财税优惠政策对战略性新兴产业发展的影响研究

Research on the Impact of Fiscal and Tax Preferential Policies on the Development of Strategic Emerging Industries

我国“十四五”规划中明确提出要大力发展战略性新兴产业,推动我国加快转变经济发展方式、带动经济社会长远发展。为此选取654家战略性新兴产业上市公司2013—2020年的财务数据作为研究样本,实证研究财税优惠政策对战略性新兴产业发展的整体效应和作用机制。研究发现,从整体效应来看,财政补贴和税收优惠都能促进产业发展,但作用效果存在差异;从作用机制来看,财政补贴能够通过提高研发投入水平来促进产业发展;税收优惠能通过研发投入和融资约束两条渠道影响产业发展;从异质性分析来看,财政补贴和税收优惠对不同产权性质、不同地区、不同行业的战略性新兴产业的影响作用均有差异。为此,提出建议:加大研发领域的扶持力度;调整税收优惠的实施方式;制定“差异化”财税优惠政策,提高实施精准性。

China′s"14th Five-Year Plan"clearly puts forward to vigorously develop strategic emerging industries,to promote China′s accelerated transformation of the mode of economic development,and to drive the long-term economic and social development.This paper selects the financial data of 654 listed companies in strategic emerging industries from 2013 to 2020 as research samples,and empirically studies the overall effect and mechanism of fiscal and tax incentives on the development of strategic emerging industries.The study finds that,from the perspective of overall effect,both financial subsidies and tax incentives can promote the development of industries,but there are differences in the effect;from the perspective of the mechanism,financial subsidies can promote the development of industries by improving the level of R&D investment;tax incentives can affect the development of industries through two channels,which are R&D investment and financing constraints;from the perspective of heterogeneity analysis,financial subsidies and tax incentives have a significant impact on the development of strategic emerging industries in different property rights,different regions and different industries.From the analysis of heterogeneity,financial subsidies and tax incentives have different effects on strategic emerging industries of different property rights,different regions and different industries.In this regard,it is suggested to increase the support in R&D,to adjust the implementation method of tax incentives and to formulate"differentiated":fiscal and tax incentives to improve the accuracy of implementation.