摘要
以2008—2011年中国创业板上市公司为样本,通过研究税收对企业创新活动的影响,为税收政策影响经济增长提供微观经验证据.实证结果发现,企业税收负担改变研发投资现金流敏感性.前期税收负担越高的企业,研发投资与现金流之间的敏感性越强;税收负担越高的企业,报告的研发投入强度也越高.实证结果说明,税收负担挤出创业板上市公司研发投资,同时也强化企业利用税收优惠政策进行避税的激励.挤出效应削弱企业创新能力,避税激励导致企业报告的研发投入强度偏离其真实研发投入水平.
Taking the samples of ChiNext listed firms from 2008 to 2011, it provides the micro evidence on the impact of tax policy to economic growth through investigating the impact of tax on innovation activities of enterprise. The empir- ical results find out that tax burden can significantly change cash-flow sensitivity of R＆D investment. The higher the ex ante tax burden is, the stronger the sensitivity between R＆D investment and cash flow will be. The higher the ex ante tax burden is, the higher the reported R＆D investment density will be. The empirical results imply that tax burden in- troduces the crowd out R＆D investment and strengthens the incentives for enterprises to take advantage of tax preferen- tial policy to reduce tax burden. Crowd out effect weakens the innovation ability of enterprises. Tax evasion incentive causes enterprise to report R＆D input density diverging from its true level.
出处
《研究与发展管理》
CSSCI
北大核心
2013年第5期1-11,共11页
R&D Management
基金
国家自然科学基金资助项目"基于金融契约及机制设计的中国金融衍生品交易市场自律监管的研究"(71173166)
陕西省软科学计划项目"政府资助研发活动政策实施效果评价与改进研究"(2012KRM10)
关键词
信息不对称
融资约束
税收负担
研发投入
避税激励
information asymmetry
financial constraint
tax burden
R＆D input
tax evasion incentive
作者简介
吴祖光（1971-）,男,西安交通大学管理学院博士研究生,西安理工大学经济与管理学院教师,研究方向为机制设计、公司治理与创新.
