不同财政政策对企业研发投入与绩效的影响研究

The Study on the Impact of Different Fiscal Policies on Enterprises R&D Investment and Company Performance

政府补助与税收优惠这两种财政政策对企业研发投入与绩效的激励效果的差异,成为当前学界关注的课题。文章以沪深A股107家文化创意上市公司2012-2016年的数据为研究样本,实证分析了两种财政政策的不同作用,同时,还研究了这两种财政政策对不同所有制类型企业研发投入与绩效的影响。研究表明:政府补助和税收优惠都对文化创意企业的研发投入和绩效产生激励作用,但相比于政府补助,税收优惠政策对文化创意企业的研发投入与绩效有更明显的激励效果。政府补助对国有企业的研发投入促进作用更明显,税收优惠对民营企业研发投入的促进作用更明显;税收优惠对国有企业和民营企业的绩效都有激励作用,对民营企业的激励效果更显著。

Government subsidies and tax credit the two fiscal policy which have more pronounced incentive effect to the enterprise R&D investment and performance,based on the data of107Shanghai and Shenzhen stock A cultural and creative listed companies to empirical analysis the different function of fiscal policy,the influence of these two fiscal policies on the R&D investment and performance with different ownership types is also studied.The research shows that government subsidies and tax credit both have a leverage effect on R&D investment and performance,but the incentive effect of tax credit is more obvious;The government subsidies is more obvious to the R&D investment on state owned enterprises,while the tax credit is more obvious to private enterprises;Tax incentives have a motivating effect on the performance of both,and the incentives for private enterprises are more significant.