财税激励政策对企业数字化转型的影响

The Impact of Fiscal and Tax IncentivePolicies on Enterprise Digital Transformation

基于2012—2020年中国A股上市公司面板数据,分析财税政策对企业数字化转型的影响。研究表明,财政补贴和税收优惠均能够激励企业数字化转型,相比于财政补贴,税收优惠对数字化转型的激励作用更强。并且这种激励作用存在明显的异质性,即对东部地区、成熟期企业的激励效果最为显著。进一步分析表明,财税政策对企业数字化转型的激励作用存在门槛效应,当其力度超过某一门槛值后,财税政策对企业数字化转型的正向作用开始减弱。另外,相比于“事前激励”的财政补贴,“事后激励”的税收优惠政策对于外部环境要求更低,具有更强的普适性。

Based on the panel data of China′s A-share listed companies from 2012 to 2020,this paper studies the impact of fiscal and tax policies on corporate digital transformation.It is found that both financial subsidies and tax incentives can stimulate enterprises′digital transformation,and compared with fiscal subsidies,tax incentives have a stronger stimulus effect on digital transformation.And this kind of incentive effect has the obvious heterogeneity,namely,the stimulus effect is most significant for enterprises in the eastern region and mature stage.Further analysis shows that there is a threshold effect on the incentive effect of fiscal and tax policies on enterprises′digital transformation,and when it exceeds a threshold,the positive effect of fiscal and tax policies on enterprises′digital transformation begins to weaken.In addition,compared with the“ex-ante incentive”financial subsidies,“ex-post incentive”tax incentives for the external environment requirements are lower,with a stronger universality.