长三角地区科创型企业研发投入影响因素研究

Research on the Influencing Factors of R&D Investment of Science and Innovation Enterprises in Yangtze River Delta Region

以2017-2019年长三角地区科创板上市企业或申报企业为研究对象,考察政府补助、所得税税率优惠、内部现金流、股权制衡度和行业竞争程度对长三角地区科创型企业研发投入的影响。结果表明,政府补助、所得税税率优惠、股权制衡度和行业竞争程度与长三角地区科创型企业研发投入正相关,而内部现金流与企业研发投入之间不存在显著的相关性;与安徽省相比较,江浙沪地区政府的所得税税率优惠和财政补助政策显著提升了科创型企业研发投入,且安徽省的科创型企业研发投入较多地依赖于企业内部现金流。

Based on the listed enterprises or enterprises applying for the science and innovation board in the Yangtze River Delta region from 2017 to 2019, this paper investigates the impact of five factors, including government subsidies, tax incentives, internal cash flow, equity balance and industry competition, on the R&D investment of science and innovation enterprises in the Yangtze River Delta region. The results show that government subsidies, tax incentives, equity balance and industry competition are positively correlated with R&D investment of science and innovation enterprises in the Yangtze River Delta region, but there is no significant correlation between internal cash flow and R&D investment. At the same time, it is found that compared with Anhui Province, the tax incentives and financial subsidy policies of Jiangsu, Zhejiang and Shanghai governments have significantly increased the R&D investment of scientific and innovative enterprises, and the R&D investment of scientific and innovative enterprises in Anhui Province is more dependent on the internal cash flow of enterprises.