研发支持政策、制度环境与企业研发投入

R&D Support Policy Choice,Institutional Environment and Enterprise R&D Investment

2015年国务院首次提出,建立适应创新驱动发展要求的制度环境是提高科技创新能力的基本保障,政府的研发支持政策能否有效激励企业研发投入受到制度环境的约束。本文基于区域制度环境的视角提出了财政补贴和税收优惠政策对企业研发投入的激励机制,并对2010-2016年中国A股上市公司进行实证检验。结果发现,财政补贴和税收优惠均能有效激励企业研发投入;区域制度环境对企业研发激励存在倒U型关系,且正式制度环境为硬约束、强激励,非正式制度环境为软约束、柔激励;制度环境对财政补贴的激励效果存在负向调节作用,制度环境建设越好越能有效提高税收优惠对企业研发投入的激励效果。所有制异质性检验发现,财政补贴对民营企业的激励效果更大,对国有企业的激励效果相对较差;区域异质性检验发现,东部地区的税收优惠政策激励效果相对更好。从以上结论发现,制度环境建设对研发支持政策选择存在显著影响。基于此,本文提出相应政策建议,以期提高研发支持政策的有效性。

In 2015,the state council first proposed the establishment of institutional environment to meet the requirements of innovation-driven development,which is the institutional guarantee for improving the capacity of scientific and technological innovation.Whether the government＇s RD subsidy policy can effectively stimulate enterprise innovation input is restrained by institutional environment.Therefore,this article based on the perspective of regional institutional environment proposed choice of fiscal subsidies and tax policies for the enterprise RD incentive mechanism,and empirically analyzed China＇s A-share listed companies from 2010 to 2016.The results show that financial subsidies and tax incentives can effectively stimulate enterprise RD investment.The regional institutional environment has an inverted u-shaped relationship for enterprise RD incentive,and the formal institutional environment is strong incentive and hard constraint,and the informal institutional environment is weak incentive and flexible constraint.The system environment has negative regulation effect on the fiscal subsidy,and the better system environment is,the more effective the incentive effect of tax incentives will be on the RD investment.Furthermore,it is found that the incentive effect of fiscal subsidy on private enterprises is greater and the incentive effect of state-owned enterprises is poor.The regional heterogeneity test found that the incentive effect of tax incentives in the eastern region is better.From the above conclusion,it is found that institutional environment construction has a significant influence on the policy selection of RD funding,and the corresponding policy Suggestions are proposed in this paper,so as to improve the effectiveness of RD support policies.