企业自主创新同时受到融资约束和税收优惠的影响，以融资约束为视角研究税收优惠政策变动对企业自主创新激励效应的影响，对于重新审视和完善创新领域中的税收优惠政策，缓解企业融资压力进而激发企业自主创新潜能具有重要价值。以双重差分法分析税收优惠政策变动对企业自主创新的影响。研究表明，我国上市公司普遍面临融资约束困境，且存在明显的地区、所有制性质以及行业差异。双重税收优惠政策对企业自主创新存在抑制作用，融资约束的负效应会抵消甚至超过税收优惠对企业自主创新的正向促进作用，最终使得税收优惠政策的调整难以产生预期的积极创新效应。据此提出相应的对策和解决措施。

The independent innovation of enterprises is influenced by financial constraints and tax incentives. It has important value that to study the impact of tax incentives on the incentive effect of independent innovation from the perspective of financial constraints is helpful to reexamine and improve the tax preferential policies in the field of innovation and alleviate the pressure of enterprise financial, and finally to stimulate the potential of independent innovation. The author analyzes the influence of tax preferential policies on the independent innovation of enterprises by DID method.The study shows that China's listed companies generally face the difficulties of financial constraints, and there are obvious areas, ownership and industry differences. The double tax preferential policies have the inhibitory effect on the independent innovation of the enterprise. The negative effect of the financial constraints will offset or even exceed the positive effect of the tax preference on the independent innovation of the enterprise, which makes the adjustment of the tax preferential policy difficult to produce the expected positive innovation effect. Accordingly put forward the corresponding countermeasures and solutions.