产业异质性、税收激励与自主创新——中国战略性新兴产业A股上市公司实证研究
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摘要
以2007-2016年中国战略性新兴产业A股上市公司数据为研究样本,从企业研发投入和专利产出两个维度,考察税收优惠政策与企业技术创新之间的关系。结果发现:①税收优惠政策对于企业自主创新具有激励作用,有效促进了企业研发投入和专利产出;②基于企业所属产业异质性视角发现,税收优惠政策对于八大战略性新兴产业企业的创新作用存在显著差异:对于新一代信息技术、高端装备制造业、节能环保等产业研发投入和专利产出具有激励作用,但对新能源产业的创新投入、生物产业和新能源汽车产业的专利产出具有抑制作用。研究结论在一定程度上解释了现有研究关于税收优惠政策"激励效应"和"抑制效应"的争议,也对完善中国创新税收激励制度具有借鉴意义。
Based on the data of Chinese A-share listed companies of strategic emerging industries from 2007 to 2016, this paper analyzes the relationship between tax preference and the enterprise technology innovation from two dimensions involving enterprise R&D and patent output. We discover that the tax preference yields a positive effect on enterprise independent innovation and effectively promotes the R&D investment and patent output. Further study based on the industry to which the enterprise belongs finds that there are significant differences in the effect of tax preference on enterprise innovation in eight strategic emerging industries: it has an incentive effect on the R&D investment and patent output in the new generation of information technology, high-end equipment manufacturing, energy conservation and environmental protection, but it has a restraining effect on the innovation investment of the new energy industry and the patent output of the bio-industry and the new energy automobile industry. The conclusion of this paper explains the existing research about the "incentive effect" and "inhibition effect" of the preferential tax policy to some extent and has significance concerning policies in improving the innovation tax incentive system.
Based on the data of Chinese A-share listed companies of strategic emerging industries from 2007 to 2016, this paper analyzes the relationship between tax preference and the enterprise technology innovation from two dimensions involving enterprise R&D and patent output. We discover that the tax preference yields a positive effect on enterprise independent innovation and effectively promotes the R&D investment and patent output. Further study based on the industry to which the enterprise belongs finds that there are significant differences in the effect of tax preference on enterprise innovation in eight strategic emerging industries: it has an incentive effect on the R&D investment and patent output in the new generation of information technology, high-end equipment manufacturing, energy conservation and environmental protection, but it has a restraining effect on the innovation investment of the new energy industry and the patent output of the bio-industry and the new energy automobile industry. The conclusion of this paper explains the existing research about the "incentive effect" and "inhibition effect" of the preferential tax policy to some extent and has significance concerning policies in improving the innovation tax incentive system.
引文
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[21] 王俊.政府R&D资助与企业R&D投入的产出效率比较[J].数量经济技术经济研究,2011(6):93-106.
[22] 胡凯,吴清.税收激励、制度环境与企业研发支出[J].财贸经济,2018,39(1):38-53.
[23] 匡小平,肖建华.我国自主创新能力培育的税收优惠政策整合——基于高新技术企业税收优惠的分析[J].财贸经济,2007(13):51-55.
[24] 李林木,郭存芝.巨额减免税是否有效促进中国高新技术产业发展[J].财贸经济,2014(5):14-26.
[25] TASSEY G.Underinvestment in public good technologies[J].The Journal of Technology Transfer,2004(30):89-113.
[26] 安同良,周绍东,皮建才.R&D补贴对中国企业自主创新的激励效应[J].经济研究,2009(10):87-98.
[27] 余明桂,回雅甫,潘红波.政治关联、寻租与地方政府财政补贴有效性[J].经济研究,2010(3):65-77.
[28] 陆国庆,王舟,张春宇.中国战略性新兴产业政府创新补贴的绩效研究[J].经济研究,2014(7):44-55.
[29] 柳光强.税收优惠、财政补贴政策的激励效应分析——基于信息不对称理论视角的实证研究[J].管理世界,2016(10):62-71.
[2] 刘尚希,樊轶侠.践行创新发展理念,构建创新友好型税收制度[J].税务研究,2016(10):3-8.
[3] HALL B H,VAN REENEN J.How effective are fiscal incentives for R&D?a review of the evidence[J].Research Policy,2000(29):449-469.
[4] BLOOM N,GRIFFITH R,VAN REENEN J.Do R&D tax credits work?evidence from a panel of countries 1979-1997[J].Journal of Public Economics,2002,85(1):1-31.
[5] KLASSEN K J,PITTMAN J A,REED M P,et al.A cross-national comparison of R&D expenditure decision:tax incentives and financial constraints[J].Contemporary Accounting Research,2004,21(3):639-680.
[6] 戴晨,刘怡.税收优惠与财政补贴对企业R&D影响的比较分析[J].经济科学,2008(3):58-71.
[7] 朱云欢,张明喜.我国财政补贴对企业研发影响的经验分析[J].经济经纬,2010(5):77-81.
[8] 李维安,李浩波,李慧聪.创新激励还是税盾——高新技术企业税收优惠政策研究[J].科研管理,2016(11):62-70.
[9] ERNST C,SPENGEL C.Taxation,R&D tax incentives and patent application in Europe [J].ZEW-Centre for European Economic Research Discussion Paper,2011(11):24.
[10] CZARNITZKI D,HANEL P,ROSA J M.Evaluating the impact of R&D tax credits on innovation:a microeconometric study on Canadian firms[J].Research Policy,2011,40(2):217-229.
[11] CAPPELEN A,RAKNERUD A,RYBALKA M.The effects of R&D tax credits on patenting and innovation[J].Research Policy,2012,41(2):334-345.
[12] 张信东,贺亚楠,马小美.R&D税收优惠政策对企业创新产出的激励效果分析——基于国家级企业技术中心的研究[J].当代财经,2014(11):35-45.
[13] 储德银,纪凡,杨珊.财政补贴、税收优惠与战略性新兴产业专利产出[J].税务研究,2017(4):99-104.
[14] TASSEY G.Tax incentives for innovation:time to restructure the R&E tax credit[J].The Journal of Technology Transfer,2007,32(6):605-615.
[15] 郑春美,李佩.政府补助与税收优惠对企业创新绩效的影响——基于创业板高新技术企业的实证研究[J].科技进步与对策,2015,32(16):83-87.
[16] 杨国超,刘静,廉鹏,等.减税激励、研发操纵与研发绩效[J].经济研究,2017(8):110-124.
[17] 冯海波,刘胜.所得课税、风险分担异质性与创新[J].中国工业经济,2017(8):138-155.
[18] 林洲钰,林汉川,邓兴华.所得税改革与中国企业技术创新[J].中国工业经济,2012(3):111-123.
[19] 冯海红,曲婉,李铭禄.税收优惠政策有利于企业加大研发投入吗[J].科学学研究,2015(5):666-673.
[20] 刘放,杨筝,杨曦.制度环境、税收激励与企业创新投入[J].管理评论,2016(2):61-73.
[21] 王俊.政府R&D资助与企业R&D投入的产出效率比较[J].数量经济技术经济研究,2011(6):93-106.
[22] 胡凯,吴清.税收激励、制度环境与企业研发支出[J].财贸经济,2018,39(1):38-53.
[23] 匡小平,肖建华.我国自主创新能力培育的税收优惠政策整合——基于高新技术企业税收优惠的分析[J].财贸经济,2007(13):51-55.
[24] 李林木,郭存芝.巨额减免税是否有效促进中国高新技术产业发展[J].财贸经济,2014(5):14-26.
[25] TASSEY G.Underinvestment in public good technologies[J].The Journal of Technology Transfer,2004(30):89-113.
[26] 安同良,周绍东,皮建才.R&D补贴对中国企业自主创新的激励效应[J].经济研究,2009(10):87-98.
[27] 余明桂,回雅甫,潘红波.政治关联、寻租与地方政府财政补贴有效性[J].经济研究,2010(3):65-77.
[28] 陆国庆,王舟,张春宇.中国战略性新兴产业政府创新补贴的绩效研究[J].经济研究,2014(7):44-55.
[29] 柳光强.税收优惠、财政补贴政策的激励效应分析——基于信息不对称理论视角的实证研究[J].管理世界,2016(10):62-71.