财税政策与企业新质生产力——基于链式多重中介效应分析  

Fiscal and Tax Policies and New Quality Productivity of Enterprises--Based on the Analysis of Chain Multiple Intermediary Effect

作　　者：杨志安[1] 侯耀威 Yang Zhian;Hou Yaowei(School of Economics,Liaoning University,Shenyang 110036,China)

机构地区：[1]辽宁大学经济学院,沈阳110036

出　　处：《工业技术经济》2025年第5期3-12,共10页Journal of Industrial Technology and Economy

基　　金：国家社会科学基金重大项目“人口增长趋势的经济社会影响及应对研究”(项目编号:22&ZD195);辽宁省教育新型智库项目“辽宁经济高质量发展的财税支持研究”(项目编号:LZK202003)。

摘　　要：本文基于我国沪深A股上市公司2014~2023年面板数据,构建链式多重中介效应模型,实证检验财政补贴和税收优惠对企业新质生产力的异质性影响及其作用机制。研究表明:财政补贴和税收优惠能够显著促进企业新质生产力发展,该结论经过稳健性检验与内生性分析后仍成立。机制分析发现:融资约束和风险承担在财税政策与企业新质生产力之间,不仅发挥着独立中介作用,而且也发挥着链式中介作用。异质性分析表明:财政补贴和税收优惠对非国有企业和位于中心城市企业新质生产力的边际促进作用更为显著。Based on the panel data of Chinas Shanghai and Shenzhen A-share listed companies in 2014~2023,this paper constructs a chain multiple mediating effect model to empirically test the heterogeneous impact of financial subsidies and tax incentives on the new quality productivity of enterprises and its action mechanism.The research shows that financial subsidies and tax incentives can significantly promote the development of new quality productivity of enterprises,and the conclusion is still established after the robustness test and endogenous analysis.Mechanism analysis shows that financing constraints and risk assumption not only play an independent intermediary role,but also play a chain intermediary role between financial subsidies,tax incentives and the new quality productivity of enterprises.The heterogeneity analysis shows that the fiscal subsidy and tax preferential policies have a more significant marginal promotion effect on the new quality productivity of non-state-owned enterprises and enterprises located in central cities.

关 键 词：财税政策 财政补贴 税收优惠 融资约束 风险承担 新质生产力 链式中介效应 企业高质量发展 

分 类 号：F273[经济管理—企业管理] F812[经济管理—国民经济]