政治关联、税收政策对企业研发投入的影响——来自中国创业板民营上市公司的经验证据

Impact of political connection and tax policy on R&D investment of a firm: Empirical evidence from listed private firms of China GEM

以2013-2015年创业板民营上市公司数据为样本,用滞后变量模型检验企业税负、加计扣除政策对研发投入的影响;然后,从政治关联的视角检验政治关联对研发投入的影响以及政治关联在企业税负与研发投入关系中的调节作用。结果表明:税收减免促进研发投入,加计扣除政策产生避税激励效应。政治关联对研发投入未产生明显的抑制作用,政治关联对企业税负与研发投入的关系具有负调节作用,削弱了税收政策的激励效果。

Based on the data of listed private firms on the GEM from2013to2015,the present study uses the lagged variable model to test the effect of firm tax burden and pretax additional deduction(PAD)policy on R&D investment.Then,from the perspective of political connection,the study examines the impact of political connection on R&D investment and the regulatory role of political connection between the relationship of tax credit and R&D investment.The findings show that tax credit can promote R&D investment and that the PAD policy can bring tax avoidance effect to the firm.The result also shows that political connection has no significant inhibitory effect on R&D investment and that political connection plays a negative regulatory role between the relationship of tax credit and R&D investment,weakening the incentive effect of tax policy.