竞争性领域财政补贴、税收优惠政策对企业经营绩效的影响

The Influence of Fiscal Subsidies and Tax Preference on Corporate Performance in the Competitive Fields

在界定竞争性领域行业基础上,选择该领域行业中上市公司为研究样本,运用固定效应、系统-GMM分析方法识别了财政补贴、税收优惠政策对企业经营绩效的影响,并采取分位数回归方法进行扩展性分析。结论表明:竞争性领域的财政补贴和税收优惠对上市公司总收入增长率和总资产净利润率均存在显著的正向影响,其中财政补贴的政策效应整体上要小于税收优惠的政策效应。同时,企业在享受优惠政策的情况下,研发投入的增加有助于提升企业经营绩效,相应地,企业因享受税收优惠政策相应增加的研发投入对企业经营绩效表现出更强的挤入效应。

On the basis of measuring and defining the competitive fields,the paper uses the fixed effects model and the method of quantile inspection and sys-GM M w hich choose the listed companies＇ data of listed companies as samples,analyzes the influence of financial subsidy and tax preferential policies on the economic effect of enterprises in the competitive fields,and makes analysis w ith the method of quantile regression. The results show that the financial subsidy policy and tax preferential policies have remarkable effect on total revenue grow th rate and total net profit margin of the enterprise in the competitive fields. The effect of the policy of fiscal subsidies is less than the effect of the policy of tax preference. At the same time,RD investment w ould enhance the business performance,w hile the listed companies gain government financial subsidy policy and tax preferential policies. When the listed companies gain preferential tax policies,the management effect of enterprises w ould show stronger crow ding-in-effects,w hile it increases RD investment.