Institutional Environment, Tax Incentives and Enterprise Innovation Investment

Abstract

Abstract:

This paper draws upon the data of Chinese non-financial companies listed during the period from 2007 to 2012 to empirically study the leverage effect of tax incentives on an enterprise's R & D innovation. It is found that tax preference has a positive effect in stimulating enterprises to invest more in innovation in general and the effect is especially remarkable in an environment where financing is constrained, product market is highly competitive and the regional marketization process is high. Analysis of property rights indicates that tax incentives mainly have a leverage effect on private enterprises. In addition, it is also found that the tax incentives' effect is more remarkable in a less distorted factor market distortion. Therefore, the Chinese government should not only relieve tax burden by means of tax reduction and carry out more powerful tax incentives, but the government should also promote enterprises' R&D innovation investment by means of effective promotion of regional marketization processes.

Key words: institutional environment, tax incentives, innovation investment, financial constraint, regional marketization process

Liu Fang, Yang Zheng, Yang Xi. Institutional Environment, Tax Incentives and Enterprise Innovation Investment[J]. , 2016, 28(2): 61-73.

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