财政政策组合与企业创新:“增强”还是“削弱”?——基于上市公司年报文本分析的经验证据

Fiscal Policy Combination and Enterprise Innovation:"Enhanced"or"Weakened"?

财政政策是助力企业创新的坚实保障,如何打好财政政策“组合拳”激励企业创新,是一个值得深入探讨的话题。本文基于政策组合视角,以上市公司为样本,探讨了财政政策组合对企业创新的共同影响。研究发现:财政政策组合对企业创新具有显著激励作用,且财政政策组合对研发创新、成果转化创新、产业化生产创新等不同阶段创新的影响有显著差异,财政政策组合对高研发强度企业的创新激励效应更大。进一步分析表明,财政政策组合对高风险承担水平企业、高内部控制企业的创新激励效应更大。对此,本文建议:探索多种财政政策工具协同组合,完善政府补贴政策制度,构建覆盖整个创新周期的税收优惠体系,制定行业异质性的政府采购政策。

Fiscal policy is a solid guarantee for helping enterprises to innovate.How to make a good"combination punch"of fiscal policy to stimulate enterprise innovation is a topic worthy of in-depth discussion.Based on the perspective of policy combination,this paper takes listed companies as a sample to explore the common impact of fiscal policy combination on corporate innovation.The study finds that fiscal policy combination has a significant incentive effect on enterprise innovation,and the impact of fiscal policy combination on innovation at different stages such as R&D innovation,achievement transformation innovation,and industrial production innovation is significantly different,and the fiscal policy combination has a greater innovation incentive effect on enterprises with high R&D intensity.Further analysis shows that the fiscal policy combination has a greater innovation incentive effect on enterprises with high risk bearing level and enterprises with high internal control.In this regard,it is suggested to explore the collaborative combination of various fiscal policy tools,improve the government subsidy policy system,build a tax preferential system covering the whole innovation cycle,and formulate industry-heterogeneous government procurement policies.