R&D tax incentives and innovation: Examining the role of programme design in China
R&D tax incentives and innovation: Examining the role of programme design in China
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DOI：
10.1016/j.technovation.2021.102419
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发表时间：
2022-05-01
期刊：
影响因子：
12.5
通讯作者：
Chapman, Gary
中科院分区：
文献类型：
--
作者：
Dai, Xiaoyong;Chapman, Gary
成功的税收激励干预依赖于有效的方案设计，然而设计一个有效的方案是极具挑战性的。我们借鉴政策设计和税收激励方面的文献，揭示了两种政策设计选择——激励的性质和目标——如何塑造中国高新技术企业税收激励计划的创新有效性。我们首先找到证据表明，平均而言，该计划可以刺激企业研发和专利申请的增加。然而，并不是所有的公司都同样受益。第二，我们发现激励越大的企业对创新的影响越大，但高激励价值可能会排挤研发。我们还发现，多年激励对所有年份的企业创新都是有效的，但仅在研发的最初几年。最后，对于目标，遵循“挑选赢家”策略可能会提高项目的有效性，因为我们发现，对于项目经验更丰富、认证可能性更大、创新经验更丰富的公司，创新影响更大。我们的研究有助于解决关于税收优惠的价值、持续时间和目标的政策设计选择如何影响创新有效性的理论模糊性，为新兴经济体税收优惠对创新影响的有效性和异质性提供见解，并为如何设计税收优惠计划以促进研发和创新提供更明确的指导。
Successful tax incentive interventions rely on effective programme design, yet designing an effective programme is highly challenging. We draw on the policy design and tax incentive literature to shed light on how two policy design choices - the nature and targeting of the incentive - shape the innovation effectiveness of a high- and new-technology enterprise tax incentive programme in China. We first find evidence that, on average, the programme can stimulate increases in firm R&D and patenting. Not all firms benefit equally, however. Second, we find that firms with larger incentives experience greater innovation impacts, but that high incentive values may crowd out R&D. We also find multiyear incentives to be effective for stimulating firm innovation in all years, but only in the initial years for R&D. Finally, for targeting, following a `picking winners' strategy may enhance programme effectiveness as we find stronger innovation impacts for firms with greater programme experience, certification likelihood, and innovation experience. Our study contributes by helping resolve the theoretical ambiguity about how policy design choices about tax incentives' value, duration, and targeting can impact innovation effectiveness, by providing insights on the effectiveness and heterogeneity of the innovation impacts of tax incentives in emerging economies, and by providing more explicit guidance on how to design tax incentive programmes to raise R&D and innovation.