税收激励与企业创新:CEO通用能力的调节作用

Tax Incentives and Firm-Level Innovation:Moderating Role of CEO’s General Ability

税收激励是否促进了企业创新,一直是研究者们关注的话题。然而,关于管理者整体职业经验对于税收激励影响创新效果的研究尚未涉及。本文基于2008—2016年中国上市高新技术企业数据,采用面板固定效应和负二项回归,实证检验CEO通用能力对税收激励促进企业创新效应的调节作用。研究结果表明:税收激励显著提升了获得资格认定高新技术企业的研发投入强度、研发产出专利申请数量及质量;在熵值法下以CEO职业经历的工种数、省份数和行业数为指标测算的CEO通用能力显著正向调节该促进作用。异质性检验显示:CEO通用能力显著正向调节了处于成熟期企业以及大规模企业的税收激励与研发投入和发明专利申请量之间关系,也显著正向调节了成长期企业税收激励与研发投入的关系。稳健性和内生性检验进一步证实了税收激励提升企业创新的作用。本文基于CEO通用能力这一新的研究视角,拓展了税收激励与企业创新相关研究文献,也为高新技术企业如何提升创新绩效提供理论借鉴。

Whether tax incentives promote enterprise innovation has always been a topic of concern for researchers.However, the impact of managers’ lifetime work experiences on tax incentives and innovation has not been involved.Using the data of Chinese listed high-tech enterprises from 2008 to 2016, it analyzed whether CEO’s general ability moderates the relationship between tax incentives and firm-level innovation by applying panel model with fixed effects and negative binomial regression analysis. The result shows that tax incentives significantly promote R&D investment, the quantity and quality of patent applications of qualified high-tech enterprises. Under the entropy method, CEO’s general ability measured by the number of types of work, provinces and industries of CEO’s professional experience significantly positively moderates the promotion effects. Heterogeneity test shows that CEO’s general ability has a significant positive moderating role on R&D investment and invention patent applications of firms in the mature stage and with large scale, as well as a significant positive moderating role on R&D investment of firms in the growth stage.The role of tax incentives in promoting firm-level innovation is supported by endogenous and robustness tests. Based on CEO’s general ability, it provided a new research perspective on the relationship between tax incentives and firm-level innovation, which is an expansion of the existing literature. To promote the innovation performances, the existing hightech enterprises may use the reference from research findings.