财政R&D补贴、税收优惠激励制造业企业实质性创新了吗?——基于倾向得分匹配及样本分位数回归的研究

Do Fiscal R&D Subsidies and Tax Incentives Encourage Substantive Innovation?——Based on Propensity Score Matching and Sample Quantile Regression

财政R&D补贴和税收优惠对创新异质性企业的影响效应,还需从分层角度进行细化和深入研究。基于中国制造业企业样本数据,采用倾向得分匹配及分位数回归分析方法,分别从整体、产权性质和创新分层三个维度系统评估财政R&D补贴、税收优惠对制造业企业实质性创新的影响。结果表明,财政R&D补贴和税收优惠总体上促进了我国制造业企业的实质性创新活动,但两者的作用效果存在差异,财政R&D补贴的激励效果明显优于税收优惠政策;与国有企业相比,非国有企业实质性创新行为对财政R&D补贴和税收优惠的刺激反馈更加灵敏,而基于制度安排的国有企业与政府政治联系紧密,弱化了财税政策效果,国有企业更偏向于“寻扶持”的策略性创新;从分层视角来看,具有“排他性”的财政R&D补贴对创新异质性企业的影响呈“单调递增”趋势,激励效果十分明显,而税收优惠的作用却呈“单调递减”趋势,激励效果明显弱于财政R&D补贴。

Using PSM and QR analysis methods to evaluate the impact of fiscal R&D subsidies and tax incentives on corporate substantive innovation systematically from the perspective of overall samples,property right characteristic and stratification based on the sample data of China’s shanghai-shenzhen a-share listed manufacturing enterprises. The research results show that the fiscal R&D subsidies and tax incentives generally promote the substantive innovation activities of China’s manufacturing enterprises,but their effects are different,and the incentive effect of fiscal R&D subsidies is better than the tax incentives obviously. Compared with state-owned enterprises,non-state-owned enterprises’ substantive innovation behaviors are more sensitive to the feedback of fiscal R&D subsidies and tax incentives. However,the political connection between state-owned enterprises and the government based on institution arrangement weakens the effect of fiscal and tax policies,and state-owned enterprises prefer strategic innovation of “seeking for support”. From the perspective of stratification,the “exclusive” impact of fiscal R&D subsidies on innovative heterogeneous enterprises is “increasing monotonically”,and the incentive effect is very obvious,while the effect of tax incentives is “decreasing monotonically”,and the effect is obviously weaker than that of fiscal R&D subsidies.