研发费用加计扣除政策影响民营企业研发创新的实证研究——基于2009—2022年中国A股上市民营企业的面板数据

The empirical study on the impact of R&D expenses additional deduction on the R&D innovation of private enterprises--based on the private enterprise panel data of 2009-2022 China's A shares

使用2009—2022年中国A股上市的民营企业面板数据,利用PSM-DID方法检验研发费用加计扣除政策对民营企业研发创新的实际效果。研究表明:研发费用加计扣除政策的实施,显著提高了民营企业研发创新强度,产生了“研发创新创造”效应和“研发创新迎合”效应。更换被解释变量和采用不同样本匹配方法再检验估计验证了实证结论的稳健性。考虑到异质性,区分地区与民营企业规模差异,发现研发费用加计扣除政策对东部地区民营企业及大型民营企业影响较大。本研究为持续优化税收优惠政策,推动民营企业转型升级提供了新动能。

This paper uses the panel data of private enterprises listed in Chinese A shares from 2009 to 2022,and uses PSM-DID method to empirically test the effect of R&D expenses additional deduction policy on the innovation of private enterprises.The results show that the implementation of R&D expenses additional deduction policy has significantly improved the innovation intensity of private enterprises and produced"innovation creation"effect and"innovation catering"effect.The robustness of the empirical conclusion is verified by retests of the estimated results replacing the explained variables and using different sample matching methods.Considering the heterogeneity and the differences in regions and scales,it is found that R&D expenses additional deduction policy has a greater impact on the private enterprises and large private enterprises in the eastern region.This study provides new impetus for the continuous optimization of tax reform policies and the promotion of transformation and upgrading of private enterprises.