财税激励政策对高新技术企业研发投入影响效应分析——基于广义倾向得分法的实证研究

Effect of Financial and Taxation Incentive Policies on R&D Investment of High-tech Enterprises——An Empirical Analysis Based on Generalized Propensity Score Model

本文基于2011—2014年中关村高新技术企业微观数据,运用广义倾向得分法和最新发展的非参数估计方法,测度了税收优惠和财政直接补贴在不同强度下对高新技术企业R&D投入的动态效应,并就政策的有效性进行了对比分析。结论认为:财税政策对不同规模高新技术企业R&D活动的影响具有异质性,且存在政策最优作用区间。大中企业的R&D投入只对税收优惠的强度变化敏感,税收优惠强度增加可有效促进其R&D投入,而直接补贴的边际激励效应不显著;小微企业对两种政策均较为敏感,税收优惠对其R&D活动的激励作用显著,随着直接补贴的强度增加其R&D投入水平缓慢提高。

Based on 2011-2014 micro data of Zhongguancun high-tech enterprises, Generalized Propensity Score model and new developed non-parametric estimation method are used to analyze dynamic effects of tax incentive and financial direct subsidy under different intensities on stimulating innovation activity of high-tech enterprises, and the effectiveness of different policies are compared. The results reveal that there are heterogeneity among effects of financial and taxation policies on R＆D activities of high-tech enterprises with different sizes, and there are ＂optimization intervals＂ of policy. The R＆D investment of large and medium-sized enterprises is only sensitive to intensity change of tax incentive, increase in intensity of tax incentive can effectively promote R＆D investment, but the marginal incentive effect of direct subsidy is not significant ; Small enterprises are sensitive to both policies, the incentive effect of tax incentive on R＆D activities is significant, while with intensity increase of direct subsidy, R＆D investments increase slowly.