研发费用加计扣除政策对企业研发投入的影响研究——来自中国上市公司的证据

A Study on the Impact of R&D Expenses Additional Deductions Policy on R&D Investment of Enterprises: Evidence from China’s Listed Companies

本文以2015年研发费用加计扣除政策变化作为一次"准自然实验",基于2013-2017年上市公司的研发投入数据,采用双重差分法(DID)考察了研发费用加计扣除政策对企业研发投入的影响,结果显示研发费用加计扣除政策对企业研发投入存在显著的促进作用。在稳健性检验中,本文将因变量改为研发投入占营业收入的比值与研发人员数量的对数进行回归,结果表明研发费用加计扣除政策同样产生了正向促进作用。在企业异质性分析中,本文分别就不同地区、不同所有制及不同名义税率与实际税负的企业进行了回归,结果显示针对不同类型的企业,研发费用加计扣除政策的作用效果会产生差异。本文建议注重政策适用的靶向性,加大对中小型企业的税收优惠力度,同时协调不同税收优惠政策,进一步开放政策适用范围。

This paper takes the 2015 R&D expenses additional deduction policy changes as a ’quasi-natural experiment’.Based on the R&D investment data of listed companies from 2013 to 2017,the difference-in-difference method(DID) is used to examine the R&D expenses additional deduction policy for R&D investment.The results show that the R&D expenses additional deduction policy has a significant role in promoting R&D investment.In the robustness test,this paper returns the dependent variable to the ratio of R&D investment to operating income and the logarithm of the number of R&D personnel.The results show that the R&D expenses additional deduction policy also has a positive effect.In the analysis of enterprise heterogeneity,this paper returns to different regions,different ownership systems and enterprises with different nominal tax rates and actual tax burdens.The results show that for different types of enterprises,the effect of R&D expenses additional deduction policy will be making a difference.This paper proposes to focus on the targeting of policy application,increase the tax incentives for small and medium-sized enterprises,coordinate different tax incentives,and further open the scope of policy application.