生命周期、财政政策与创新能力——基于科技型中小企业的经验证据

Life Cycle, Fiscal Policy and Innovation Ability:Empirical Evidences from Technology-Based SMES

以非上市的科技型中小企业为研究对象,采用主成分分析法评价企业创新能力。在此基础上,实证分析财政政策对创新能力的影响,以及生命周期的调节效应。研究表明,财政政策中的政府资助与税收优惠两种工具对企业创新能力都具有激励效应。在生命周期的不同阶段中,两种工具对创新能力的影响存在差异,初创期企业中政府资助对创新能力的影响大于税收优惠,而成熟期企业中税收优惠对创新能力的影响大于政府资助。因此,建议加大财政政策对科技型中小企业的支持,深化金融体制改革,促进多层次资本市场健康发展。

Taking the non-listed technology-based SMEs as the research objects, this paper evalu- ates enterprises＇ innovation abilities by applying the method of principal component analysis. On such a basis, it makes an empirical analysis of the impacts of fiscal policies on the innovation ability and the regulatory effect of life cycle. The findings show that the two tools of government funding and tax incentive in the fiscal policies have incentive effects on the innovation abilities of enterprises. At the different stages of life cycle, the impacts of the two tools on the innovation ability are different; at the start-up stages of enterprises, the impact of government funding is greater than that of tax incentives, while at the mature stages of enterprises, the impact of tax incentives is greater than that of govemment funding. Therefore, it is suggested to strengthen the fiscal policy support to the technology-based SMEs, to deepen the financial system reforms, and to promote the sound development of the multi-level capital markets.