Abstract: Based on the micro data of A-share listed manufacturing companies in 2016, this paper uses the method of Propensity Score Matching Analysis to explore the relativity between the tax preference distribution structure and the R&D investment of enterprises from the perspectives of the enterprise size, the market environment, the ownership nature, the industry characteristics and the fiscal subsidy heterogeneity. The findings are as follows: Firstly,the tax preference structure which tends to favor large-scale, stated-owned enterprises with high profitability,low debt and good R&D foundation has no incentive effect on enterprises’ R&D investment on the whole. Secondly, the tax preference policy has greater incentive effect on small and medium-sized,private, high-tech enterprises. Lastly,the fiscal subsidy can neutralize the influence of the tax preference policy.

Key words: Tax Preference, R&, D Investment, Incentive Effect, Heterogeneity

摘要： 本文以2016年沪深A股制造业上市公司为样本,运用倾向得分匹配法(PSM)从企业规模、所有权性质、行业特征、所处市场环境、财政补贴强度异质性方面分析税收优惠与企业研发投入激励的相关性。研究发现:第一,税收优惠向大型、国有、盈利率高、负债率低与研发基础良好的企业倾斜,经济发达与低市场化程度地区企业更容易获得税收优惠,税收优惠整体上未对企业研发投入产生激励效应;第二,税收优惠政策对于中小型企业、民营企业、高技术企业研发投入的激励效应较大,对于市场化程度较高地区企业的激励效应较小;第三,税收优惠和财政补贴作为两个具有相关性的政策手段,在企业研发投入影响方面存在政策效应相互抵消的现象。

关键词: 税收优惠, 研发投入, 激励效应, 异质性