关键词: 税收激励, 固定资产加速折旧政策, 研发创新

Abstract: This paper identifies the causal relationship between tax incentives and firm innovation using the policy of accelerated depreciation of fixed assets in China ([2014] 75 and [ 2015] 106) as a quasi-natural experiment. Using the patent application, termination, citation and financial statement data of A-share listed companies in China from 2010 to 2017, the difference-in-difference model regressions find that: in terms of quantity, this policy significantly increases firm R&D investment and the number of patent applications; in terms of quality, the growth rate of invention applications is higher than that of utility model and exterior design, which improves the firms’ patent structure. The policy also significantly reduces the termination of granted patents and increases the average citation of invention applications. A further test shows that the policy significantly improves the profit and capital market value of the firms in the treatment group, and has a greater effect on private firms (more financially constrained) and high capital-intensive industries (potentially benefits more from the policy). This paper implies that tax and fee reduction can improve the quality and efficiency of firms’ innovation, which further boosts the high-quality development of China’s economy.

Key words: Tax Inventive, Policy of Accelerated Depreciation of Fixed Assets, Firm Innovation