研发费用加计扣除政策对创新投入的激励效应研究

Incentive Effects of the Policy of Extra Tax Deduction of R&D Expenses on Innovation Investment of Enterprises

创新是企业高质量发展的“主引擎”,引领企业发展从要素驱动向创新驱动转型。以2253家制造业上市公司2014—2018年面板数据作为研究对象,运用多元回归、调节效应检验研究研发费用加计扣除政策对创新投入的影响、企业成长性的调节作用以及上述影响是否存在产权异质性。研究结果表明:①研发费用税收激励强度与创新投入强度显著正相关,且企业成长性可以正向调节研发费用加计扣除政策对创新投入的激励效应;②研发费用加计扣除政策对创新投入的激励效应在民营企业中更显著。企业应积极把握研发费用加计扣除政策等财税优惠政策,以实现税收优惠政策对企业积极开展创新活动、加大创新投入的激励作用。

Innovation is the"main engine"of high-quality development of enterprises,leading the transformation of enterprise development from factor-driven to innovation-driven.Taking panel data of 2,253 listed manufacturing companies from 2014 to 2018 as the research object,multiple regression and adjustment effect were used to test the impacts of extra tax deduction policy of r&d expense on innovation investment,the adjustment effects of enterprise growth and the existence of property right heterogeneity.The results show that:(1)there is a significant positive correlation between r&d tax incentive intensity and innovation investment intensity,and enterprise growth can positively adjust the incentive effect of r&d tax incentive policy on innovation investment;(2)the incentive effect of r&d expense extra deduction policy on innovation investment is more significant in private enterprises.Enterprises should actively grasp the preferential fiscal and tax policies such as the extra tax deduction policy for r&d expenses,so as to realize the incentive effects of the preferential tax policies on enterprises to actively carry out innovation activities and increase innovation investment.