税收激励与政府资助对企业R&D投入影响的实证研究——基于上市高新技术企业的面板数据

The Empirical Research on Business R&D Investment by the Means of Tax incentives and Government Subsidies——Based on Panel Data of Listed High-tech Enterprises

以2007—2009年中小企业板67家上市高新技术企业作为研究样本,采用随机效应面板数据模型,分析税收激励与政府资助对高新技术企业R&D投入的影响效应,并对这两种政策工具的激励效果进行比较。结果发现,税收激励与政府资助对企业R&D投入都有促进作用。与政府资助相比,税收激励的作用更大。

Using 67 high-tech enterprises listed in SEMS Stock Market from 2007 to 2009 as samples, this article adopted panel data model with random effects to analyze the effects of business R＆D investment by tax incentives and governmenl subsidies to high-tech listed enterprises, and compared with the incentive effects of the two policy instruments. The resuits show that both tax incentives and government subsidies have a role in promoting business R＆D investment. Compared to government subsidies, tax incentives make a greater effectiveness.