税收优惠与创新质量提升——基于数量增长与结构优化的视角

Tax Incentives and Innovation Quality Improvement——Based on the Perspective of Quantity Growth and Structural Optimization

税收优惠政策的激励与引导效应是学术界和实务界所关注的焦点问题之一。本文以2008—2017年A股上市公司为样本,从数量增长和结构优化两个视角研究税收优惠与创新质量提升的关系。研究发现:税收优惠能从数量增长和结构优化两个方面促进企业创新质量提升;进行异质性检验发现,对创新质量数量与结构的平衡促进作用在非高新技术企业中显著,高新技术企业未能借助税收优惠实现创新质量的结构优化;创新投入在税收优惠与创新质量结构的关系中发挥中介作用,且市场化进程对这种作用机制产生调节效应。市场化进程低的非高新技术企业自身技术实力和外部资源条件均处于劣势,更依赖税收优惠政策;随着市场化进程的提高,资源配置得以改善,创新过程中的市场失灵降低,企业对外部政策支持的依赖减弱。因此,有必要通过多元化的税收优惠策略和差异化的税制设计引导企业从数量和结构两个方面实现创新质量的全面提升。企业自身也需更新创新意识,注重事关长远发展的创新数量与创新结构之间的平衡,提升创新失败容忍度,预留机动财力,实现创新质量的结构升级。

The incentive and guidance effect of tax incentive policy is one of the focus issues in academic and practical circles.This paper makes use of the data of a-share listed companies from2008 to 2017,to study the relationship between tax incentives and innovation quality improvement from the perspectives of quantity growth and structure optimization.The research finds that:tax incentives can promote the improvement of enterprise innovation quality in terms of quantity and structure.Heterogeneity test was performed and we find the role of promoting the balance between quantity and structure of innovation quality is significant in non-high-tech enterprises.High-tech enterprises fail to optimize the structure of innovation quality by means of tax incentives.R&D plays an intermediary role in the relationship between them.Meanwhile the marketization process has a moderating effect on this mechanism.Non-high-tech enterprises with low marketization process are at a disadvantage in terms of technical strength and external resources and rely more on tax incentives.With the improvement of marketization process,resource allocation is improved.Market failure in innovation process is reduced,and enterprises are less dependent on external policy support.Therefore,it is necessary to guide enterprises to achieve comprehensive improvement of innovation quality in terms of quantity and structure through diversified tax preference strategies and differentiated tax system design.Enterprises also need to renew their awareness of innovation and pay attention to the balance between the number and structure of innovation that are related to the long-term development,improving the tolerance of innovation failure and reserving flexible financial resources,to upgrade the structure of innovation quality.