无碍抑或阻碍：税负粘性对企业创新的影响研究

摘要/Abstract

摘要： 近年来，我国企业税负支出与业绩变化之间的非线性、非对称关系引起了国内外学者的广泛关注，这种税负粘性现象是税负痛感的重要来源，也是企业对于减税降费政策获得感较弱的原因之一，但学术界对于税负粘性经济后果的研究还有待进一步扩展和深入。本文选择2010—2020年沪深两市A股上市公司为样本，实证检验了税负粘性对企业创新的影响。研究结果表明，税负粘性会阻碍企业创新，税负粘性越高，企业的创新产出越少、实质性创新和策略性创新表现越差。作用机制研究表明，税负粘性通过降低创新意愿和挤占创新资源进而阻碍企业创新。进一步探索税负粘性的特征和产生动因发现，税负粘性具有明显的被动性特征，并且地方政府税收征管强度和财政压力是产生税负粘性的重要原因。最后，结合近年来旨在降低企业税负和优化税收征管的政策研究表明，减税降费、大数据税收征管和国地税合并等政策能够削弱税负粘性对企业创新的不利影响。本文不仅拓展了税负粘性经济后果和企业创新影响因素的相关研究，对于厘清税负粘性的产生动因、明晰税负粘性在企业发展中扮演的角色也具有一定的启示意义。

关键词: 税负粘性, 企业创新, 税收征管, 财政压力

Abstract: In recent years, the nonlinear and asymmetric relationship between tax expenditure and performance change of Chinese enterprises has attracted extensive attention of scholars at home and abroad. This phenomenon of tax stickiness is an important source of tax pain and one of the reasons why enterprises have a weak sense of the benefits from tax and fee reduction policies. As a result, the existing academic research on the economic consequences of tax stickiness needs to be further expanded and deepened. This paper selects A-share listed companies in Shanghai and Shenzhen from 2010 to 2020 as a sample to empirically test the impact of tax stickiness on corporate innovation. The results indicate that tax stickiness hinders corporate innovation. The higher the tax stickiness, the less innovative output, and the worse the performance of substantive and strategic innovation. A research on the mechanism of action shows that tax stickiness affects corporate innovation by reducing innovation willingness and crowding out innovation resources. Further exploration of the characteristics and causes of tax stickiness reveals that tax stickiness has obvious passive characteristics, and taxation intensity and fiscal pressure of local government are important reasons for the occurrence of tax stickiness. Finally, a research that takes account of the recent policies aimed at reducing corporate tax burden and optimizing tax enforcement shows that policies such as tax and fee reduction, big data tax enforcement, and the merger of national tax bureaus and local tax bureaus can reduce the adverse impact of tax stickiness on corporate innovation. This paper not only expands the research on the economic consequences of tax stickiness and the influencing factors of corporate innovation, but also has certain enlightening significance for clarifying the causes of tax stickiness and the role of tax stickiness in corporate development.

Key words: tax stickiness, corporate innovation, tax enforcement, fiscal pressure

张欣, 夏宇. 无碍抑或阻碍：税负粘性对企业创新的影响研究[J]. 管理评论, 2026, 38(2): 81-93.

Zhang Xin, Xia Yu. A Research on Whether Tax Stickiness Hinders Corporate Innovation[J]. Management Review, 2026, 38(2): 81-93.

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