研发费用加计扣除政策对制造企业创新投入效果评估--基于双重差分模型的检验

Valuation of the Effect of R&D Cost Deduction on Innovation Investment in Manufacturing Enterprise--Empirical Testing Based on the DID Model

为鼓励企业创新发展,政府加大了研发费用加计扣除力度以及扣除范围。要想准确地评估政策实施效果,既要考虑政策对创新投入的影响,还要关注政策实施的异质性。本文以2012-2022年制造业上市公司为研究对象,采用DID方法评估了研发费用加计扣除政策实施前后对制造业企业创新投入的影响。从实施效果来看:研发费用加计扣除政策通过缓解融资约束进而促进了制造业企业的创新投入。进一步研究发现:实施效果存在明显的异质性,对东部地区、国有制造业企业、非高技术及低发展能力制造业企业的创新投入实施效果最为显著,但对西部地区、非国有制造业、高技术和高发展能力制造业企业创新投入效果欠佳。此研究针对切实帮助制造业企业转型升级,更好地实现政策助企纾困的目标提出对策建议。

To encourage innovative development of enterprises,the government has increased the amount and scope of additional deductions for research and development expenses.To accurately evaluate the effectiveness of policy implementation,it is necessary to consider not only the impact of policies on innovation investment,but also the heterogeneity generated by different types,properties,and regions.Taking manufacturing listed companies from 2012 to 2022 as the research object,the DID method was used to evaluate the impact of R&D expense deduction policy on innovation investment of manufacturing enterprises before and after implementation.From the perspective of implementation effectiveness,The policy of adding and deducting research and development expenses has promoted innovation investment in manufacturing enterprises by alleviating financing constraints.Further research has found that:There is significant heterogeneity in the implementation effect,with the most significant effects on the eastern region,state-owned manufacturing enterprises,non hightech and low development capacity manufacturing enterprises,and innovation investment implementation.However,the effectiveness of innovation investment in western regions,non-state-owned manufacturing,high-tech and high development capacity manufacturing enterprises is not satisfactory.This study proposes countermeasures and suggestions to effectively help manufacturing enterprises transform and upgrade,and better achieve the goal of policy assistance to alleviate difficulties.