税收激励对企业价值的影响--基于研发绩效的中介效应

The Effect of Tax Incentive on Firm Value:Based on the Mediating Effect of R&D Performance

文章利用2008—2019年中国上市公司的数据,基于政府采用税收优惠政策促进企业创新的视角,研究税收激励与企业价值之间的关系,并考察研发绩效在其间发挥的中介作用。通过研究发现,税收激励会使得企业价值得到提升,而研发绩效在税收激励提升企业价值中起到了部分中介的作用。由于不同类型的企业受到的税收激励程度不同,其进行创新活动的动机存在差异,因此,进一步对不同产权性质以及是否具有高新技术企业资质对研发绩效在税收激励影响企业价值的中介效应是否存在差异进行了研究。经研究表明,在国有企业中,研发绩效在税收激励促进企业价值中具有部分中介效应,但在非国有企业中却不具有中介效应;而企业无论是否属于高新技术企业,其研发绩效在税收激励与企业价值之间都具有部分中介效应。

According to the data of Chinese listed companies from 2008—2019,the relationship between tax incentive and enterprise value was studied from the perspective of the government using tax incentive to promote enterprise innovation,and then the intermediary role of research and development performance in this relationship was discussed.Through the study,it is found that tax incentives can improve enterprise value,and R&-D performance plays a partial intermediary role in the improvement of enterprise value by tax incentives.Different types of enterprises receive different levels of tax incentives and have different motivations for innovative activities.Therefore,it is further studied whether there are differences in the mediating effect of R&-D performance on the impact of tax incentives on enterprise value with different property rights and whether they have high-tech enterprise qualifications.The results show that in state-owned enterprises,R&-D performance has played a partial mediating role in the effect of tax incentives on enterprise value.On the contrary,there is no mediating effect in non-state-owned enterprises.However,no matter whether a firm belongs to high-tech enterprise or not,the firm’s R&D performance has a partial intermediary effect between tax incentives and firm value.