R&D税费减免对中国企业生产率激励效应的非线性研究

A Nonlinear Study on the Incentive Effect of R&D Tax Credit on Chinese Enterprise Productivity

R&D税收激励政策是实施创新驱动战略的重要政策工具,深入理解R&D税费减免对创新企业生产率的激励效应与内在逻辑,是事关建设创新型国家和塑造发展新优势的重要问题。本文在归纳典型事实基础上构建了R&D税费减免提升企业生产率决策模型,并利用2008—2014年中国科技调查企业数据实证检验。研究发现,在中国创新企业中,R&D税费减免强度与企业生产率之间存在先升后降的非线性关系。在低减免强度的企业中,R&D税费减免对企业生产率产生了促进效应,而在高减免强度企业中,R&D税费减免对企业TFP产生了抑制效应。本文进一步验证了R&D税费减免通过内部企业创新提升企业生产率,而政府干预市场抑制了R&D税费减免的企业生产率激励效应,即“内部企业创新”和“外部政府干预”是R&D税费减免非线性影响企业生产率的两个渠道。本文研究为“十四五”实施更大力度的普惠性政策增加了新的认识,为提升企业技术创新能力提供了有益启示。

R&D tax incentive policies is an important tool for implementing innovation-driven strategies.In-depth understanding of the incentive effect and internal logic of R&D tax credits on the productivity of innovative enterprises is closely related to building an innovative country and reshaping new development advantages.Based on the typical facts,this paper constructs a decision-making model for improving corporate's total factor productivity(TFP)and includes R&D credit factors,and then uses the data of Chinese technology survey companies from 2008 to 2014 for empirical analysis.The study found that in China's local innovative companies,there is a nonlinear relationship between the R&D tax credit intensity and the company's TFP.Among the low-density enterprises,the R&D tax credit has significantly increased the enterprise TFP,while in the high-density enterprises,it has a restraining effect.Further,we verify that R&D tax deductions enhance corporate productivity through product innovation,while government intervention in the market suppresses the productivity incentive effect of R&D tax deductions.That is,“internal enterprise innovation”and“external government intervention”are the two channels through which R&D tax relief affects enterprise productivity nonlinearly.This research has added new knowledge for the implementation of more vigorous inclusive policies during the 14th Five-Year Plan period,and provided useful enlightenment for the improvement of enterprises'technological innovation capabilities.