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Preferential Tax Policies Able to Inspire Innovation in High鄄tech

Enterprises: Empirical Evidence Based on Tax Incentive
Intensity and Specific Preferential Policies

SUN Ziyuan, LIANG Chen & WEI Huifang
(China University of Mining and Technology, Xuzhou, Jiangsu 221116, China)

Abstract: Innovation is the core and soul to guide the economic development of a nation. Due to the good conductive func鄄
tion of tax leverage, tax preferences are fiscal and taxation tools commonly used by governments to encourage companies to inno鄄
vate, so its incentive effect on innovation has always been of great concern. Using the samples of A鄄share high鄄tech companies
listed on Shanghai Stock Exchange and Shenzhen Stock Exchange during the years from 2012 to 2017, this paper studies the in鄄
centive effect of tax incentive intensity and specific preferential policies on the innovation output of high鄄tech enterprises. The re鄄
sults show that: (1) Tax incentive intensity has a positive effect on corporate innovation output, with more obvious incentive
effect on innovation quality than on innovation effect; (2) The innovation incentive effect of R&D expense additional tax deduc鄄
tion policy is superior to the preferential tax rate policy, and there is a complementary effect between the two; (3) Based on the
analysis from a heterogeneous perspective, the incentive effect of tax incentive intensity and specific preferential policies is more
pronounced in such enterprises, relatively large鄄scaled enterprises and non鄄state鄄owned enterprises that are located in the areas
with greater market intervention from governments and with better legal environment. The conclusions of the study indicate that
the relevant government authorities should continue to increase the support of preferential tax policies for enterprise innovation,
continuously adjust and optimize the system structure of preferential tax policies, and improve the directionality, synergy and pre鄄
cision of policies so as to stimulate the vitality of enterprise innovation and creativity more effectively and promote the emergence
of innovative achievements in large numbers.
Key Words: tax incentive intensity; additional tax deduction; preferential tax rate; innovation quality; innovation effect;
high鄄tech enterprises
(本文责编摇 王沈南)

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