Research on the effects of tax preferences on firm iInnovation : evidence from China

국문 초록 (Abstract)

2019년 6월까지 중국은 법인 소득세를 중심으로 89개의 세제혜택을 연속적으로 시행하였다. 재정수입의 이전이라는 측면에서, 세제혜택의 효과는 검증될 필요가 있다. 이 논문에서는 혁신의 대리변수로 발명을 사용하여, 세제혜택이 기업 혁신에 미치는 긍정적인 효과를 검증한다. 또한 세제혜택의 긍정적 효과가 중소기업과 대기업에 미치는 영향을 비교하고, 그 차이점을 분석한다. 분석결과는 다음과 같다.(1) 세제혜택이 기업 혁신에 미치는 효과
단계적 회귀 분석의 기초결과는 세제혜택과 혁신 간에 양의 상관관계가 있음을 보여준다. 세제혜택은 혁신에 큰 영향을 미친다. 혁신은 많은 양의 투자를 필요로 하고, 기업은 지속적이고 큰 세제 혜택에 반응할 확률이 높다. 세제혜택의 강도와 지속성은 기업 혁신에 상당한 영향을 미치며, 기업 가치는 혁신에 비례한다. 부채 비율이 높은 기업은 더 큰 위험을 감수할 것이며, 이는 자금조달을 제한하고 혁신을 감소시키기 쉽다. 세제 혜택의 효과는 기업별로 달랐다. 비국영 기업과 동부 기업에서 세제혜택은 더 중요한 것으로 나타났다. 이 논문은 세제혜택에 대한 경험적 근거를 제공하고 있다.
(2) 세제혜택을 통한 혁신이 중소기업과 대기업에 미치는 영향
국가경제에서 중소기업은 중요하다. 중소기업은 전체 기업수의 99%를 차지할 정도로 많다. 중국의 중소기업은 산업별로 다르게 분류되고, 주로 기업규모, 영업실적 및 직원수에 따라 분류된다. 데이터 수집의 어려움으로 인해 이 논문에서는 표본을 관련기준에 따라 중소기업과 대기업으로 구분하였다. 앞의 논문에서는 세제혜택이 혁신에 미치는 영향을 분석하였고, 이 논문에서는 더 나아가 세제혜택이 혁신에 미치는 영향이 중소기업과 대기업에서 다르게 나타나는 것을 분석하였다. 실증분석 검증은 벤치마크 회귀분석과 세제혜택의 지속성과 관련하여 실시하였다. 분석 결과 대기업이 세제혜택에 대해 중소기업보다 더 민감하게 반응하는 것으로 나타났다.

(3) 자금조달 제한, 세제 혜택과 기업 혁신
세제혜택이 혁신에 미치는 긍정적인 영향은 중소기업과 대기업 간에 상당한 차이가 나타난다. 이 논문에서는 자금조달 제약 계수인 KZ 지수를 도입한다. 상호작용 변수인 KZ*tax는 FE 모형에서 자금조달 제약이 세제혜택과 혁신에 미치는 영향을 측정하기 위해 설정되었다. 자금조달 제약은 중소기업에서 세제혜택이 혁신에 미치는 영향을 감소시켰다. 세제혜택의 긍정적인 효과가 다르게 나타나는 것은, 중소기업의 심각한 자금조달 제약 때문인 것으로 나타났다. 자금조달 제약은 세제혜택이 혁신에 미치는 긍정적인 효과를 가로막고 있다.

다국어 초록 (Multilingual Abstract)

Until June 2019, China has successively launched 89 tax preferences mainly based on corporate income tax. As the transfer of fiscal revenue, the effect of tax preferences needs to be tested. This paper uses invention as the proxy variable of innovation, verifies the positive effect of tax preferences on firm innovation, compares the effect of tax preferences on innovation between SMEs and large firms, and analyzes the difference in results between SMEs and large firms. The results are as follows.
(1) The effect of tax preferences on firm innovation.
Stepwise regression preliminarily shows the positive correlation between tax preferences and innovation. Tax preferences have a significant effect on innovation. Innovation needs a large amount of investment. Firms are more likely to respond to sustained and substantial tax preferences. The intensity and persistence of tax preferences significantly affect firm innovation. The firm value is proportional to the innovation. Firms with a large debt ratio will take on greater risks, which is easy to restrict finance and reduce innovation. It is more significant in non-state-owned firms and eastern firms. The study provides experience support for tax preferences.
(2) The effect of tax preferences on innovation for SMEs and large firms.
SMEs are important in the national economy. The number of SMEs is huge, accounting for 99% of the total number of firms. China's SMEs vary from industry to industry, mainly according to the size of the firm, operating income and employees are classified. Due to the difficulty of data collection, this part divides the samples into SMEs and large firms according to relevant standards. The above part investigates the positive effect of tax preferences on innovation. This part further explores the difference between SMEs and large firms in the effect of tax preferences on innovation. The empirical test is carried out from the benchmark regression and the impact of sustained tax preferences. The results show that tax preferences for large firms are more sensitive to innovation than SMEs.

(3) Financial constraints, tax preferences and firm innovation.
In the positive effects of tax preferences on innovation, there are significant differences between SMEs and large firms. The paper introduces financing constraint coefficients KZ index. The interaction term KZ*tax is set in the FE model to estimate the effect of financial constraints on tax preference and innovation. The results show that financing constraints have a negative effect on the tax preferences of SMEs. The reason for the difference in the effects of tax preferences between SMEs and large firms is that the financing constraints of SMEs are too severe; financing constraints inhibited the positive effects of tax preferences on innovation.

목차 (Table of Contents)

• Acknowledgements VII
• Abstract VIII
• Abstract in Korean X
• Chapter1 Introduction 14
• Chapter2 Literature review and theoretical basis 16
• 2.1 Literature review 16
• 2.2 Theoretical basis 19
• 2.3 Characteristics of innovation 27
• 2.4 Tax preferences in China 32
• 2.5 The fiscal policies to promote innovation 36
• Chapter3 Analysis of the effects of tax preferences on innovation 42
• 3.1 Introduction 42
• 3.2 Literature review and research hypothesis 44
• 3.3 Data source and variable definition 45
• 3.3.1 Data source 45
• 3.3.2 Variable definition 45
• 3.3.3 Descriptive statistics 48
• 3.4 Empirical tests between tax preferences and firm innovation 51
• 3.4.1 The test of tax preferences on innovation 51
• 3.4.2 The test of sustained tax preference on innovation 53
• 3.4.3 The long-term effect of tax preferences on innovation 55
• 3.5 The policy effect of tax preference between different firm groups 57
• 3.5.1 Firms with high and low subsidy 57
• 3.5.2 Firms with high and low tobinQ 59
• 3.5.3 Firms with high and low leverage 60
• 3.5.4 Firms with different ownership 62
• 3.5.5 Firms in different regions 63
• 3.6 Robustness test 65
• 3.7 Summary 66
• Chapter4 Analysis of the effects of tax preferences on innovation in SMEs and large firms 67
• 4.1 Introduction 67
• 4.2 Literature review and research hypothesis 69
• 4.3 Data source and variable definition 71
• 4.3.1 Data source 71
• 4.3.2 Variable definition 71
• 4.3.3 Descriptive statistics 72
• 4.4 Empirical tests between tax preferences and innovation in SMEs and large firms 75
• 4.4.1 The test of tax preferences on innovation in SMEs and large firms 75
• 4.4.2 The test of sustained tax preferences on innovation in SMEs and large firms 77
• 4.5 The policy effect of tax preference between different firm groups 80
• 4.5.1 Firms with different ownership and sizes 80
• 4.5.2 Firms with different regions and sizes 84
• 4.6 Further research 85
• 4.6.1 The results of different subsidies in SMEs and large firms 86
• 4.6.2 The effect of subsidies on sustained tax preferences 87
• 4.6.3 The effect of subsidies on tax preferences in SMEs and large firms 88
• 4.7 Robustness test 89
• 4.8 Summary 89
• Chapter5 Financial constraints, tax preferences and firm innovation 91
• 5.1 Introduction 91
• 5.2 Literature review and research hypothesis 92
• 5.3 Data source and variable definition 94
• 5.3.1 Sample selection 94
• 5.3.2 Financial constraints 94
• 5.3.3 Other variables 96
• 5.4 Regression analysis 97
• 5.4.1 Financial constraints and the policy effect of tax preference 97
• 5.4.2 Financial constraints, tax preferences and innovation 98
• 5.5 Summary 98
• Chapter6 Conclusions 100