减税降费对上市公司创新影响研究

Research on the Influence of Tax Reduction and Fee Reduction on the Listed Companies Innovation

减税降费是当前我国深化财税制度改革的重要举措,如何把握不断推出的政策红利是当前企业应当面对的问题。本文以企业创新为切入点,以2015-2019年沪深A股上市公司为研究对象,就减税降费对企业创新活动的影响,从投入与绩效两端分别进行实证检验。研究结果表明,减税降费能整体有效激励企业进行创新活动。进一步检验发现,相对于非国有企业,减税降费对国有企业创新投入、创新绩效更具有促进作用;处于市场化程度较高区域的企业,减税降费对企业创新促进作用更明显。因此,政府不仅可以通过实施各类减税降费措施以促进企业整体创新,同时还需要通过差异化策略推进整个社会经济协调发展。

Tax reduction and fee reduction is an important measure to deepen the reform of the financial and tax system in China.How to grasp the policy dividend is the problem that enterprises should face.This paper takes the innovation activities of enterprises as the starting point,and it takes the listed companies of Shanghai and Shenzhen A shares from 2015 to 2019 as the research object,and conducts empirical tests on the effect of tax reduction and fee reduction on innovation investment and innovation performance.The results show that tax reduction and fee reduction can effectively encourage enterprises to carry out innovation activities.Further test shows that tax reduction and fee reduction have more promoting effect on innovation investment and innovation performance of state-owned enterprises than non-state-owned enterprises.In the high market-oriented region,tax reduction and fee reduction have more obvious effect on promoting enterprise innovation.Therefore,the government can not only promote the overall innovation of enterprises by implementing various tax reduction and fee reduction measures,but also need to promote the coordinated development of the whole social economy through differentiation strategy.