创新激励政策与企业技能需求——来自研发费用加计扣除政策的证据

The Effect of Innovation Incentive Policy on Technical Staff Employment

在企业人力资本结构中,从事研发生产的技能劳动力深刻影响着企业的自主创新活力。创新激励政策能否以及如何促进企业调整人力资本结构更偏向研发创新的问题值得关注。本文以2015年研发费用加计扣除政策这一“准自然实验”为切入点,基于2012—2020年A股上市公司的雇佣数据,构建双重差分模型,实证考察创新激励政策对企业人力资本结构的影响和机制。研究发现:第一,研发费用加计扣除政策显著促进企业从事研发生产的技术人员需求。第二,其主要机制来自物质资本投资的提高,在资本-技术互补的前提下,企业进一步提高技术人员需求。第三,该政策对地方政府干预较强地区企业、制造业企业具有更显著的激励作用。本文的研究结果表明,创新激励政策促进了企业人力资本结构更偏向研发创新,实现了政策的预期目标。

Using longitudinal data on A-share listed firms,we empirically study whether innovation incentive policies will adjust a firm’s human capital structure to be more R&D-biased,which is a potential source of firm innovation ability.The identification uses China’s Policies for the Weighted Pre-Tax Deduction of Research and Development Expenses in 2015.The main findings are as follows:First,the policy significantly promotes the demand for technical personnel,which are mainly involved in R&D activities.Second,the main mechanism comes from the improvement of physical capital investment.Under the premise of capital-technology complementarity,firms further increase the demand for technical personnel.Third,the firms in the manufacturing industry and in areas with strong local government intervention are affected more significantly.Our study contributes to the literature by identifying a potential channel through which innovation incentive policies benefit a firm’s innovation ability.