税收优惠与中小板上市公司的技术创新——兼论机构持股的调节作用  

作　　者：田晓丽[1] 王真 刘丹 

机构地区：[1]昆明理工大学管理与经济学院 [2]云南省交通安全统筹中心

出　　处：《企业经济》2019年第1期20-26,共7页Enterprise Economy

基　　金：国家自然科学基金项目"基于我国制造企业技术选择与创新激励的金融错配效应及纠正机制研究"(项目编号:7176305);云南省教育厅项目"税收优惠对企业技术创新路径选择的影响分析"(项目编号:2016ZZX055);云南省哲学社会科学项目"基于专利共享平台偏好度的技术许可双边匹配问题研究"(项目编号:YB2015012)

摘　　要：利用2010-2016年中小板上市公司数据,从研发投入和专利产出的视角,研究税收优惠对中小板上市公司技术创新的影响以及在中国资本市场背景下异质机构持股的调节作用。将专利划分为高质量与低质量两类,研究发现:税收优惠在研发投入和专利产出阶段均能促进企业创新;合格境外机构投资者持股负向调节税收优惠与研发投入的关系,却能增强税收优惠对专利产出的激励作用;基金持股、保险持股和券商持股均无显著调节作用。因此,要推动企业创新,需完善税收优惠政策,细化具体规定,提升扶持的精准度;同时加强对机构投资者的引导和监督,充分发挥机构持股的积极作用。Using the data of listed companies in Chinese SME stock market from 2010 to 2016, we study the impact of tax incentives on the technological innovation of small and medium-sized listed companies and the regulatory effect of heterogeneous institutional ownership in China’s capital market from the perspectives of R&D input and patent output. Patents are divided into high-quality and low-quality ones. The study shows that tax incentives can promote enterprise innovation in the stages of R&D input and patent output; qualified foreign institutional investors’ holdings could negatively moderate the effect on R&D investment, but strengthen the effect on patent output; and fund holdings, insurance holdings and brokerage holdings have no apparent regulatory effect. Therefore, in order to foster innovation, it is necessary to perfect tax incentive policy,refine specific regulations and improve the accuracy of policy support. What’s more, it will be helpful to strengthen the guidance and supervision of institutional investors and give full play to the positive role of institutional ownership.

关 键 词：中小板上市公司 技术创新 税收优惠 机构持股 

分 类 号：F812[经济管理—财政学]