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税费负担、创新能力与企业升级——来自“新三板”挂牌公司的经验证据
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TitleTax Burden, Innovation Ability and Enterprise Upgrading—Empirical Evidence from NEEQ Listed Companies  
作者李林木 汪冲  
AuthorLi Linmu and Wang Chong  
作者单位南京财经大学;上海财经大学 
OrganizationNanjing University of Finance and Economics; Shanghai University of Finance and Economics 
作者Emailllm0010@163.com;13813915506@126.com 
中文关键词税费负担 直接税费 间接税费 创新能力 企业升级 
Key WordsTax Burden; Direct Taxes; Indirect Taxes; Innovation Ability; Enterprise Upgrading 
内容提要本文运用2005-2015年间全国中小企业股份转让系统挂牌公司的年报数据,分析了税费负担对企业创新能力和升级水平的影响。研究发现,无论是总体税费负担还是直接、间接税费负担的增加都会降低企业的创新能力,减少创新成果,但间接税费的负效应大于直接税费。另一方面,尽管总体税费负担和其中间接税费负担的增加同样会抑制企业成长,但直接税费负担与企业成长水平却呈显著正相关。进一步研究发现,正是创新能力导致不同类别的税费负担影响企业升级水平的差异:企业研发投入增加,在使直接税费负担降低的同时,也导致当期净资产收益率和营业利润率等成长指标下降,结果使得企业的直接税费负担与企业成长呈同向变动。另一方面,随着创新产出和营业收入的增加,以营业收入为税基的间接税费也将增加。因此,进一步降低企业创新活动的税费负担,从长期看不仅有利于促进企业转型升级,而且有利于税收收入的可持续增长。 
AbstractThis paper examines the influence of firms’ tax burden on their innovation ability and upgrading level, using the data from the annual report of NEEQ listed companies from 2005 to 2015. The empirical results show that both the overall and direct or indirect tax burden are significantly negatively related to firms innovation ability and output, but the negative effect of indirect taxes is greater than direct taxes. On the other hand, although the overall and the indirect tax burden are also significantly negatively related to business growth, direct tax burden is found significantly positively related to it. Further study reveals that it is innovation (R&D) ability that results in different impacts of different types of tax burden on enterprise upgrading. In the short term the increase of enterprise R&D input lowers not only its direct tax burden but also its growth indices such as real return on equity and operating profit ratio, which consequently makes direct tax burden positively related to enterprise growth. Meanwhile with the increase of innovation output and operating receipt, indirect taxes based on sales proceeds will increase. Therefore, further reduction of tax burden related to enterprise innovation activities in the long run is beneficial not only to enterprise upgrading, but also to sustainable growth of tax revenue. 
文章编号WP1330 
登载时间2019-01-25 
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