研发费用加计扣除政策对公司价值的影响——基于“税收-会计”差异

Impact Effect of Additional Tax Deduction for R&D Expenses on Corporate Values:Based on "Taxation-Accounting" Differences

选取2007—2019年沪深A股上市公司作为研究样本,从“税收—会计”(以下简称“税会”)差异视角分析研发费用加计扣除政策的公司价值效应;同时,立足于研发费用加计扣除政策特性,探究无形资产摊销率对公司价值的影响。研究结果表明,研发费用加计扣除政策对公司价值存在显著正向作用,缩小约束性税会差异和扩大激励性税会差异有助于深化政策的正向作用;从异质性来看,研发支出费用化公司更易受到加计扣除政策与税会差异的叠加影响,垄断竞争行业公司更易受到加计扣除政策与激励性税会差异的正向叠加影响;提高无形资产摊销率有助于公司价值提升,但其对公司价值的影响程度小于加计扣除强度,且较难受制于税会差异。为此,公司需基于研发支出是否费用化和是否处于垄断竞争行业这一特性实施差异化内部税会管理措施。

From the perspective of "taxation-accounting" differences,this paper investigates the effects of additional tax deduction policy for RD on corporate values using data on Chinese A-share listed companies from 2007 to 2019.Considering the details of the RD tax deduction policy,a further study is conducted to determine whether the amortization rate of intangible assets affects corporate value.The results indicate that the additional tax deduction for RD expenses has a positive effect on corporate values,principally through the reduction of restrictive taxationaccounting differences and the increase in incentive taxation-accounting differences.In terms of heterogeneity,companies expensing RD expenses are more vulnerable to the impact of additional tax deductions and taxationaccounting differences.Those in monopolistic competitive industries face the positive compounding effect of additional tax deductions and restrictive taxation-accounting differences.Additionally,increasing the amortisation rate of intangible assets also contributes significantly to the value of the company,albeit to a lesser extent than the additional tax deduction.Therefore,it is necessary to implement differentiated internal tax management measures based on company's RD expenses and whether their industry is market-dominated.