摘要
本文研究所得税税率优惠、研发费用加计扣除和固定资产加速折旧三项政策对我国上市公司研发投入的激励效果。通过理论推导和对上市公司2010—2018年的研发数据进行实证研究发现:单一政策对企业研发均有促进作用,而在政策组合中,税基式优惠与税率式优惠存在替代效应。通过异质性检验发现,就融资约束水平而言,随着融资约束水平增加,加速折旧政策与税率优惠政策的替代作用逐渐增加;就股权性质而言,税基式优惠与税率式优惠政策的替代作用在非国有企业中更为显著;就企业年龄而言,企业年龄越大,政策组合间替代作用和互补作用越小。
This paper studies the incentive effect of preferential tax rate for high-tech enterprises,additional deduction of R&D expenses and accelerated depreciation of fixed assets on R&D investment of Chinese listed companies.Through theoretical derivation and empirical research on the R&D data of listed companies from 2010 to 2018,it is found that a single policy can promote the R&D of enterprises,and there is a substitution effect between tax base reduction and tax rate reduction in the policy mix.Through heterogeneity test,it is found that as the level of financing constraint increases,the substitution effect of accelerated depreciation policy and low tax policy gradually increases.In terms of the nature of equity,the substitution effect of tax base reduction and tax rate reduction is more significant in non-state-owned enterprises.The empirical results show that the older the firm is,the smaller the interaction between policy combinations.
作者
肖鑫彤
汪冲
XINTONG XIAO;CHONG WANG(School of Public Economics and Management,Shanghai University of Finance and Economics)
出处
《工信财经科技》
2022年第6期85-106,共22页
Review of Financial & Technological Economics
关键词
税率优惠
研发费用加计扣除
固定资产加速折旧
政策组合
preferential tax rate for high-tech enterprises
additional deduction of R&D expenses
accelerated depreciation of fixed assets
policy mix
