制度环境、税收激励与企业创新投入  

Institutional Environment,Tax Incentives and Enterprise Innovation Investment

作　　者：刘放[1] 杨筝[1] 杨曦[2] 

机构地区：[1]武汉大学经济与管理学院,武汉430072 [2]华中科技大学管理学院,武汉430074

出　　处：《管理评论》2016年第2期61-73,共13页Management Review

摘　　要：本文选择2007-2012年非金融类上市公司数据作为研究样本,就税收激励对企业研发创新的杠杆作用进行了实证检验。结果表明:税收优惠整体上有助于激励企业进行创新投入;融资约束程度越强,产品市场竞争越强,地区市场化进程程度越高,税收激励效果越显著。基于产权性质的进一步检验还发现,相对国有企业,税收激励对民营企业研发创新投入更具有杠杆促进作用。此外还发现,要素市场扭曲程度越低,税收激励效果越显著。因此,政府不仅应通过减税的方式降低税负,实施更大力度的税收激励,还需要通过有效地推进地区市场化进程等配套措施来共同助推企业加大创新投入。This paper draws upon the data of Chinese non-financial companies listed during the period from 2007 to 2012 to empirically study the leverage effect of tax incentives on an enterprise＇ s R ＆ D innovation. It is found that tax preference has a positive effect in stimulating enterprises to invest more in innovation in general and the effect is especially remarkable in an environment where financing is constrained, product market is highly competitive and the regional marketization process is high. Analysis of property rights indicates that tax incentives mainly have a leverage effect on private enterprises. In addition, it is also found that the tax incentives＇ effect is more re- markable in a less distorted factor market distortion. Therefore, the Chinese government should not only relieve tax burden by means of tax reduction and carry out more powerful tax incentives, but the government should also promote enterprises＇ R＆D innovation investment by means of effective promotion of regional marketization processes.

关 键 词：制度环境 税收激励 创新投入 融资约束 地区市场化进程 

分 类 号：F273.1[经济管理—企业管理] F812.42[经济管理—国民经济]