税收优惠、创新产出与创新效率——基于研发费用加计扣除政策的实证检验被引量：105

Tax Preferences Innovation Output and Innovation Efficiency:Based on R&D Expense Super Deduction Policy

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摘要定量评估税收优惠政策的激励效果,对于发挥税收政策的调节优势、建设创新型国家,具有重要现实意义。文章利用沪深两市上市公司2013-2017年的样本数据,创新性地以研发费用加计扣除政策的实施作为自然实验,构建双重差分模型,实证检验税收优惠对创新产出和创新效率的激励效果。研究发现:加计扣除政策起到了预期效果,企业的创新产出和创新效率显著提高;加计扣除政策的激励效果存在异质性,对非国有企业、大规模企业、非高新技术企业和高市场化地区企业的创新产出和创新效率的激励效果更好。文章较为全面地探讨了加计扣除政策的激励效果,并对进一步完善税收优惠政策、促进企业技术创新提出了建议。 Evaluating the incentive effect of taxation policies quantitatively has important practical significance for exerting the regulatory advantages of taxation policies and building innovative countries. This paper uses the sample data of listed companies in Shanghai and Shenzhen stock markets from 2013 to 2017,and uses the R&D expense super deduction policy as a natural experiment to construct a difference-in-difference model,empirically testing the incentive effect of deduction policy for enterprise innovation. The result show that:the innovation output and innovation efficiency of the enterprise have been significantly improved because of the deduction policy;the incentive effect of the deduction policy is heterogeneous,namely,the incentive effect of innovative output and innovation efficiency for non-state-owned enterprises,large-scale enterprises non-high-tech enterprises and enterprises in high-market area is better. This paper explores the incentive effect of the deduction policy in a more comprehensive way,and puts forward some suggestions for further improving the tax preferential policies and promoting enterprise technological innovation.

作者贺康王运陈张立光万丽梅 HE Kang;WANG Yun-chen;ZHANG Li-guang;WAN Li-mei(School of Accounting,Southwestern University of Finance and Economics,Chengdu 611130,China;School of Management,Sichuan Agricultural University,Chengdu 611130,China;Postdoctoral Mobile Station of Business Administration,Fudan University,Shanghai 200433,China;China Institute of Finance and Capital Markets,Beijing 100032,China)

机构地区西南财经大学会计学院四川农业大学管理学院复旦大学工商管理博士后流动站中证金融研究院

出处《华东经济管理》 CSSCI 北大核心 2020年第1期37-48,共12页 East China Economic Management

基金国家社会科学基金青年项目“高管权力约束情景下国有企业党委治理功能实现路径与保障机制研究”(18CGL016) 国家自然科学基金青年项目“基于货币政策动态演化的公司融资行为研究”(71702209)

关键词税收激励加计扣除企业创新双重差分 tax incentive super deduction policy enterprises innovation difference-in-difference

分类号 F810.42 [经济管理—财政学] F273.1 [经济管理—企业管理]

作者简介贺康(1989),男,四川内江人,博士研究生,研究方向:资本市场信息披露;王运陈(1984),男,四川成都人,副教授,硕士生导师,博士(后),通讯作者:研究方向:资本市场财务公司治理;张立光(1989),男,安徽阜阳人,博士研究生,研究方向:公司财务与治理;万丽梅(1986),女,湖北孝感人,副研究员,博士,研究方向:资本市场投融资效率。