创新激励政策的实施效果一直受到广泛关注。本文引入新制度主义的视角，讨论了企业所面临的外部环境特征对税收优惠政策实施效率的影响，并指出强制度性环境中的企业可能通过主动迎合外部要求而非提升内部效率获得回报。本文使用2009-2013年的面板数据，通过实证研究发现，税收优惠在一定程度上提升了企业的创新绩效，创新投入在其中起到完全中介作用。但是激励效果在不同企业之间存在差异。存在政治关联的企业并未将税收优惠有效地投入到创新活动中去，但同样获得了相当数额的优惠。高新技术企业所得税优惠政策在很大程度上成为了这些企业规避税收的“税盾”。本文的研究结果对我国高新技术企业税收优惠政策的改进具有一定的参考意义。

The effectiveness of the innovation incentive policies has been widely concerned. From the New Institutional Perspective，we discuss the influence of the external environment characteristics of the enterprises on the effectiveness of tax incentives, and point out that the enterprises in the strong institutional environment may be rewarded by the initiative to meet external requirements rather than to improve internal efficiency. Using the panel data of 2009-2013, through empirical research, we find that tax incentives, to some extent, improve the enterprise's innovation performance, in which innovation investment played a complete intermediary role. However, there are differences between different enterprises. Politically connected enterprises did not put the savings into innovative activities effectively. However, they also have received a considerable amount of tax discount. As a result, high tech enterprise income tax preferential policies are more likely to be the “tax shield” for these enterprises. The research results of this paper have a certain reference value to the improvement of the tax incentives policies of high tech enterprises in China.