财税与公共管理学院知识库

       20世纪90年代以来，随着互联网技术的出现和普及，人类社会开始逐步从工业化社会向信息化社会迈进。进入21世纪后，信息技术的发展速度开始呈现爆发式增长，从而催生了很多全新的领域，同时也促使我国产业结构发生了很大的转变。电子信息制造业作为国家重点支持的战略性新兴产业，以技术为导向，追求技术创新。而财税政策是国家常用的对经济进行宏观调控的手段，其可以调节市场的供需均衡、调节资源配置，能对企业的微观行为产生直接的影响。因而理论上，可以认为财政补贴和税收优惠政策能促使电子信息制造业进行研发创新活动，增加研发投入。原因在于：一方面，财政补贴政策作为事前的激励政策，直接补贴企业，增加企业的现金流，减少企业的研发成本，同时，政策向企业的倾斜，也给予市场和外部投资者值得投资的信号，增加企业的外部投资。另一方面，税收优惠政策通过减免企业的税额，延长纳税期、设置较低的税率等手段，减少企业的税收负担，激励企业将资金和设备等资源投入到研发创新项目，改善企业技术困境。但也有很多学者在研究过程中发现，税收优惠和财政补贴政策并不是对所有的企业都会产生激励效应。因此，两种政策是否会对电子信息制造业研发投入产生激励效应，还尚未可知，仍有待检验。

  因而，本文将电子信息制造业作为研究目标，首先，文章开篇先对国内外现有的相关文献进行了阐述。其次，对本文的重点概念和理论进行了界定，同时对我国电子信息制造业的发展、研发活动的现状以及财政税收政策现存的问题进行了阐述，且从理论上分析了财政补贴和税收优惠政策对电子信息制造业研发投入的影响作用机制。基于以上分析，选取2014-2022年电子信息制造业上市公司的数据，选取变量指标，运用Stata进行实证分析，实证结果显示财政补贴和税收优惠政策均能激励电子信息制造业增加研发投入，且财政补贴的激励效果要优于税收优惠政策的激励效果。文章还进行了异质性分析，探究税收优惠和财政补贴政策激励对产权性质、规模大小不同的企业的激励效果。除此之外，还对实证结果进行了稳健性检验。最后，结合实证分析的结果和电子信息制造业现存的政策问题，提出了相应的政策建议。

     Since the 1990s, with the emergence and popularization of Internet technology, human society has begun to gradually move from an industrialized society to an information society. After entering the 21st century, the development speed of information technology began to show explosive growth, thus giving rise to many brand-new fields, and at the same time prompting a great transformation of China's industrial structure. As a strategic emerging industry supported by the state, the electronic information manufacturing industry is technology-oriented and pursues technological innovation. And the fiscal policy is the national commonly used means of macro-control of the economy, which can regulate the balance of supply and demand in the market, regulate the allocation of resources, and can have a direct impact on the micro-behavior of enterprises. Thus, theoretically, it can be considered that financial subsidies and tax incentives can promote electronic information manufacturing industry to carry out R & D and innovation activities, increase R & D investment. The reason is: on the one hand, financial subsidy policy, as an ex ante incentive policy, directly subsidizes the enterprise, increases the cash flow of the enterprise, and reduces the R&D cost of the enterprise; at the same time, the tilt of the policy to the enterprise also gives the signal that the market and the external investor are worthwhile to invest in the enterprise, and increases the external investment of the enterprise. On the other hand, tax incentives reduce the tax burden of enterprises by means of reducing or exempting their taxes, extending the tax period, setting lower tax rates, etc., which motivate enterprises to invest resources such as capital and equipment in R&D and innovation projects, and improve the technological predicament of enterprises. However, there are also many scholars who have found in the course of their research that tax incentives and financial subsidy policies do not have an incentive effect on all enterprises. Therefore, whether the two policies will produce incentive effects on R&D investment in the electronic information manufacturing industry is not yet known and remains to be tested.

    Consequently, this paper takes the electronic information manufacturing industry as the target of the study. Firstly, the article begins with an exposition of the existing relevant literature at home and abroad. Secondly, the key concepts and theories of this paper are defined, while the development of China's electronic information manufacturing industry, the status quo of R&D activities and the existing problems of fiscal and tax policies are elaborated; the role mechanism of the influence of fiscal subsidies and tax incentives on R&D investment in the electronic information manufacturing industry is analyzed theoretically. Based on the above analysis, the data of listed companies in electronic information manufacturing industry in 2014-2022 are selected, appropriate indicators are adopted, and stata is used to carry out empirical analysis, and the empirical results show that both fiscal subsidies and tax incentives can motivate the electronic information manufacturing industry to increase R & D investment, and the incentive effect of fiscal subsidies is superior to the incentive effect of tax incentives. The article also carries out aheterogeneity analysis to explore the incentive effect of tax incentives and financial subsidy policy incentives on the nature of property rights, the size of different enterprises. In addition, the empirical results are also tested for robustness. Finally, combining the results of the empirical analysis and the existing policy problems in the electronic information manufacturing industry, corresponding policy recommendations are put forward.