Abstract: Direct investment and tax preference are the major R&D funding ways taken by governments. But each of them has different characteristics which combine with different motives for government investment; meanwhile they have different action in the different phase, so they have their own innovative incentive paths. Taking Jiangsu manufacturing as the research sample, we find there exists large difference between the two policies due to their own innovative incentive path. Overall, direct investment is better than tax preference. The former has a positive effect on the three stages which are R&D input, the medium-output and the final-output, while the latter has an effect on the first stage. Therefore, It is necessary to moderate policy adjustments.

摘要： 直接补贴与税收优惠是政府鼓励企业创新的主要资助方式，两者特征不同，对政府介入动机的响应、作用阶段及方式也有较大差别，对技术创新的激励路径也不同。实证分析发现，正是因为激励路径的不同，导致实施效果有较大差异。税收优惠效果优于直接投入，对研发投入、中间产出和最终产出三个阶段都有较好效果，而后者主要作用于研发投入阶段。为此，笔者建议政府有必要进行适度的科技激励政策的调整