税收优惠影响企业创新产出的多元机制研究——来自中国软件与集成电路产业的证据

创新政策一直是激励企业创新的重要手段，其中税收优惠政策是一种具有市场导向性的激励政策，对企业创新具有良好的促进作用，但是政策对企业产生激励作用的原因尚不清晰。选取对我国技术突破有重要作用的软件与集成电路企业，采用2006-2018年中国A股上市公司数据，聚焦2011年国家对软件与集成电路行业的两个税收优惠政策，运用双重差分法对企业创新产出影响进行实证研究。结果发现：税收优惠政策对发明专利申请有显著促进作用，而对非发明专利申请无显著影响。融资约束、企业避税行为等是税收激励政策发挥作用的主要渠道。另外，税收优惠政策对不同规模、产权和区域企业有不同影响，税收优惠政策对大型企业、国有企业以及中西部地区企业创新产出促进作用更大。从税收优惠政策长期影响看，该政策对专利申请的影响存在时滞性，而发明专利申请在政策发生当年就显著增加。研究结论可为明晰税收优惠政策、融资约束与企业创新产出间关系提供有益启示。

Research on the Pluralistic Mechanism of the Influence of tax Preference on the Innovation Output of Enterprises.

In recent years,enterprise innovation has become one of the hot topics in academic circles,as an important factor affecting economic growth and technological progress.However,at present,there is relatively little research on the software that plays an important role in realizing technological breakthrough in China and innovative behavior of integrated circuit enterprises.Based on the data of Chinese A-share listed companies from 2006 to 2017,this paper focuses on the two national tax preferential policies for the software and integrated circuit industry in 2011,and makes an empirical study on the influence of double difference method on enterprise innovation output.The results show that the tax preferences plays a significant role in promoting the patent application for invention,but has no significant effect on the patent application for non-invention.Financing constraints will not only reduce the innovative output of enterprises,but also weaken the promoting effect of tax preferences on innovative output.The sub-sample study in this paper shows that tax preferences have different effects on different scales,property rights and regional enterprises,and tax preferences play a greater role in promoting the innovation output of large enterprises,state-owned enterprises and enterprises in the central and western regions.From the long-term impact of the preferential tax policy,the influence of the policy on the total patent application has a time lag,while the invention patent application has increased significantly in the year of the policy.This study will provide useful enlightenment for the relationship between tax preferential policies,financing constraints and enterprise innovation output.