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Does the Entrepreneurs' Market Outlook Stimulate the Enterprises Offered Tax Incentives to Increase Innovation Input? An Empirical Study on the Listed Companies' Annual Reports

【Authors】
YANG Bing & YANG Yang
【WorkUnit】
Guizhou University of Finance & Economics, 550025.
【Abstract】

Based on the capital use cost model, this paper constructs a theoretical model to reveal the impact of tax incentives and the entrepreneurs' market outlook on the enterprises' innovation input. This paper conducts computer-aided analysis upon the annual reports of 659 listed companies in China from 2010 to 2018, and looks into the impact of the entrepreneurs' market outlook upon the innovation input of the enterprises offered tax incentives. The results show that: (1) The entrepreneurs' optimistic market outlook and tax incentives work to increase the enterprises' innovation input while the pessimistic market outlook restrains the enterprises' innovation input. (2) The entrepreneurs' optimistic market outlook does not increase the promotion effect of tax incentives on the enterprises' innovation input; the pessimistic market outlook and tax incentives form a “strategically complementary” relationship regarding the impact upon the enterprises' innovation input. (3) The impact of the entrepreneurs' optimistic market outlook upon the innovation input is greater in state-owned enterprises offered tax incentives than in the non-state-owned ones while the entrepreneurs' pessimistic market outlook shows no significant difference in terms of its impact upon the two types of enterprises' The impact of the entrepreneurs' optimistic market outlook upon the innovation input is less in the enterprises offered tax incentives in east China than in other areas while the entrepreneurs' pessimistic market outlook shows no significant difference in terms of its impact upon the enterprises in different regions.

 

JEL:D21, L53


【KeyWords】
Tax Incentive, Enterprises' Innovation Input, Entrepreneurs' Market Outlook, Computer-Aided Text Analysiss