论文 | Personal Income Tax and Corporate Innovation

Personal Income Tax and Corporate Innovation: The Key Role of Inventors’ Financial Incentives

党的十八大以来，习近平总书记对建设世界科技强国念兹在兹，强调“我国要实现高水平科技自立自强，归根结底要靠高水平创新人才”。如何建立有利于激发科技人才创新热情的个人所得税体系是事关整合科技创新资源，加快形成新质生产力的关键问题。由复旦发展研究院助理研究员张延人（通讯作者）与合作者Guanchun Liu、Hangjuan Liu、Yuanyuan Liu、Jinyu Yang共同完成的论文"Personal Income Tax and Corporate Innovation: The Key Role of Inventors’ Financial Incentives"通过自主构建的中国2008至2016年上市公司申请专利的发明家数据识别了个人所得税对企业创新的因果效应。他们发现针对发明家的个人所得税率减免对企业申请的专利数量和质量都有显著正面影响。此外，与美国相比，中国的专利数量的提升效应较弱，而专利质量的提升效应较强，他们认为，这可以用中美两国在知识产权保护成本上的差异来解释。该论文即将在金融学顶级期刊Journal of Banking & Finance发表。

Authors

Guanchun Liu  Lingnan College & Institute of Mezzoeconomics, Sun Yat-Sen University, Guangzhou

Hangjuan Liu  Lingnan CollegeSun Yat-sen University, Guangzhou

Yuanyuan Liu  School of Finance & Southern China Institute of Fortune Management Research, Guangdong  University of Foreign Studies, Guangzhou

Jinyu Yang  Business School, Sichuan University, Chengdu

Yanren Zhang*  Fudan Development Institute, Fudan University, Shanghai

（*Corresponding author）

Abstract

Despite the importance of the personal income tax around the world, little is known about its impact on innovation. We construct a large database of inventors who patented at publicly listed companies during the 2008-2016 period and exploit the revised Personal Income Tax(PIT) Law of 2011 in China as a quasi-natural experiment to establish the causal effect of the personal income tax on corporate innovation. Using a difference-in-differences identification strategy, we show that a lower personal income tax rate has a significantly positive impact on patent quantity and quality, Further, the revised PIT Law raises the efficiency of R&D activities, induces more explorative innovation, and improves the success rate of patent applications, providing consistent evidence for the intentional effort channel. Moreover, this positive innovation effect is more pronounced in firms with an R&D team that is more sensitive to the salary incentive system, greater innovation dependence, better governance, and firms located in regions with better innovation environments. Taken together, our findings shed light on how inventors and firms respond to decreasing personal income tax rates and confirm that the net return to innovation can be vital to the innovation capacity of firms.

Keywords

Personal income tax; Corporate innovation; Inventors’financial incentives; Revised PIT Law of 2011; China

了解更多论文信息请点击阅读原文

或参考以下链接：https://doi.org/10.1016/j.jbankfin.2024.107203

排版 | 蒲云涛

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