税制改革政策对企业创新效率的影响分析——基于中国2014—2021年上市公司数据的经验研究

Analysis on the Influence of Tax Reform Policy on Enterprise Innovation Efficiency:Empirical Research based on the Data of Chinese Listed Companies from 2014 to 2021

中国税制改革政策于2014年正式实施,作为一项重要的税收改革政策创新,引起了监管机构和学者的广泛关注。文章采用2014—2021年上市公司数据,研究税制改革政策的实施对企业创新效率的影响,研究发现:总体上,重视履行税制改革政策的上市公司在创新方面的投资更大,这是因为税制改革政策有利于管理者识别研发机会,减轻企业融资限制,并降低代理成本,促进管理者执行企业研发投资决策,从而刺激企业创新活动的开展,进而提升企业创新效率。进一步研究后发现,税制改革政策会对企业信息环境和商业决策产生积极影响。研究结果呼应了税制改革政策所带来的积极经济效应,为鼓励企业开展创新活动、构建社会信用体系提供了充实的理论依据与经验支撑。

The tax reform policy was officially implemented in 2014. As an important tax reform policy innovation, it has attracted the attention of regulators and scholars. Therefore, this paper uses the data of listed companies from 2014 to 2021 to study the impact of the implementation of tax reform policies on the innovation efficiency of enterprises. The findings are as follows: Overall, attaches great importance to the performance of the tax reform policy of listed companies more investment in innovation, this is because the tax reform policy is beneficial to help managers identify research opportunity, for enterprise financing of constraint, and reduce the cost of the agent need, make the leader more convenient various research and development and investment plan of the enterprise. Thus stimulating the development of enterprise innovation activities, and improve the efficiency of enterprise innovation. Further research shows that the tax reform policy has a positive impact on corporate information environment and business decisions. The research results echo the positive economic effects brought by tax reform policies, and provide substantial theoretical basis and empirical support for encouraging enterprises to carry out innovative activities and build a social credit system.