直接投资、财政补贴和税收优惠--基于全国孵化器数据的比较研究

Direct Investment,Financial Subsidies and Tax Incentives——Comparative Analysis Based on National Incubator Data

基于2016年全国孵化器数据,使用倾向得分匹配法(PSM)分析直接投资、财政补贴和税收优惠等政策对孵化器孵化绩效的影响。研究结果表明:直接投资、财政补贴和税收优惠均对孵化绩效有显著的激励作用。其中税收优惠政策最为有效,在孵化器基本特征和发展水平均相似的情况下,获得税收优惠的孵化器比没有获得税收优惠的孵化器在累计毕业企业指标中将多出约39个企业,效果远高于其他政策工具。此外,直接投资和财政补贴的政策效果基本相当,直接投资的激励作用要稍高于财政补贴。

Based on the 2016 national incubator data,this paper analyzes the impact of policies such as direct investment,fiscal subsidies and tax incentives on the incubation performance by using the propensity score matching method(PSM).The results show that direct investment,financial subsidies and tax incentives have a significant incentive effect on the incubation performance.Among them,tax incentives are most effective.When the basic characteristics and development level of the incubator are similar,there are 39 more graduate companies than those without a tax break which is far more effective than other policy tools.In addition,the policy effect of direct investment and fiscal subsidy is basically equivalent,and the incentive effect of direct investment is slightly higher than that of financial subsidies.