研发费用加计扣除与企业创新成效的分析——兼议管理层持股的治理效应

Deduction of Research and Development Expenses and the Effectiveness of EnterpriseInnovation:Discussing the Governance Effect of Management’s Shareholding

基于沪深A股上市公司2010-2020年数据,分析研发费用加计扣除政策对企业创新成效的影响,结果表明:加计扣除能够显著促进企业的研发投入,显著促进企业致力于发明专利而非实用新型专利和外观设计专利的产出;加计扣除优惠力度的大幅提高并未达到政策预期的效果;比较而言,加计扣除优惠对企业研发投入的促进作用要优于企业所得税税率优惠,但对研发绩效的促进作用并不一定优于前者;管理层持股对加计扣除与研发投入的关系具有正向作用,对加计扣除与发明专利产出的关系虽然有一定的负面影响,但在企业享受了加计扣除的情况下,管理层持股本身能显著提高发明专利的产出。因此,创造条件使加计扣除政策落实、落地,扩大政策受益面,充分释放加计扣除政策的普惠性功能而非进一步提高优惠力度是当务之急。推动更多企业实施股权激励计划,提高管理者的持股水平,将有利于政策效应的发挥。

Based on the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2020,it studied the impact of the policy on the super deduction of Research and Development(R&D)expenses on the innovation performance of enterprises in this paper.The research results showed that the super deduction can significantly promote the R&D investment of enterprises,and can significantly promote the output of enterprises to focus on invention patents instead of utility model patents and design patents;Expected effect,the promotion effect of super deduction preference on corporate R&D investment is better than that of corporate income tax rate preference,but the promotion effect on R&D performance is not necessarily better than it;The relationship between the deduction and R&D investment has a positive governance effect.Although it has a certain negative impact on the relationship between the super deduction and the output of invention patents,when the enterprise enjoys the super deduction,the management’s shareholding itself can significantly further increase the output of invention patents.Therefore,it is imperative to create conditions for the implementation and implementation of the super-deduction policy,expand the benefits of the policy,and fully release the inclusive function of the super-deduction policy,rather than further enhancing the preferential treatment.Promoting more companies to implement equity incentive plans and increasing managers’shareholding levels will be conducive to the exertion of policy effects.