研发费用加计扣除政策对企业绩效的影响研究——基于我国上市公司的实证分析

Research on the Impact of R&D Expense Additional Deduction Policy on Firm Performance——An Empirical Analysis Based on Listed Companies in China

研发费用加计扣除政策出台的初衷是推动经济增长方式转变和企业经济效益提高,既有研究大多聚焦于企业研发投入和创新,忽略了该政策对企业绩效的促进作用。本文以2013—2018年A股上市公司数据为样本,采用PSM-DID方法研究了研发费用加计扣除政策对企业绩效的影响。结果发现,研发费用加计扣除政策能有效促进企业绩效的提高,而且政策作用效果因企业生命周期和区域市场化程度的不同呈现出明显的差异性;机制检验的结果表明,研发费用加计扣除政策可以通过促进企业创新、降低经营成本和提升内源融资能力三条路径提高企业绩效。本文的研究结论为研发费用加计扣除政策如何影响企业绩效提供了经验证据,也为研发费用加计扣除政策的进一步优化提供了有益参考。

The intention of the R&D expense additional deduction policy is to promote the transformation of economic growth mode and improve the economic performance of enterprises.Existing research mostly focuses on the effect of the policy on firm innovation,ignoring its impact on firm performance.This paper takes the R&D expense additional deduction policy changes in 2016 as a quasi-natural experiment.Based on the data of listed companies from 2013 to 2018,the PSM-DID method is used to examine the impact of the R&D expense additional deduction policy on firm performance.The results show that R&D expense additional deduction policy can improve firm performance,and the effect of the policy is obviously different due to the difference in the life cycle of the enterprise and the degree of regional marketization.It is also found that there are three important channels of policy effect by the mediation effect model.This paper provides empirical evidence for how the R&D expense additional deduction policy affects firm performance and a useful reference for the further optimization of the policy.