财税激励企业技术创新效应:基于高新技术企业减税降费

Effects of Fiscal and Tax Incentives on Enterprise Technological Innovation Based on Tax and Fee Cuts for High-Tech Enterprises

创新的核心主体是微观企业,而高新技术企业是现代化建设下推动技术创新的中坚力量,利用2009—2020年中国A股高新技术企业上市公司数据,探讨了减税降费政策激励高新技术企业技术创新的逻辑机理。研究结果表明:减税降费政策显著提高了高新技术企业技术创新能力。其中,减税政策对企业实质性和策略性创新都产生了正向激励效应,而降费政策只对企业策略性创新产生正向激励效应。进一步对税种进行细分可以发现,相较于企业所得税税负,增值税税负对高新技术企业技术创新能力的影响更大。异质性分析表明,与东部地区相比,减税降费政策对中西部地区技术创新的促进作用更强;对非国有企业、处于成长期和成熟期的高新技术企业,作用效果更明显。机制分析表明,减税降费通过缓解企业融资约束提升高新技术企业的技术创新能力。因此,政府应不断优化税制结构,加快增值税和企业所得税改革,以提高实质性创新为目标,促进高新技术企业创新能力的提升。

The main subject of innovation is enterprises in the markets,and high-tech enterprises are the backbone of technological innovation under the modernization construction.Based on the data of listed companies of China's A-share high-tech enterprises from 2009 to 2020,this paper discusses the theoretical logic of tax reduction and fee reduction to stimulate technological innovation of high-tech enterprises.The research shows that tax and fee cuts have significantly improved the technological innovation capacity of high-tech enterprises.Among them,the policy of tax reduction has positive effect on both substantive and strategic innovation of enterprises while the policy of fee reduction has only incentive effect on strategic innovation of enterprises.When it comes to tax types,compared with enterprise income tax,VAT tax burden has a greater impact on the ability of high-tech enterprises'technological innovation.Compared with the castern region,tax and fee reduction has more obviously promoting effect on the central and western regions.For non-state-owned enterprises,high-tech enterprises in the growth and maturity stage,tax and fee reduction has a stronger role in promoting.Further research shows that tax and fee reduction can improve the technological innovation of high-tech enterprises by easing the financing constraints of enterprises.Therefore,the government should continue to optimize the structure of the tax system,accelerate the reform of value-added tax and enterprise income tax,and implement refined tax and fee reduction policies to improve the innovation ability of high-tech enterprises.