税率降低可以激励企业创新投入吗?--基于税盾的视角
首发时间:2018-07-06
摘要:税负与企业创新之间的关系是学术界和业界关注的一个热点问题。本文从非债务税盾和债务税盾相互替代的视角,采用我国2007年-2015年企业创新数据和财务数据,探究降低税率对企业创新投入的影响机制以及税负对开发性创新和探索性创新所产生的不同激励效应。实证研究发现,总体而言降低税率能够激励企业增加研发投入;这种激励效应受到企业债务税盾的影响,当企业债务税盾利用程度较高时降低税率不具有激励效果;当企业债务税盾利用程度较低时,降低税率对研发投入的激励效果明显;降低税率对探索性创新的激励作用大于对开发性创新的激励作用。本文丰富了关于税率激励创新的研究,为差异化制定税收激励政策的制定提供参考。
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Can lower tax rates motivate company innovation?-based on tax shield
Abstract:The relationship between tax burden and corporate innovation is a hot issue that academia and industry are concerned about. From the perspective of mutual substitution of non-debt tax shields and debt tax shields, this paper uses China\'s corporate innovation data and financial data from 2007 to 2015 to explore the mechanisms that the impact of reducing tax rates on corporate innovation investment and the different incentive effects of reducing tax rates on development and exploratory innovations. Empirical studies have found that lowering the tax rate in general can motivate companies to increase R&D investment; this incentive effect is affected by the corporate debt tax shield. When the corporate debt tax shield is on a higher degree, lowering the tax rate has no incentive effect; when corporate debt tax shield is on a lower degree, the lower tax rate has a significant effect on the R&D investment; the lower tax rate has greater incentive for exploratory innovation than the incentive for development innovation. This article enriches the research on how tax rate incentive innovation and provides a reference for the formulation of tax incentive policies for differentiated development.
Keywords: tax rate debt shield innovation investment dual innovation
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税率降低可以激励企业创新投入吗?--基于税盾的视角
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