Has Preferential Tax Policy for Technology Imports Improved Industrial Innovation Capacity? A Quasi-Natural Experiment Based on China's Catalogue for Technologies Encouraged to Import

Abstract

Abstract: Improving the industrial innovation capacity is an urgent task that China is faced with under the new economic normality. Taking the 59 four-digit code industries that enjoy the preferential tax policy for technology import covered in China's Catalogue for Technologies Encouraged to Import released in 2006 as the experimental group and the 501 industries that do not enjoy the preferential tax policy for technology import as the control group, this paper makes use of the data from 2001 to 2015 and employs the double difference method to examine the relationship between the preferential tax policy for technology import and the industrial innovative capacity. The results indicate that the industries that enjoy the preferential tax policy for technology imports can significantly improve their industrial innovation capacity, especially for the high-tech industries. The effective mechanism for the improvement of industrial innovation capacity by the preferential tax policy for technology imports is that this policy can lead the enterprises to increase their spending on imported technologies and technical upgrading. There is a substitutional relation between the support of the financial institutions to the industrial innovation financing and the preferential tax policy for technology imports in improving industrial innovation capacity.

Key words: technology imports, preferential tax policy, industrial innovation capacity

CLC Number:

F273.1
F425

WU Chang-nan, ZHONG Jia-fu. Has Preferential Tax Policy for Technology Imports Improved Industrial Innovation Capacity? A Quasi-Natural Experiment Based on China's Catalogue for Technologies Encouraged to Import[J]. Contemporary Finance & Economics, 2020, 0(9): 101-113.

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