助力还是阻力:税收优惠政策与企业数字化转型

Help or Resistance:Preferential Tax Policies and Digital Transformation of Enterprises

税收优惠政策在推进企业数字化转型中发挥了助力还是阻力,这是亟须研究的重要课题。基于2008—2021年中国上市公司数据,考察税收优惠政策对企业数字化转型的影响及作用机制。研究发现:税收优惠能有效促进企业数字化转型,且可以通过促进创新产出、缓解债务风险及优化融资环境的路径提高企业数字化转型水平。进一步研究发现,将税收优惠区分研发费用加计扣除和固定资产加速折旧这两种不同优惠方式,加计扣除与加速折旧对企业数字化转型的影响效应具有显著差异,加计扣除与企业数字化转型呈倒“U”型关系,而加速折旧显著促进了企业数字化转型,且两者之间没有形成“1+1>2”的协同效应。异质性检验发现,税收优惠促进企业数字化转型的作用在非国有企业、内部控制质量较高和成熟期企业较为明显。研究结论有利于厘清税收优惠政策助推企业数字化转型的作用机制,促进企业加快数字化转型。

It is an essential agreement urgently demanding studied that whether preferential tax policies play a helping or resisting role in promoting digital transformation of enterprises.Based on the empirical data of China's A-share listed companies from 2008 to 2021,the effect and mechanism of tax measures on the digital transformation of enterprises is examined.The examination shows that preferential tax policies can effectively promote the digital transformation of enterprises,and can improve the level of digital transformation through the paths of promoting innovation output,mitigating debt risk and optimising the financing environment.Another finding of the examination is that the preferential tax measures are differentiated into two different favorable modes:additional deduction for R&D expenses and accelerated depreciation of fixed assets.Furthermore,the effect of these two modes on the digital transformation of enterprises are found to be significantly different,with an inverted U-shape relationship between the additional deduction and the digital transformation of enterprises,and a significant promotion of accelerated depreciation on the digital transformation of enterprises.Meanwhile,the relationship between additional deduction and accelerated depreciation does not form a‘1+1>2’synergistic effect.The heterogeneity test finds that the impact of preferential tax policies in promoting digital transformation is more obvious in non-stateowned enterprises,higher quality internal control and mature enterprises.The findings of the study clarify the mechanism of preferential tax policies to promote the digital transformation of enterprises,making enterprises to accelerate digital transformation.