多维财税优惠政策激励创新会产生合成谬误吗  

Do Multiple Innovation-Incentivizing Fiscal and Tax Policies Create Synthetic Fallacy?

作　　者：徐咏仪 冯海波[1] XU Yongyi;FENG Haibo(Jinan University,510632)

机构地区：[1]暨南大学经济学院,510632

出　　处：《财贸经济》2023年第12期29-47,共19页Finance & Trade Economics

基　　金：国家社会科学基金重点项目“多维减税手段激励企业创新的效果差异性及政策优化研究”(20AJY023)。

摘　　要：为实施创新驱动发展战略,政府对企业采取了多种财税激励政策。要想完整而准确地评估政策效果,既要考虑单一政策对创新的影响,更要关注多种政策之间的相互作用。本文基于2008—2021年上市公司的数据,评估了研发费用加计扣除政策、企业所得税税率减免政策和财政补贴政策三种最常见的创新激励政策对企业创新的全过程影响。从政策效果来看,三种政策对企业创新均有显著的正向影响。从政策交互作用来看,研发费用加计扣除政策与企业所得税税率减免政策、财政补贴政策在创新全过程都存在替代作用,企业所得税税率减免政策和财政补贴政策仅在研发投入的过程中存在替代作用,三种政策的交互作用则不显著。实证结果表明,激励创新的财税政策并非多多益善,多维财税优惠政策的合成效果取决于政策本身的激励效果与政策之间的相互作用。异质性分析表明,地区市场化水平和数字金融水平的提高缓解了政策之间的替代作用,有助于政策互补。本文为中国政府进一步优化减税政策,提高政策精准性,构建相互协同的创新激励机制提供了参考依据。Over the past 20 years,the Chinese government has adopted a variety of fiscal and tax incentives to stimulate corporate innovation.Their overlapping has created a multi-dimensional fiscal and tax policy mix to incentivize innovation.The effect is not the simple sum of the expected effect of each individual policy.Since different policies have different impact mechanisms on innovation,they may mutually substitute or reinforce.In terms of policy implementation,policymakers usually focus on the unique effect of a certain policy on innovation,but neglect synthetic fallacy that may arise from the interaction of multiple policies.As a result,there are more and more tax incentives,but is the more necessarily the better?reandmore:laxncenves,but sanytmebelter!To answer this question,it is important to consider both the impact of a single policy on innovation and to focus on the interaction between multiple policies to comprehensively and accurately assess policy effects.This paper uses the sample data of Chinese listed enterprises from 2008 to 2021 and assesses the effects of the additional deduction policy regarding R&D expenses,the corporate tax rate reduction policy and fiscal subsidies on corporate innovation.These policies are the three most typical innovation-incentivizing policies in China.In the descriptive statistics,this paper finds that firms enjoying only one type of tax incentives may not be less innovative than those enjoying multiple fiscal preferential policies.The innovation ability of firms enjoying two preferential policies is not much different from those enjoying all three policies at the same time.The empirical results are as below.(1)All three policies have significant positive impacts on corporate innovation.(2)In terms of policy interaction,the additional deduction policy for R&D expenses,the tax rate reduction policy and subsidies can substitute each other in the whole process of innovation,while the tax rate reduction policy and subsidies can only substitute each other in the process of R&D inve

关 键 词：多维财税优惠政策 政策组合 企业创新 合成谬误 

分 类 号：F272[经济管理—企业管理]