摘要
本文利用2013—2017年上市企业数据,使用双重差分方法实证分析了研发费用加计扣除政策的实施效果、影响机制,并探究了产权性质、规模、市场竞争程度、融资约束、管理层薪酬及控制权激励对政策实施效果的影响。研究结果表明:第一,研发费用加计扣除政策显著促进了企业创新绩效的提升;第二,研发投入在政策与企业创新绩效之间起部分中介作用;第三,政策在国有、规模较大、市场竞争程度较低、融资约束程度较高、管理层薪酬激励或者控制权激励较强的企业中实施效果较好。据此,本文针对政府和企业提出了不同的政策建议。
Exploiting the data of listed companies from 2013 to 2017,this article uses the double difference method to empirically analyze the implementation effect and impact mechanism of the R&D expenditure deduction policy,and explores the influence of nature of property rights,scale,market competition degree,financing constraints,management compensation and control incentives on the policy implementation effect.The results show that:First,the R&D expenditure deduction policy significantly promote the improvement of enterprise innovation performance.Second,R&D investment plays a part intermediary role between policy and enterprise innovation performance.Third,the policy is better implemented in enterprises that are state-owned,large in scale,low in market competition,high in financing constraints,and strong in management compensation incentives or control incentives.Accordingly,this article puts forward different policy recommendations for the government and enterprises.
作者
陈宇
刘玉环
CHEN Yu;LIU Yu-huan(School of Public Finance and Taxation,Central University of Finance and Economics,Beijing 102206;Huawei Technologies Co.,Shenzhen 518129)
出处
《商学研究》
2021年第5期46-58,共13页
Commercial Science Research
基金
国家社会科学基金项目“税收情报交换协定及其对我国企业跨境避税的抑制作用研究”(20BGL066)。
关键词
研发费用加计扣除政策
创新绩效
研发投入
异质性
R&D expenditure deduction policy
innovation performance
R&D investment
heterogeneity
