Cross-border e-commerce comprehensive pilot zones, tax expenditures, and firm innovation

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-04 DOI:10.1016/j.frl.2025.107725

Yun Jiang, Yanru Zhang

引用次数: 0

Abstract

Based on data from listed companies between 2012 and 2023, this study systematically evaluates the policy effects of Comprehensive Cross-Border E-Commerce Pilot Zones (CCBEPZs) on enterprise innovation using a multi-period difference-in-differences (DID) model. The findings reveal that the establishment of these zones significantly increases the number of enterprise patent applications. However, tax incentives exhibit a "substitution effect" on corporate innovation: government subsidies crowd out firms' independent R&D investments, fostering policy dependence. This counterintuitive finding suggests that merely increasing tax incentives may not sustainably enhance firms' innovation momentum. Mediation effect analysis further indicates that CCBEPZs indirectly unlock innovation resources by reducing transaction costs for enterprises.

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跨境电子商务综合试验区、税收支出、企业创新

本研究基于2012 - 2023年上市公司数据，采用多期差分差分（DID）模型系统评价了跨境电子商务综合试验区对企业创新的政策效应。研究发现，园区的设立显著提高了企业专利申请量。然而，税收激励对企业创新表现出“替代效应”：政府补贴挤出企业的自主研发投资，形成政策依赖。这一反直觉的发现表明，仅仅增加税收激励可能无法持续地增强企业的创新动力。中介效应分析进一步表明，园区通过降低企业交易成本间接释放创新资源。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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