“减税降费”下上市企业税负对创新产出的影响研究

Research on the Impact of Tax Burden of Listed Companies on Innovation Output under the Policy of “Tax Reduction and Fee Reduction”

以2008—2019年我国A股上市企业为样本,运用双向固定效应模型考察减税降费政策下企业税负对创新产出的影响效应,结果发现减税降费政策下企业税负下降对创新产出有显著激励作用,表现为策略性创新产出的显著增加,但对实质性创新产出无显著影响。当考虑产权性质和行业差异时,税负下降只对非国有企业和高技术企业的创新产出有显著促进作用。进一步分析发现,融资约束在企业税负与创新产出的关系中起到中介作用。因此,制定政策时应更多向企业的实质性创新倾斜,同时也要充分考虑产权和行业的异质性。

This paper uses the data of China’s A-share listed companies from 2008 to 2019,and uses a two-way fixed effect model to examine the impact of corporate tax burden on innovation output under the policy of tax reduction and fee reduction.The results found that the decline in corporate tax burden has a significant incentive effect on innovation output.But it only has a significant increase in strategic innovation output,and has no significant impact on substantive innovation output.In addition,the decline in tax burden only has a significant effect on the innovation output of non-state-owned enterprises and high-tech enterprises,and has no significant effect on neither state-owned enterprises nor non-high-tech enterprises.Further analysis found that financing constraints play an intermediary role in the relationship between corporate tax burden and innovation output.Therefore,the government’s policies should be more inclined to the substantive innovation of enterprises,and at the same time,the heterogeneity of property rights and industries should be fully considered.