摘要
税收优惠与财政补贴是各国政府激励企业创新的主要政策工具,当前研究主要聚焦于单一政策的效应评估,忽略了不同政策工具的双向激励效应。本文以2011~2019年中国A股上市公司为研究样本,采用双向固定模型对比分析税收优惠与财政补贴对于企业创新投入的双向激励效应。研究发现,税收优惠与财政补贴均显著促进了企业创新,而且两种政策实施对企业创新存在互相激励效应。通过更换估计模型、构建工具变量等稳健性检验后,研究结论依然成立。异质性分析表明,税收优惠政策对于国有企业与非国有企业的创新激励作用并无差异,但是对于高技术行业企业的创新激励效果要优于非高技术行业企业;财政补贴对于国有企业以及高技术行业企业创新均具有更强的激励作用。本文研究为企业创新决策、优化产业政策增加了新认识,为实施创新驱动发展战略提供有益启示,以及为实现经济高质量发展制定适宜财税政策提供良好参考。
Tax incentives and fiscal subsidies are main policy tools to stimulate enterprise innovation.At present,the study mainly focuses on the assessed effects of a single policy,ignoring the two-way incentive effects among different policy tools.Taking China's A-share listed companies in 2011-2019 as an example,this paper compares and analyzes the two-way incentive effects between tax incentives and fiscal subsidies on enterprise innovation through a two-way fixed model.It is found that both tax incentives and fiscal subsidies significantly promote enterprise innovation,while both incentivize each other on enterprise innovation.By replacing the estimated model,constructing instrumental variables and other robustness tests,the conclusion is still valid.According to the heterogeneity analysis,there is no difference between state-owned enterprises and non-state-owned enterprises about the incentive effect of tax incentives on enterprise innovation,but the incentive effect on enterprise innovation in high-tech industries is better than that in non-high-tech industries;fiscal subsidies have a stronger incentive effect on innovation in state-owned enterprises and high-tech industries.The paper provides new insights for making innovative decisions and optimizing industrial policies,provides an inspiration for continuing innovation-driven development strategy,and provides reference for formulating fiscal policy to promote high-quality development.
作者
宋建
包辰
Song Jian;Bao Chen
出处
《经济研究参考》
2022年第11期20-37,共18页
Review of Economic Research
基金
国家社会科学基金青年项目“‘双向挤压’下我国先进制造业跨越式发展实现路径研究”(No.20CJY024)
江苏省社会科学基金一般项目“产业关联视角下工业机器人使用对服务业就业影响的机制研究”(No.21EYB014)。
关键词
税收优惠
财政补贴
企业创新
tax incentives
fiscal subsidies
enterprise innovation
