财务柔性、所得税优惠对企业研发激励作用的研究——基于1912家制造业上市公司面板数据

Study on the Incentive Effect of Financial Fexibility,Income Tax Preference on Enterprise R&D Investment:Based on Panel Data of 1912 Manufacturing Listed Companies

在创新战略的指导下,政府相继制定了例如对高新技术企业征收15%所得税等一系列所得税优惠政策。再者,2020年初的新冠疫情使不少企业遭受重创,财务柔性对于企业的重要性越发突出。在此背景下,基于2014—2019年1912家制造业上市公司的面板数据进行实证分析,研究所得税优惠对企业研发的激励作用,并在前人研究的基础上将财务柔性作为调节变量,在研究模型中加入财务柔性与所得税优惠的交互项。结果表明:所得税优惠能够激励企业的研发投入;财务柔性正向调节所得税优惠对研发的激励作用;在财务柔性相同的条件下,由于非高新技术企业和国有企业的研发投入会被实物投资所挤出,所以所得税优惠对高新技术企业和非国有企业的激励作用更加明显,财务柔性对于高新技术企业和非国有企业的调节作用也会更加显著。

With the guidance of innovation strategy,the government has formulated a series of income tax prefernce policies,such as levying 15%income tax on high-tech enterprises.Moreover,many enterprises have been hit hard by the outbreak of COVID-19 in early 2020,and the importance of financial flexibility for enterprises has become more and more prominent.In this background,taking the panel data of 1912 manufacturing listed companies from 2014 to 2019 as research objects,the incentive effect of income tax preference on the enterprise R&D investment is studied.At the same time,based on previous studies,financial flexibility is taken as a moderating variable,and the interaction between financial flexibility and income tax preference is added in the research model.The results show that the income tax preference can stimulate the R&D investment of enterprises.The financial flexibility positively regulates the incentive effect of income tax incentives on R&D investment.Under the same financial flexibility,The R&D investment of non-high-tech enterprises and state-owned enterprises will be squeezed out by physical investment,so the incentive effect of income tax preference on high-tech enterprises and non-state-owned enterprises is more prominent.In addition,financial flexibility has a significant regulatory effect on high-tech enterprises and non-state-owned enterprises.