研发费用加计扣除政策促进了企业降杠杆吗?——基于医药制造业上市公司双重差分模型的检验

Can Tax Deductions for Enterprise R&D Promote the Enterprises to Lower Their Financial Leverage?——A Difference-in-Difference Approach for the Listed Companies in the Pharmaceutical Manufacturing

由于研发投入兼具收益和风险的双重特征,研发费用加计扣除政策在促进企业增加研发投入的同时占用了企业的资金,从而影响到企业的融资决策,最终反映于企业的杠杆率。本文基于医药制造业上市公司2007~2018年样本的双重差分模型检验,发现研发费用加计扣除政策的实施促进了医药制造业企业杠杆率的降低,其中对于促进长期负债率的下降作用尤为显著。此外,在进一步对现金流敏感性、产权性质和企业规模的差异进行的异质性分析中发现,在现金流量低的企业及国有企业和大型企业中的政策效果相对更显著。基于以上研究结论,针对研发活动的引导和管理,本文提出了精准发挥研发费用加计扣除政策效应的相关建议。

Due to the dual characteristics of both benefits and risks of R&D investment, the policy of additional deduction of R&D expenses not only promotes enterprises to increase R&D investment, but also occupies their funds thus affecting their financing decisions, and finally reflecting their leverage ratios. Based on the Difference-in-Difference Model test of the samples of listed pharmaceutical companies from 2007 to 2018, this paper argues that the implementation of the policy of additional deduction of R&D expenses promotes the reduction of the leverage ratio of pharmaceutical companies, especially the reduction of long-term debt ratio. In addition, in the further heterogeneous analysis of the differences in cash flow sensitivity, property right nature and enterprise size, the paper argues that the policy effect is more significant in the enterprises with low cash flow, state-owned enterprises and large enterprises. On this basis, the paper puts forward some suggestions on giving full play to the effect of the policy of additional deduction of R&D expenses.