减税激励与企业并购行为——来自高新技术企业认定的证据
Tax Reduction Incentives and Corporate M&A Behavior——Evidence from the Recognition of High-Tech Enterprises
李国栋 1蓝发钦 1国文婷2
作者信息
- 1. 华东师范大学经济与管理学院 上海,200333
- 2. 信阳师范大学商学院
- 折叠
摘要
本文探究了高新技术企业认定对企业并购行为的影响及其作用机制.研究发现,高新技术企业认定显著促进了企业的并购活动,这一促进效应在期权激励较高和市场地位较低的企业中更为明显.机制分析表明,高新技术企业认定通过税收优惠、财政补贴、缓解企业融资约束和提升风险承担水平来促进企业并购.本文肯定了高新技术企业认定政策对高新技术企业迅速壮大和创新发展的积极作用.为进一步优化高新技术企业认定政策和促进企业高质量发展提供了经验证据.
Abstract
This paper explores the impact of high-tech enterprise recognition on corporate M&A behavior and its mecha-nism.It is found that high-tech enterprise recognition significantly promotes the M&A activities of enterprises,and this promotion effect is more obvious in enterprises with higher option incentives and lower market position.The mechanism analysis shows that high-tech enterprise recognition promotes M&A by tax incentives and fiscal subsidies,alleviating en-terprise financing constraints and enhancing risk-taking levels.This paper affirms the positive role of high-tech enter-prise identification policy on the rapid growth and innovative development of high-tech enterprises,and provides empirical evidence for further optimizing the high-tech enterprise recognition policy and promoting the high-quality development of enterprises.
关键词
减税激励/并购/创新/融资约束Key words
tax reduction incentives/mergers and acquisitions/innovation/financing constraints引用本文复制引用
出版年
2024
NETL
NSTL
万方数据