减税降费与制造业企业“脱实向虚”——基于研发费用加计扣除政策的准自然实验

Tax Cut and Fee Reduction and“Removing Reality to Virtual”of Manufacturing Enterprises--A Quasi-Natural Experiment Based on the Policy of R&D Expenses Additional Deductions

研发费用加计扣除政策是国家转变经济增长方式的重要举措,而防止过度金融化导致的资本空转和系统性风险,也是在新时期实现经济高质量发展的必然要求。基于2013—2020年中国制造业上市公司数据,以研发费用加计扣除政策为准自然实验,构建双重差分模型,探讨研发费用加计扣除政策对制造业企业金融化的影响。结果显示:(1)研发费用加计扣除政策抑制了制造业企业的金融资产投资,且这种抑制效应在非国有企业、东部地区企业和处于成长期的企业中更加显著;(2)研发费用加计扣除政策通过缓解企业持有金融资产的“蓄水池”动机和“投资替代”动机,抑制了企业金融化;(3)研发费用加计扣除政策在引导企业减少金融资产投资的同时,还鼓励企业加大创新投资力度、发挥金融资产反哺实体投资作用。这为进一步理解企业金融化投资动机,多角度评估研发费用加计扣除政策的政策效果,优化政策设计以引导制造业转型、促进经济持续高质量发展提供了一定参考。

The R&D expenses additional deduction policy is an important measure to change the mode of economic growth and reventing capital idling and systemic risks caused by excessive financialization is also an inevitable requirement for realizing high-quality economic development in the new era.Based on the quasi-natural experiment of the additional deduction policy,this paper uses the DID model studies the impact of the policy on the financialization of manufacturing enterprises.The results show that:(1)The additional deduction policy inhibits the financial asset investment of manufacturing enterprises,and this inhibitory effect is more significant in non-state-owned enterprises,enterprises located in the eastern region and enterprises in the growth period of life cycle;(2)The additional deduction policy inhibits the financialization of enterprises by alleviating the“reservoir”motivation and“investment substitution”motivation of enterprises holding financial assets;(3)The policy not only guides enterprises to reduce financial asset investment,but also encourages enterprises to increase innovative investment and give full play to the role of financial assets in feeding physical investment,which is conducive to changing the mode of economic growth and promoting the high-quality development of manufacturing enterprises.This paper provides a certain reference for understanding the financial investment motivation of enterprises,evaluating the policy effect of additional deduction policy from a diversified perspective,and optimizing the policy design to guide the transformation and leap of manufacturing industry and promote the sustainable and high-quality development of economy.