Empirical analysis on fiscal subsidy, tax preference and corporate R&D investment(PDF)
《长安大学学报（社科版）》[ISSN:1671-6248/CN:61-1391/C]
- Issue:
- 2020年05期
- Page:
- 44-54
- Research Field:
- 经济学
- Publishing date:
Info
- Title:
- Empirical analysis on fiscal subsidy, tax preference and corporate R&D investment
- Author(s):
- ZHANG Xingliang1; XU Yufang1; LUO Hongyu2
- 1. School of Accounting，Nanjing Audit University，Nanjing 211815，Jiangsu，China；2. School of Business，Henan University，Kaifeng 475001，Henan，China
- Keywords:
- fiscal subsidy; tax preference; Jiangsu; listed company; R&D investment; innovation investment; fiscal and tax policy
- PACS:
- F812；F276
- DOI:
- -
- Abstract:
- 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.
Last Update: 2020-10-27