如何提高政府补贴和税收优惠促进技术创新的有效性——来自中国A股上市公司的证据

政府补贴和税收优惠作为促进技术创新的两种重要政策工具，其有效性一直存在争议。为提高其促进技术创新的有效性，本文基于2009—2019年中国A股上市公司数据实证发现，两种政策工具对技术创新均产生了正向显著影响，且税收优惠的促进效果更显著。进一步研究发现，两者在对技术创新的影响中具有互补性，所构成的组合能实现1+1>2的政策效果，原因在于两者的搭配实施可有效缓解企业的融资约束，改善企业人力资本的配置；异质性分析发现，这种互补性在高科技企业、东部和东北地区的企业、民营企业、小企业中更明显。本文的研究可为相关政策制定提供参考。

How to Improve the Effectiveness of Government Subsidies and Tax Preferences on Promoting Technological Innovation: Evidence from Chinese A-share Listed Companies

As two important policy tools to promote technological innovation, the effectiveness of government subsidies and tax preferences has always been controversial. In order to improve their effectiveness on promoting technological innovation, empirical evidence based on the data of A-share listed companies from 2009 to 2019, finds that both policy tools have a positive and significant impact on technological innovation, and the promotion effect of tax preferences is more significant. Further research shows that the two are complementary in their impact on technological innovation, and the combination of them can achieve a policy effect of 1+1>2. The reason is that the combination of the two can effectively alleviate the corporate financing constraints and improve the allocation of corporate human capital. Heterogeneity analysis shows that such complementarity is more obvious in high-tech enterprises, enterprises in eastern and northeastern regions, private enterprises and small enterprises. The research of this paper can provide reference for relevant policy making.