摘要
利用中国2017年创业投资企业所得税优惠政策试点的外生冲击,本文考察了税收激励对风险资本投资决策的影响。研究发现,税收优惠提高了风险投资企业的平均投资金额,对投资数量无显著影响。风险资本通过提高投资比例和支付更高的投资价格加大了对创业企业的资金扶持。政策还能够在一定程度上引导风险资本投向初创科技型企业,但对种子阶段的投资没有明显的促进效果。进一步研究发现,税收优惠政策提高了融资企业的创新数量和创新质量。本文的研究结论为完善创业投资税收优惠,提高政策的有效性和精准性提供了启示。
Taking advantage of China’s 2017 tax credit policy for Venture Capital(VC),this paper examines the impact of tax incentives on VC investment decision.We find that,the tax credit policy encourages VC to increase the average amount rather than the number of investments.VC increases their financial support to start-ups by increasing shareholding and paying higher prices.In addition,the tax credit policy can guide VC to invest in hightech start-ups,but it has no obvious effect on seed-stage investments.Further analysis shows that the policy can improve the quantity and quality of innovation of financing enterprises effectively.This paper provides a reference for improving effectiveness and accuracy of the tax credit policy for VC.
作者
李炳财
倪骁然
王昆仑
Li Bingcai;Ni Xiaoran;Wang Kunlun
出处
《财政研究》
CSSCI
北大核心
2021年第10期63-76,共14页
Public Finance Research
关键词
税收激励
风险投资
企业创新
Tax Incentives
Venture Capital
Enterprise Innovation
作者简介
李炳财,厦门大学经济学院财政系博士研究生,电子邮箱:bingcaili@163.com;通讯作者:倪骁然,厦门大学经济学院、王亚南经济研究院,副教授,博士生导师,电子邮箱:nxr@xmu.edu.cn;王昆仑,上海交通大学安泰经济与管理学院博士研究生,电子邮箱:Wang_kunlun0513@sjtu.edu.cn。
