Abstract: In recent years, the implementation effect of government incentive policies on the improvement of innovation quality has attracted special attention in China. Therefore, it is of great significance to deeply analyze the incentive effect of tax incentives on the innovation quality of manufacturing enterprises. The implementation of the supply-side reform in 2015 undoubtedly provides new ideas for the implementation of tax reduction policies from the perspective of improving the efficiency of resource allocation. Therefore, this paper focuses on the actual effect of tax incentives on the innovation quality of manufacturing enterprises, and further explores whether the supply-side reform plays a promoting role in improving the policy targeting.
Based on the theoretical analysis of the actual impact and the internal mechanism of taxincentives on enterprise innovation quality, this paper makes an empirical study based on the panel data of listed manufacturing companies from 2008 to 2017. The main conclusions are as follows: Combined with the practical requirements of the high-quality economic development stage, this paper finds that compared with the innovation quality, tax incentives have a more significant incentive effect on innovation activities of manufacturing enterprises; Second, since the implementation of the supply-side reform has brought about great changes to the institutional environment of enterprises' innovation, after verifying the regulatory effect of the supply-side reform on the relationship between tax incentives and the innovation quality of manufacturing enterprises, this paper concludes that the supply-side reform can promote the relationship between tax incentives and the innovation quality; Thirdly, in the further research on the impact of heterogeneity, based on the perspective of innovation factor investment, this paper explores the specific action mechanism of the institutional supply on enterprises with different talent structure and capital mismatch, and finds that the difference of talent structure and resource mismatch within enterprises can lead to significant differences in the positive regulatory effect of the supply-side reform; Fourth, considering the important impact of the local government behavior on Chinese enterprises' decision-making process, this paper brings the local government behavior into its unified research framework, and finds that both the local government governance ability and the local government innovation preference can significantly affect the regulatory effect of the supply-side reform.
The possible research contributions of this paper are as follows: First, it provides an extended research perspective of the innovation quality. Different from the existing literature focusing on the impact of tax incentives on enterprise innovation input or innovation output, combined with the practical requirements of the high-quality economic development stage, this paper extends the research dimension of enterprise innovation to the field of the quality improvement, and tries to reveal the actual impact of tax incentives on the enterprise innovation quality; Second, it expands the research on the institutional environment theory in the field of supply-side reform. Starting with the supply-side reform, this paper expands the research field of the institutional environment theory, and tries to provide reliable practical data support for the innovation quality incentive effect of tax incentives under the background of the supply-side reform; Third, it conducts further research based on the heterogeneous impact and the local government behavior. On the one hand, by exploring the specific mechanism of the institutional supply on enterprises with different talent structure and enterprises with different capital mismatch, this paper analyzes the heterogeneous impact of the supply-side reform on the relationship between tax incentives and the innovation quality. On the other hand, this paper deeply explains the differences in the implementation effects of tax incentives under the supply-side reform caused by the behavior preference of local governments, so as to further enrich the existing research framework system.

Key words: Tax Incentives, Innovation Quality, Supply-side Reform

摘要： 近年来,我国政府激励政策的创新质量实施效果受到格外关注。基于此,本文引入新制度主义的视角,讨论了税收优惠政策对创新质量的激励效应。本文以2008—2017年制造业上市公司的面板数据为样本,实证考察了税收优惠对制造业创新质量的实际影响与内在机理。主要研究结论如下:第一,与创新质量相比,税收优惠对制造业创新活动的激励效应更为显著,但供给侧结构性改革在税收优惠与制造业创新质量两者之间的关系中起到了显著的正向调节效应;第二,人才结构的优化与资源错配的缓解都是供给侧结构性改革正向调节效应实现的可能渠道;第三,地方政府治理能力与地方政府创新偏好都能显著影响供给侧结构性改革的调节效应。本文对于税收优惠政策的进一步完善与企业创新质量的持续性提升,都具有重要的现实意义。

关键词: 税收优惠, 创新质量, 供给侧改革