财税政策、融资约束与创新绩效——基于科技型中小企业的实证研究  

Fiscal and taxation policies,financing constraints and innovation performance——Based on empirical study of technology-based SMEs

作　　者：陈立[1] 蒋艳秋 CHEN Li;JIANG Yanqiu(Accounting School, Chongqing University of Technology, Chongqing 400054, China)

机构地区：[1]重庆理工大学会计学院,重庆400054

出　　处：《重庆理工大学学报（社会科学）》2021年第4期112-121,共10页Journal of Chongqing University of Technology（Social Science）

基　　金：教育部第一批产学合作协同育人项目“汽车制造与销售行业税收风险管控”(202002306013)。

摘　　要：财税政策是政府激励企业创新的重要措施。以创业板科技型中小企业为研究对象,选取2015—2017年的面板数据,综合分析财税政策、融资约束与创新绩效间的关系。研究发现:财税政策对企业创新绩效具有正向激励作用,且财政政策比税收政策作用大;财税政策有助于缓解企业融资约束,且财政政策比税收政策缓解效果强;融资约束在财税政策与创新绩效间具有部分中介效应。因此,政府应加大财税政策激励力度,完善企业融资市场,科技型中小企业应充分利用财税政策的信号效应,时刻关注并充分利用相关政策拓宽融资渠道。Fiscal and taxation policy is an important measure for the government to encourage enterprise innovation.Taking the technology-based SMEs on the Growth Enterprise Market as the research object,this paper selects panel data from 2015 to 2017 to comprehensively analyze the relationship among fiscal and tax policies,financing constraints and innovation performances.The study found that:fiscal and taxation policies have a positive incentive effect on the innovation performance of enterprises,and fiscal policies have a greater effect than taxation policies;fiscal and taxation policies can help alleviate corporate financing constraints,and fiscal policies have a stronger mitigation effect than taxation policies;Financial constraints have an intermediary effect on the relationship between fiscal and tax policies and innovation performance.Therefore,the government should increase fiscal and tax policy incentives and improve the corporate financing market.Enterprises should make full use of the signal effect of fiscal and tax policies,and always pay attention to and make full use of relevant policies to broaden financing channels.

关 键 词：财税政策 融资约束 创新绩效 中介效应 科技型中小企业 

分 类 号：F253.7[经济管理—国民经济]