Abstract: R&D plays a key role in economic sustainability, and fiscal policy is one of the widely used public policies that inspire corporate R&D innovation. Based on the perspective of enterprise self-selection, exploring the choice and application of different policy instruments (financial subsidies and tax incentives) will help capture the decision-making process of enterprises and analyze their influencing factors, and provide a micro-level reference for optimizing fiscal policy. This study uses the micro-survey data at the enterprise level to construct a bivariate Probit model to analyze how companies choose and use financial subsidies and tax incentives to reveal their linkages with market failures and mechanisms. that fiscal subsidy policies and tax incentives have strong complementarities. Large enterprises with sufficient funds or financing constraints are more inclined to choose tax preferential policies; small and medium-sized enterprises with financing restrictions prefer financial subsidies. Companies with higher levels of preference prefer tax incentives. On the contrary, if innovative products are quickly imitated and replicated, companies expect that they will not have significant profit streams, and they tend to choose fiscal subsidies. In addition, the duration of the company, the location (high-tech zone), high-tech properties and the proportion of human capital all significantly affect the choice of corporate policies.

Key words: Subsidy, Tax Incentives, Financing Constraints, Knowledge Spillover, Bivariate Probit Model

摘要： R&D在经济可持续发展中扮演关键角色,财政政策是被广泛使用激励企业R&D创新的公共政策之一。基于企业自选择视角,探讨企业选择与运用不同政策工具(财政补贴和税收优惠),将有利于捕捉企业的决策过程并分析其影响因素,为优化财政政策提供微观层面的参考。本研究利用企业层面的微观调查数据,构建双变量Probit模型分析企业如何选择并运用财政补贴和税收优惠这两种政策工具,揭示其与市场失灵的联系及作用机制。研究表明,财政补贴政策和税收优惠具有较强的互补性,资金充足或融资约束压力小的大企业偏向选择税收优惠政策,融资约束压力大的中小企业偏爱选择财政补贴政策;独占性程度高的企业偏向选择税收优惠政策,相反,若创新产品被迅速模仿和复制,企业预期不会有显著利润流,则趋向选择财政补贴政策。另外,企业的存续期间、区位(高新区)、高新技术属性及人力资本占比均显著影响企业政策选择。

关键词: 财政补贴, 税收优惠, 融资约束, 知识外溢, 双变量Probit模型