高新技术企业税收减免政策的激励效应与迎合效应

Abstract

The theoretical debate over whether industrial policies should be formulated by the government remains unresolved. Based on the Administrative Measures for the Recognition of High‑tech Enterprises implemented in 2008, this paper investigates both the incentive and the catering effects in the implementation of this specific industrial policy. We find that after obtaining high‑tech enterprise certification, firms significantly improve both the quantity and quality of their innovation input and output. However, for firms that attain the certification by inflating R&D expenditure, such improvements are substantially weaker. This suggests that industrial policies may either stimulate genuine innovation or merely induce firms to superficially cater to regulatory requirements without contributing to real innovative activities. Mechanism analyses further reveal that certified enterprises receive more tax incentives and government subsidies, and also hire a greater number of highly educated employees. Yet, the innovation‑boosting effects of these tax benefits, subsidies, and talent agglomeration are significant only for genuine high‑tech enterprises, while the innovation‑enhancing effect of the policy is significantly attenuated for “pseudo‑high‑tech” firms. Our findings not only reconcile the divergent theoretical perspectives in the “industrial policy debate” but also provide theoretical guidance for the government on how to effectively design and implement industrial policies.