研发费用加计扣除、政治关联与企业研发投入

Super Deduction, Political Connection and Firm’s Innovation Expense

研发费用加计扣除政策旨在鼓励企业增加研发投入,但该政策的实施效果是否受到企业政治关联的影响长期被学者忽略。本文在阐释研发费用加计扣除政策、政治关联对企业研发投入作用机理的基础上,对我国上市公司数据进行实证分析。结果显示:我国研发费用加计扣除政策显著激励了企业增加研发投入,但企业政治关联一定程度上抑制了该政策激励效果,且抑制效应在不同区域存在差异;另外,企业CEO的政治关联类型对研发费用加计扣除政策效果的影响也存在异质性。本文研究对我国的政策启示主要体现在完善税收激励政策和非正式制度替代。

Question that whether super deduction of R&D expense in tax credit policy(i.e.SD policy) effectively promotes firm’s innovation expense, as well as whether the policy is affected by firm’s political connection remained unanswered till now. By exploring how SD policy and political connection influence firm’s innovation expense, the paper empirically examined the causality using data of listed company in China. Results shows that SD policy promoted firm’s innovation expense significantly, which however mitigated by political connection in the sense of geographic regions. Besides, the types of political connection of firm’s CEO have heterogenous effects on the SD policy. The policy implication is that to complete tax incentive policies and to substitute unofficial institutions.