税收优惠与企业创新绩效 ——基于研发投入和非研发创新投入的双重中介效应

税收优惠政策对企业创新绩效的影响广受关注,其传导机制更是一个有待深入探讨的问题。基于2000-2015年全国规模以上工业企业的省级面板数据,采用中介效应分析方法,研究税收优惠对企业创新绩效的影响,并运用面板门槛模型对两者之间的非线性关系进行探讨。结果表明:税收优惠一方面可以直接对创新绩效产生正向推动作用,另一方面可以通过研发投入和非研发创新投入发挥部分中介效应,间接提高企业的创新绩效,中介效应值为39.5%,且两者还存在着正向的协同效应。同时这种内在的传导机制存在着区域异质性:对于东部沿海地区而言,研发投入和非研发创新投入同时发挥中介效应;但是对于中西部地区而言,非研发创新投入的中介效应不显著。而且税收优惠对企业创新绩效的促进效果并非一成不变,而是随着研发投入和非研发创新投入的逐渐增加呈递增态势。因此,进一步地加大税收优惠力度的同时,合理规划自主研发和外源技术的资金安排,有利于实现企业创新绩效的最大化。

Tax Incentives and Corporate Innovation Performance:Based on the Mediation Effect of R&D Investment and Non-R&D Innovation Investment

The impact of preferential tax policies on corporate innovation performance has received widespread attention,but its transmission mechanism has not yet been clarified.Based on the provincial-level data of national industrial enterprises from 2000 to 2015,this paper studies the effect of tax incentives on corporate innovation performance using an analysis of mediation effects,and uses a panel threshold model to explore the nonlinear relationship between the two.The results show that tax incentives can directly promote innovation performance on the one hand,and on the other hand can play part of the intermediary effect through R&D investment and non-R&D innovation investment,which indirectly improves the innovation performance of enterprises.The value of the intermediary effect is 39.5%,and there is also a positive synergy effect between these two mediation pathways.At the same time,there is regional heterogeneity in this intrinsic transmission mechanism.For the eastern coastal regions,the R&D investment and non-R&D innovation investment play a mediating effect at the same time,but for the central and western regions,the non-R&D innovation investment's intermediary effect is not significant.Moreover,the promotion effect of tax incentives on corporate innovation performance is not static,but increases gradually with the gradual increase of R&D investment and non-R&D innovation investment.Therefore,while further increasing tax incentives,rationally planning capital arrangements for independent research and development and external technology will help maximize the innovation performance of enterprises.