财税政策组合对企业研发投入的影响效应:基于新三板创新层的实证研究  

The Effect of Fiscal and Tax Policy Mix on Enterprise R&D Investment:An Empirical Study Based on the Innovation Layer of the New Third Board

作　　者：梁彤缨[1] 邓倩莹 陈国才 Liang Tongying;Deng Qianying;Chen Guocai(School of Business Administration,South China University of Technology,Guangzhou 510641,China)

机构地区：[1]华南理工大学工商管理学院,广东广州510641

出　　处：《科技管理研究》2023年第20期34-45,共12页Science and Technology Management Research

基　　金：国家社会科学基金项目“促进中国中小企业研发的多层次创新政策组合研究”(19BJL068);华南理工大学“双一流”建设项目“创新政策组合对企业研发投入的有效性研究”(20200005)。

摘　　要：围绕“财税政策组合作用是否优于单项财政补贴政策效用”“不同财税政策组合的效应之间孰优孰劣”问题,突破目前主要关注税收优惠整体的政策研究视角局限,从财税政策组合的视角,通过区分高新技术企业所得税减免和研发费用税前加计扣除政策,研究财政补贴与不同税收优惠政策组合对企业研发投入的绝对效应及其激励效果优劣,为优化中国财税政策工具组合配置提供经验证据。采用2015—2020年新三板创新层企业的数据,运用倾向得分匹配方法进行实证分析,并通过机构投资者参与、融资约束和知识产权保护三方面进行异质性检验。结果表明:就绝对效应而言,无论财政补贴与企业所得税减免,还是财政补贴与研发费用税前加计扣除政策组合,对企业研发投入均产生显著的促进作用;就相对效应而言,与单一财政补贴政策相比,两种财税政策组合对企业研发投入促进作用更大;与财政补贴与研发费用税前加计扣除政策组合相比,财政补贴与企业所得税减免政策组合对企业研发投入促进作用更大;财税政策组合效应在机构投资者参与、融资约束及知识产权保护情景下存在显著异质性。由此得到启示:政府在使用财税政策工具过程中应注意充分发挥财税政策“组合拳”的互补作用,扩大企业所得税减免政策适用范围,以及根据财税政策工具不同组合在企业研发过程中的影响效应进行合理的资源配置及优化。Focusing on the issues of"whether the effect of fiscal and tax policy mix is better than the effect of a single fiscal subsidy policy"and"which is better or worse among the effects of different fiscal and tax policy mixes",breaking through the limitations of the current policy research perspective that mainly focuses on the overall tax incentives,from the perspective of fiscal and tax policy mix,by distinguishing between high-tech enterprise income tax reduction and pre-tax deduction on R&D expenses,this paper studies the absolute effects of policy mix of fiscal subsidy and different tax incentives on enterprise R&D investment,as well as the relative effects of the two fiscal and tax policy mixes,in order to provide empirical evidence for optimizing the allocation of fiscal and tax policy tool mixes in China.The data of the innovation layer enterprises of the New Third Board from 2015 to 2020 is used for empirical analysis by using propensity score matching method,and the heterogeneity is tested through institutional investor participation,financing constraints and intellectual property protection.The results show that:in terms of absolute effect,the policy mix of fiscal subsidy and enterprise income tax reduction as well as the policy mix of fiscal subsidy and pre-tax deduction on R&D expenses can significantly promote enterprise R&D investment;in terms of relative effect,compared with the single fiscal subsidy policy,the two kinds of fiscal and tax policy mix play greater roles in promoting enterprise R&D investment;compared with the policy mix of fiscal subsidy and pre-tax deduction on R&D expenses,the policy mix of fiscal subsidy and enterprise income tax reduction has a greater impact on promoting enterprise R&D investment;the effects of the two kinds of fiscal and tax policy mix present significant heterogeneity in scenarios involving institutional investor participation,financing constraints and intellectual property protection.It can be inferred that the government should pay attention to fully leveraging

关 键 词：财税政策 政策工具组合 企业研发投入 政策影响效应 新三板创新层 

分 类 号：F812[经济管理—财政学] F272.3[文化科学] F224.2G301