Effect of Financial and Taxation Incentive Policies on R&D Investment of High-tech Enterprises ——An Empirical Analysis Based on Generalized Propensity Score Model
Ma Yuqi,Hu Ruipeng,Zhao Yanyun
School of Statistics,Renmin University of China,Beijing 100872,China
Abstract：Based on 2011—2014 micro data of Zhongguancun high-tech enterprises,Generalized Propensity Score model and new developed non-parametric estimation method are used to analyze dynamic effects of tax incentive and financial direct subsidy under different intensities on stimulating innovation activity of high-tech enterprises,and the effectiveness of different policies are compared.The results reveal that there are heterogeneity among effects of financial and taxation policies on R&D activities of high-tech enterprises with different sizes,and there are “optimization intervals” of policy.The R&D investment of large and medium-sized enterprises is only sensitive to intensity change of tax incentive,increase in intensity of tax incentive can effectively promote R&D investment,but the marginal incentive effect of direct subsidy is not significant;Small enterprises are sensitive to both policies,the incentive effect of tax incentive on R&D activities is significant,while with intensity increase of direct subsidy,R&D investments increase slowly.
马玉琪,扈瑞鹏,赵彦云. 财税激励政策对高新技术企业研发投入影响效应分析——基于广义倾向得分法的实证研究[J]. 中国科技论坛, 2017(2): 143-149.
Ma Yuqi,Hu Ruipeng,Zhao Yanyun. Effect of Financial and Taxation Incentive Policies on R&D Investment of High-tech Enterprises ——An Empirical Analysis Based on Generalized Propensity Score Model. , 2017(2): 143-149.
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