环境不确定性、税收激励与企业R&D投资

Environmental Uncertainty,Tax Incentives and Corporate R&D Investment

以2008—2014年沪深A股上市公司数据为样本,分析了环境不确定性对企业R&D投资的影响,研究结果表明环境不确定性与企业R&D投资呈倒"U"型关系。根据产权性质的不同将全部样本分为国有企业组和非国有企业组,与国有企业相比,非国有企业中环境不确定性与企业R&D投资的倒"U"型关系更加显著。进一步的研究还发现税收激励对环境不确定性和企业R&D投资的关系起调节效应,可以促进企业增加R&D投资,税收激励的调节效应在不同产权性质的企业中存在明显差异。

Taking 2008 -2014 Shanghai and Shenzhen A - share listed companies as sample data, this paper analyzes the impact of environmental uncertainty on corporate R＆D investment. The results show that environmental uncertainty and corporate R＆D investment are in an inverted ＂ U＂ shaped relationship. All samples are divided into state - owned enterprises and non state -owned enterprises according to the nature of property rights. Compared with state - owned enterprises, the inverted ＂ U＂ shaped relationship between environmental uncertainty and corporate R＆D investment is more significant in non state - owned en-terprises. Further research also finds that tax incentive has moderating effect on the relationship between environmental uncertain-ty and corporate R＆D investment, it can also promote enterprises to increase R＆D investment. But there are significant differ-ences of the moderating effect of tax incentives in the enterprises with different property rights.