R&D税收优惠政策效果研究——企业研发费用加计扣除政策改革的一项准自然实验

The Effects of R&D Tax Incentive Policies——A Quasi-natural Experiment of the R&D Tax Deductions Reform

研发税收优惠是我国促进企业研发创新活动的重要政策工具之一。以企业研发费用加计扣除政策改革实践作为准自然实验,采用双重差分估计方法检验R&D税收优惠政策的实施效果。结果表明,与对照组企业相比,研发费用税前加计扣除政策改革后,政策受惠组企业研发支出金额显著增加,同时,在多产业样本组,实验组企业的研发强度也显著提升,但在研发密集型产业,实验组企业的研发强度无显著变化。说明虽然研发费用加计扣除政策改革对企业提高研发费用具有一定的积极效应,但在加大研发投入强度方面对不同产业的促进程度存在差异,对研发密集型产业研发强度提升的影响相对较弱。因此,相关决策部门应进一步区分产业研发强度,制定更为精准的税收优惠政策。

R&D tax incentives is one of the important policy tools to promote R&D innovation activities of enterprises in China.Using R&D tax deductions reform as a quasi-natural experiment and the Difference-in-Difference estimation method,we empirically examine the effects of R&D tax incentive policies.We find that compared with the control group,the reform significantly stimulated the treated companies to increase their R&D expenditures,however,the rise of the ratio of R&D to sales is not significant for the R&D intensive sectors,which is significant for the multi-sector sample.The results indicates that although the reform has some positive effect on R&D investment,however,its effect on R&D intensity differs among different industries with the weaker impact on the R&D intensive sectors.Therefore,decision-making departments should further distinguish the R&D intensity among different industries and formulate more detailed and accurate tax preferential policies.