enterprise innovation. After controlling for the year fixed effect and industry effect, government subsidies did stimulate enterprises' R&D investment, but the stimulus effect was very weak. Considering the endogeneity of public subsidies, the author added the lag term of public subsidies into the model, and the promotion effect of the policy was significantly enhanced. With the expansion of enterprise scale and the passage of enterprise establishment years, enterprise innovation investment decreases. The conclusion of this paper provides a basis for the government to formulate relevant policies. Government subsidies should be increased for newly established companies and for small and micro businesses.

This study investigates the influence of a CEO’s level of education on the Corporate Social Responsibility (CSR) of listed firms in China. We find a significant and positive impact of the CEO’s level of education on the CSR of a firm, one level promotion of CEOs' education will increase 0.1630 CSR scores of a firm and increase the probability of CSR disclosure by 10.75%. This finding is robust for the univariable analysis and for sub-items and the forward performance of CSR. Further, we find that the positive relationship between the CEO’s level of education and CSR is more pronounced for CEOs who also chair the board, state-owned firms and CEOs who have overseas experience. More concretely, when the CEO is also the chairman, the CEO’s level of education has a greater positive effect on CSR than those are not chairman. In state-owned enterprises, the CEO’s level of education plays a greater role in the positive promotion of the CSR than non-stated-owned enterprises. When the CEO has studied or worked abroad, the CEO’s level of education has a greater positive effect on the CSR than those who do not have overseas experience. Our findings shed light on the role of the CEO’s level of education in CSR, and our research on Chinese listed companies enriches the relevant research on CSR in developing countries.