开发区政策对企业研发与盈利能力的影响研究——来自武汉东湖高新区“黄金十条”的经验证据

Research on the Impact of Development Zone Policies on Enterprise R & D and Profitability ——based on "Ten golden policies" in Wuhan East Lake High-tech Development Zone

以2012年8月27日武汉市政府出台的《促进东湖国家自主创新示范区科技成果转化体制机制创新若干建议》(简称“黄金十条”)政策为例,运用双重差分法,对东湖高新区的政策效果展开实证研究。结果显示:“黄金十条”政策对开发区企业创新能力提升有显著效果,同时企业的盈利能力也有一定提升;人力资本与企业研发和盈利能力呈正相关,但负债约束、股利政策对企业研发激励效应不明显。研究还发现,开发区应继续以企业研发和盈利能力为导向制定政策,给予企业研发贷款加计扣除与财政贴息,股权奖励政策由“分期纳税”调整为“延期纳税”,加大开发区企业技术人才所得税优惠力度,提高企业技术开发和盈利的效果。

This paper takes the policy of "Several Suggestions on Promoting the Innovation of the System and Mechanism for the Transformation of Scientific and Technological Achievements in the East Lake National Independent Innovation Demonstration Zone"(referred to as the "Golden Ten") issued by the Wuhan Municipal Government on August 27, 2012 as an example, and uses difference-in-differences model(DID) to carry out an empirical study on the policy effect of China’s development zones. It is concluded that the development zone policy has a significant effect on the R&D ability, and it also has a certain effect on improving the profitability of enterprises. Human capital is positively correlated with enterprise R&D ability and profitability, but the effect of debt constraint and dividend policy on enterprise R&D incentive are not obvious. At the same time, the conclusion shows that the Development Zone should optimize the policy based on the orientation of enterprise R&D and profitability improvement, and give enterprises extra tax deductions for research and development costs and financial discount interest, change equity incentive policy from "installment payment of tax" to "deferred tax payment", increase income tax incentives for technical talents in development zone enterprises, etc.