减税如何影响企业高质量创新?——基于中国上市公司的实证研究

How Does Tax Reduction Affect High Quality Innovation of Companies?——An Empirical Research on Chinese Listed Companies

以高质量创新促进中国经济高质量发展是贯彻新发展理念的重要途径,企业是市场的主体也应当成为技术创新的主体。近年来的减税政策是否推动企业高质量创新成为值得关注的议题。基于2011-2019年沪深A股上市公司面板数据,采用渐进式双重差分模型,以固定资产加速折旧政策为例,探究了减税对企业高质量创新产生的影响。研究表明:(1)减税显著推动了企业高质量创新的发展,该结论经过一系列稳健性检验后依旧成立;(2)减税主要通过“外延扩张”推动企业高质量创新,政策实施后新增的创新产出数量是推动企业创新质量提升的主要机制,但该政策未能“纵向深化”原有创新的质量,平均专利质量并未提升;(3)减税对企业高质量创新的影响存在异质性效果,其对非制造、规模较大以及存续时间较长企业的激励效果更佳。鉴于此,政府应继续实施减税政策,同时为了发挥更为广泛的激励效应,也应做出诸如增强减税普惠性、分层次有针对性地优惠以及注重政策组合效应等调整。

Promoting the high quality development of the China’s economic with high quality innovation is an important way to implement the new development concept. As the major body of the market, companies should also become the major body in technological innovation. Whether the tax reduction policies in recent years have promoted high quality innovation of companies has become a topic of concern. Based on the panel data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2019, this paper adopts the progressive difference-in-differences mode and taking the accelerated depreciation policy of fixed assets as an example, this paper explores the impact of tax reduction on high quality innovation of companies. The research shows that :(1) Tax reduction significantly promotes the development of high quality innovation and this conclusion is still valid after a series of robustness tests;(2) Tax reduction mainly promotes high quality innovation of companies through "extensive strategy". The number of new innovation outputs after the implementation of the policy is the main mechanism to promote the improvement of innovation quality of companies, the policy failed to improve the quality of existing innovations through "intensive strategy", and the average patent quality has not been improved;(3) Tax reduction has a heterogeneous effect on high quality innovation, and it has a better incentive effect on non-manufacturing, large-scale and long-term companies. In view of this, the government should continue to implement the tax reduction policy. At the same time, in order to give play to a wider incentive effect, the government should also make adjustments such as enhancing the universality of tax reduction, making hierarchical and targeted concessions and paying closer attention to the effect of policy combination.