税收优惠与调整成本对企业研发投入行为的影响研究

Research on the Impact of Tax Preference and Adjustment Cost on Corporate R&D Investment Behavior

税收优惠是激励企业增加研发投入的重要政策手段,但是企业的研发投入同时受调整成本的逆向影响。在界定调整成本内涵的基础上,采用研发投入与托宾Q值之间的关系,估算了我国制造业、服务业及煤炭开采业的调整成本,并运用系统广义矩估计法,实证分析税收优惠政策与调整成本对企业研发投入行为的影响。研究结果表明:现有税收优惠政策能够在一定程度上对企业研发投入发挥激励作用,但调整成本的存在削减了税收优惠的激励效果。因此,政府应当积极营造降低企业调整成本的制度环境,鼓励企业根据自身产业特点合理规划,以降低调整成本,并结合产业规划、企业盈利能力、资金周转情况等制定税收优惠政策,从根本上扩大和落实税收优惠政策。

Tax preference is an important policy means to motivate enterprises to increase their investment in RD, but their RD investment is also adversely affected by adjustment costs. On the basis of defining the connotation of adjustment costs, this paper makes the use of the relationship between RD investment and Tobin＇s Q value to estimate the adjustment costs in China＇s manufacturing industry, service industry and coal mining industry. Then it employs the system generalized moment estimation method to conduct an empirical analysis of the impact of tax preference and adjustment costs on corporate RD investment behaviors. The findings show that the existing tax preference policy can play a stimulating role in corporate RD investment to a certain extent, but the existence of adjustment costs has reduced the incentive effect of tax preference. Therefore, the government should actively create an institutional environment to reduce the adjustment costs of enterprises, encourage the enterprises to make reasonable plans which suit their own industrial characteristics so as to reduce the adjustment costs, and to formulate tax preference policies in accordance with such conditions as industrial planning, enterprise profitability, capital turnover and so on, thus the tax preference policy can be expanded and implemented fundamentally.