摘要
研发投资是推动科技进步和提升创新能力的关键,而企业高质量发展需要高效的研发投资。本文以2010—2020年我国A股上市公司数据为研究样本,探索研发投资对企业高质量发展的影响,以及税收优惠和财政补贴两类政策激励的调节机制。研究发现:(1)研发投资显著促进了企业高质量发展。(2)税收优惠在研发投资与企业高质量发展之间起显著的正向调节作用,而财政补贴的调节作用不显著。(3)基于异质性考虑,从高质量发展战略前后、区域和研发强度三个视角进行分类研究发现,研发投资对国有企业高质量发展的促进作用在高质量发展战略前后均显著,而研发投资对非国有企业高质量发展的促进作用仅在高质量发展战略后显著。研发投资对企业高质量发展的促进作用和税收优惠的正向调节作用在高研发强度企业和东部以及中西部地区企业显著。财政补贴的正向调节作用在东部地区企业显著,负向调节作用在中西部地区显著。研究结论为深入理解研发投资对企业高质量发展的影响,提高研发效率、提升企业高质量发展水平提供经验证据和参考建议。
R&D investment is the key to promoting technological progress and enhancing innovation capabilities,and high⁃quality devel⁃opment of enterprises requires efficient R&D investment.This paper takes listed companies in China’s Shanghai and Shenzhen stock markets from 2010 to 2020 as research samples to explore the impact of R&D investment on high⁃quality development of enterprises,as well as the regulatory mechanisms of tax incentives and financial subsidies.The findings are as follows.(1)R&D investment significantly promotes high⁃quality development of enterprises.(2)Tax incentives have a significant positive moderating effect between R&D invest⁃ment and high⁃quality development of enterprises,while the moderating effect of fiscal subsidies is not significant.(3)Based on hetero⁃geneity considerations,a classification study is conducted from three perspectives:before and after the high⁃quality development strategy,region,and R&D intensity.It is found that the promotion effect of R&D investment on the high⁃quality development of state⁃owned enterprises is significant before and after the high⁃quality development strategy,while the promotion effect of R&D investment on the high⁃quality development of non⁃state⁃owned enterprises is only significant after the high⁃quality development strategy;the promotion effect of R&D investment on high⁃quality development of enterprises and the positive regulatory effect of tax incentives are significant in high R&D intensity enterprises and enterprises in the eastern and central and western regions;the positive regulatory effect of fiscal sub⁃sidies is significant in enterprises in the eastern region,while the negative regulatory effect is significant in the central and western re⁃gions.The research conclusion provides empirical evidence and reference suggestions for a deeper understanding of the impact of R&D investment on high⁃quality development of enterprises,improving R&D efficiency,and enhancing high⁃quality development of enterpri⁃s
作者
许志勇
宋泽
Xu Zhiyong;Song Ze(School of Accounting,Hubei University of Economics,Wuhan 430205;Hubei Centre for Accounting Development Research,Wuhan 430205;Capital Operations Research Center,Hubei University of Economics,Wuhan 430205)
出处
《管理评论》
CSSCI
北大核心
2023年第9期127-141,共15页
Management Review
基金
国家社会科学基金项目(22BGL032)。
关键词
研发投资
政策激励
企业高质量发展
R&D investment
policy incentives
high⁃quality development of enterprises
