创新投入、税收规避与企业风险

Innovation Investment,Tax Avoidance and Corporate Risk

本文分析了创新投入对企业风险的影响机制,以2009-2016年创业板上市公司为样本,对创新投入与企业风险之间的关系以及税收规避对二者关系的调节效应进行实证研究。结果表明:(1)创新投入与企业风险之间存在U型关系;(2)税收规避具有节税效应,能够减弱创新投入的风险效应;(3)创新投入与产品不确定性呈U型关系,与突破性技术不确定性呈倒U型关系,与工艺不确定性无关;(4)创新投入对企业风险的影响效应只存在于大规模企业组、管制性行业组、高技术行业组和东部地区组,这些组的创新投入对企业风险的影响效应更大。本文的研究丰富了创新投入与企业风险领域相关文献,同时对企业和政策制定者具有重要的参考价值,有助于企业和政策制定者采取相应政策措施,根据企业具体实情,平衡创新投入与企业风险,促进创新驱动发展战略的实施。

This paper analyzes the mechanism of the impact of innovation investment on corporate risk.Using the growth enterprises market(GEM)listed companies in China for the period of2009-2016,the paper addresses the relationship between innovation investment and corporate risk,and investigates the adjustment effect of tax avoidance on the relationship between the two.The results show that:(1)there is a U-type relationship between innovation investment and enterprise risk;(2)Tax avoidance has a tax-saving effect,which can weaken the risk effect of innovation investment;(3)There is a U-shaped relationship between innovation investment and product uncertainty,and there is an inverted U-shaped relationship between innovation investment and technology uncertainty,but innovation investment has nothing to do with process uncertainty;(4)the impact of innovation investment on corporate risk only exists in the firms with a larger scale,regulatory industry,high-tech industry and eastern region.The effect of innovation investment on corporate risk is even greater in these firms.The research in this paper enriches the literature on innovation investment and enterprise risk,and has important reference value for enterprises and policy makers.It can help enterprises and policy makers to adopt corresponding policies and measures to balance innovation investment and corporate risk according to the specific facts of firms.It is beneficial to promote the implementation of innovation-driven development strategies.