经济政策不确定性、税收优惠政策与创新绩效

Economic Policy Uncertainty,Tax Incentives Policy,and Innovation Performance

以2007—2017年中国A股上市公司为样本,研究经济政策不确定性、税收优惠政策对企业创新绩效的影响。结果表明,税收优惠政策仅对企业的创新规模具有驱动作用;经济政策不确定性总体上促进了企业的创新绩效,且对创新规模的激励效果大于创新质量;经济政策不确定性和税收优惠政策对创新规模的促进作用具有互补关系,税收优惠政策可以增强经济政策不确定性对创新质量的正向影响。进一步研究发现,在所有制、规模、行业分类和融资约束程度不同的企业中,经济政策不确定性和税收优惠政策对创新绩效的影响具有异质性。研究结论有助于完善和强化政府政策制定,引导企业创新发展。

This paper uses China s A-share listed companies from 2007 to 2017 as a sample to study the impact of economic policy uncertainty and tax incentives policy on corporate innovation performance.The results indicate that tax incentives policy have a driving effect only on the innovation scale of enterprises,while economic policy uncertainty promotes the innovation performance of enterprises as a whole,and the incentive effect on innovation scale is greater than innovation quality.Additionally,economic policy uncertainty and tax incentives policy have a complementary relationship in regards to the promotion of innovation scale whereby tax incentives can enhance the positive impact of economic policy uncertainty on innovation quality.Further research finds that in companies with different ownership,scale,industry classification,and financing constraints,the impact of economic policy uncertainty and tax preferences on innovation performance is heterogeneous.The research conclusions of this paper can help to strengthen government policy,while guiding the innovation and development of enterprises.