财政补贴、税收优惠与企业R&D投入的实证分析

基于各地区资源禀赋以及制度环境存在的差异来探讨财税政策优化问题，以江苏上市公司为样本，采用实证研究方法，研究财税政策对企业创新投入的激励效果，并对财政补贴、税收优惠的效果进行了省份比较和地区比较。研究认为，给予江苏企业的财政补贴或税收优惠越多，江苏企业的创新投入也越多，即财税政策能激励江苏企业扩大研发投入，该结果在控制创新投入与财政补贴、税收优惠之间可能的反向因果关系后依然成立；与北京、上海和广东相比，财政补贴和税收优惠对江苏企业创新投入的激励效应稍小；与其他省份企业或中西部地区的企业相比，财政补贴对江苏企业创新投入的激励效应更大，税收优惠对企业创新的促进效应并没有显著差别；要提高财税政策的效果，需要进行精准的政策设计，且各省份或地区也要根据当地企业的特点及营商环境等出台相关配套政策。

Empirical analysis on fiscal subsidy,tax preference and corporate R&D investment

Based on the disparities in resource endowments and institutional environments in various regions, and using the listed companies in Jiangsu province as sample, this paper studies the incentive effect of fiscal and tax policies on the innovation investment of companies through the empirical research method, and compares the effect of fiscal subsidies and tax preferences between provinces and regions. The results show that the more fiscal subsidies or tax preferences are given to the companies in Jiangsu, the more they invest in innovation, that is, fiscal and tax policies can encourage companies in Jiangsu to expand R&D investment. These results are still robust when the possible reverse causality between innovation investment and fiscal subsidy or tax preference is controlled. At the same time, compared with Beijing, Shanghai and Guangdong province, the incentive effect of fiscal subsidies and tax preferences on innovation investment of companies in Jiangsu is slightly smaller. Compared with companies in other provinces or the midwestern region of China, the incentive effect of fiscal subsidies on the innovation investment of companies in Jiangsu is greater, while the promotion effect of tax preferences on corporate innovation is not significantly different. Not only precise policy design is required for the improvement in the effect of fiscal and tax policies, but also each province or region should issue relevant supporting policies according to the characteristics of local companies and business environments.