研发费用加计扣除对数字企业创新的影响分析

An Analysis of the Impacts of Super-Deduction of R&D Expenses on Digital Enterprise Innovation

企业研发创新为加快形成新质生产力、推动经济高质量发展提供了有力支撑。作为支持企业研发创新的重要手段,研发费用加计扣除政策对数字企业研发创新的影响及其内在机制值得探究。本文基于2013—2021年我国沪深两市A股数字经济上市企业面板数据,以2016年为政策冲击时间节点,使用双重差分模型探究研发费用加计扣除政策对数字企业研发创新的影响。研究发现,研发费用加计扣除政策对数字企业研发创新具有显著增强作用,而且该政策的激励作用在国有控股企业、数字经济软件服务业企业以及东部地区数字企业中表现得更加显著。机制检验发现,研发费用加计扣除政策能够通过缓解企业融资约束提高数字企业研发创新投入。因此,建议进一步扩大研发费用加计扣除政策适用范围并加大政策力度,更大程度放宽市场准入,拓宽数字企业融资渠道,健全行业监督体系,从而更好激励数字企业研发创新。

Enterprise R&D innovation provides a strong support for accelerating the formation of new-quality productive forces and promoting the high-quality economic development.As an important means to support enterprise R&D innovation,the impact of the policy of super-deduction for R&D expenses on the R&D innovation of digital enterprises and its internal mechanism are worthy of exploration.Based on the panel data of A-share digital enterprises listed in Shanghai and Shenzhen from 2013 to 2021,this paper uses the double difference model to explore the impact of the policy of super-deduction of R&D expenses on the R&D innovation of digital enterprises,with 2016 as the time node of the policy impact.It is found that digital firms' R&D innovation is significantly affected by the policy,and the incentive effect of this policy is more significant in state-controlled enterprises,digital economy software service enterprises,and digital enterprises in eastern regions.The mechanism test finds that through alleviating the financing constraints of enterprises,digital enterprises' innovation investment can be significantly affected by the policy of superdeduction of R&D expenses.Therefore,it is recommended to further expand the application scope and strength of the R&D expense super-deduction policy,liberalize market access to a greater extent,broaden the financing channels for digital enterprises,and improve the industry supervision system,so as to better stimulate the R&D innovation of digital enterprises.