减税激励与企业并购行为——来自高新技术企业认定的证据  

Tax Reduction Incentives and Corporate M&A Behavior——Evidence from the Recognition of High-Tech Enterprises

作　　者：李国栋[1] 蓝发钦[1] 国文婷 LI Guo-dong;LAN Fa-qin;GUO Wen-ting

机构地区：[1]华东师范大学经济与管理学院,上海200333 [2]信阳师范大学商学院

出　　处：《现代金融研究》2024年第12期47-56,共10页Journal of modern finance

基　　金：国家社科基金重点项目(23AJL009);国家自然科学基金项目(72173045);上海市社科基金项目(2022ZJB006)的资助。

摘　　要：本文探究了高新技术企业认定对企业并购行为的影响及其作用机制。研究发现,高新技术企业认定显著促进了企业的并购活动,这一促进效应在期权激励较高和市场地位较低的企业中更为明显。机制分析表明,高新技术企业认定通过税收优惠、财政补贴、缓解企业融资约束和提升风险承担水平来促进企业并购。本文肯定了高新技术企业认定政策对高新技术企业迅速壮大和创新发展的积极作用,为进一步优化高新技术企业认定政策和促进企业高质量发展提供了经验证据。This paper explores the impact of high-tech enterprise recognition on corporate M&A behavior and its mechanism.It is found that high-tech enterprise recognition significantly promotes the M&A activities of enterprises,and this promotion effect is more obvious in enterprises with higher option incentives and lower market position.The mechanism analysis shows that high-tech enterprise recognition promotes M&A by tax incentives and fiscal subsidies,alleviating enterprise financing constraints and enhancing risk-taking levels.This paper affirms the positive role of high-tech enterprise identification policy on the rapid growth and innovative development of high-tech enterprises,and provides empirical evidence for further optimizing the high-tech enterprise recognition policy and promoting the high-quality development of enterprises.

关 键 词：减税激励 并购 创新 融资约束 

分 类 号：F276.44[经济管理—企业管理] F812.42[经济管理—国民经济] F271