税收优惠与研发投入——基于营商环境调节效应的实证研究

Tax Incentives and R&D Investment:An Empirical Study Based on Regulatory Effect of Business Environment

选取我国A股上市公司2011-2020年财务面板数据,实证检验税收优惠对企业研发投入的影响路径,探讨营商环境在税收优惠与研发投入之间所起的调节作用。研究结果表明:税收优惠政策对企业研发投入具有显著的激励作用,营商环境能够调节税收优惠与研发投入之间的关系。分地区看,营商环境对东部地区税收优惠与研发投入的调节力度要强于中、西部地区;分产权性质看,营商环境对非国有企业税收优惠与研发投入的调节力度要强于国有企业。

This paper selects the financial panel data of Chinese A-share listed companies from 2011 to 2020 to empirically test the impact path of tax incentives on enterprise research and development(R&D)investment,and reveal the regulatory role of business environment between tax incentives and R&D investment.The results indicate that tax incentives have a significant incentive effect on enterprise R&D investment,and the business environment can regulate the relationship between tax incentives and R&D investment.From a regional perspective,the regulatory effect of the business environment has regional heterogeneity,with stronger regulation of tax incentives and R&D investment in the eastern region than in the central and western regions.From the perspective of property rights,the regulatory effect of the business environment between tax incentives and R&D investment for non-state-owned enterprises is stronger than that for state-owned enterprises.