R&D税收激励、制度环境与高新制造企业创新--来自2009-2015年全国税收调查数据的分析

R&D Tax Incentives,Institutional Environment and Innovation of High-tech Manufacturing Enterprises

基于详实的R&D税收减免微观企业数据库2009-2015年全国税收调查数据,尝试对是否存在最优R&D税收激励力度以及制度是否会影响R&D税收激励创新效应问题给予回答。考虑企业创新滞后性,结合静态和动态面板模型进行估计,显示R&D税收激励与企业创新呈显著的倒"U"型关系,制度环境对企业创新具有正效应,强化R&D税收激励的挤入效应,且制度环境对R&D税收激励的强化作用对东部地区和外资企业更为显著。为缓解内生性,进行样本分组回归发现研究基本结论同样适用于门槛较低的研发加计扣除政策样本企业,增进了核心发现的准确性。排除样本选择性偏差和变量替换后,研究基本结论依然较为稳健。

Based on the detailed 2009-2015 national tax survey data of R&D tax reduction micro-enterprise database,this paper attempts to answer whether there is an optimal R&D tax incentive, whether the system will promote enterprise innovation and influence the R&D tax incentive effect. Considering the lag of enterprise innovation,combined with static and dynamic panel models,it is estimated that R&D tax incentives and enterprise innovation have a significant inverse "U"-type relationship. The institutional environment has a positive effect on enterprise innovation,and strengthens the crowding-in effect of R&D tax incentives. And the strengthening effect of the institutional environment on R&D tax incentives is more significant for the eastern region and foreign-invested enterprises. In order to alleviate endogeneity,the basic conclusions of the sample group regression analysis in this paper are also applicable to the sample enterprises with lower thresholds for R&D and deduction policies, which improve the accuracy of core findings. Finally, after excluding the sample selectivity bias and variable substitution,the basic conclusions of the study are still relatively stable.