企业研发投资税收优惠政策效应研究

科研管理 ›› 2015, Vol. 36 ›› Issue (6): 46-52.

企业研发投资税收优惠政策效应研究

江希和, 王水娟

南京师范大学, 江苏南京 210097

收稿日期:2013-05-29 修回日期:2015-02-10 出版日期:2015-06-25 发布日期:2015-06-23
作者简介:江希和(1958-),男(汉),江苏人,南京师范大学会计与财务管理系教授,博士,主要研究方向是财务与税务。
王水娟(1979-),女(汉),浙江人,南京师范大学会计与财务管理系副教授,博士,主要研究方向教育财务。
基金资助:
江苏省软科学基金(BR2009035):促进企业技术创新的税收政策研究, 2009.06-2010.06。

A study of the effects of preferential tax policy on corporate R&D investment

Jiang Xihe, Wang Shuijuan

Nanjing Normal University, Nanjing 210097, Jiangsu, China

Received:2013-05-29 Revised:2015-02-10 Online:2015-06-25 Published:2015-06-23

摘要/Abstract

摘要： 税收优惠政策是政府激励企业研发活动的主要政策工具。2008年新的企业所得税法实施以及配套的《企业研究开发费用税前扣除管理办法》发布, 标志着我国研发投资税收优惠政策进一步完善, 优惠度也达到了新的水平。本文基于对江苏省的苏南、苏中、苏北128家样本企业的问卷调查数据, 运用随机效用模型对我国现有研发支出税前扣除优惠政策的激励效果进行了实证研究, 同时也检验了其它一些变量对企业研发投资的影响。结果显示:研发费用税前扣除的新政策对企业研发投入具有显著的正面影响, 但影响程度不大;企业当年应纳税所得额大小对企业研发投资有正面影响,但并不显著。另外, 资产报酬率、现金流与企业研发投入显著正相关, 资产负债率、企业性质与研发投入负相关, 但资本密集度的影响不显著。

关键词: 研发投资, 税收政策, 效应

Abstract: Preferential tax policy is a major governmental instrument that promotes corporate R&D investment. The new Law of Corporate Income Tax, issued in 2008, together with its related Regulations for Pre-tax Deduction of Corporate R&D Expenses, marks the updated perfection and level of Chinese practice of its preferential tax policy. Based on the survey data of 128 sample enterprises from the central, southern and northern parts of Jiangsu, and by employing the random utility model, this paper makes an empirical study of the incentive effects of contemporary polices of pre-tax deduction of corporate R&D expenses, as well as impacts on corporate R&D investment by other variables. The investigation indicates that the new policy has positively influenced the way corporations make R&D investment, if not to a considerable extent, and that the taxable income has had an effect on R&D intensity, though its positivity is yet to be of any significance. In addition, the return on assets and cash flow claims positive correlations with R&D investment, while the asset-liability ratio and the nature of corporations have negative correlations with R&D intensity, though the capital-intensity does not have a significant impact.

Key words: R&D investment, tax policy, effect

中图分类号:

F812.42

江希和, 王水娟. 企业研发投资税收优惠政策效应研究[J]. 科研管理, 2015, 36(6): 46-52.

Jiang Xihe, Wang Shuijuan. A study of the effects of preferential tax policy on corporate R&D investment[J]. Science Research Management, 2015, 36(6): 46-52.

参考文献

[1] 邓晓兰, 唐海燕.税收优惠政策对企业研发的激励效应分析[J].科技管理研究, 2008(7):490-492.Deng Xiaolan, Tang Haiyan. The effects of preferential tax policy on corporate R&D investment[J].Science and Technology Management Research, 2008(7):490-492. [2] European Commission Innovation Directory. Corporation tax and innovation: Issues at stake and review of european union experience in the nine teens[R]. Brussels: EU, 2002: 38. [3] 王再进, 方衍.企业研发费加计扣除政策实施问题及对策研究[J].科研管理, 2013(1):94-98.Wang Zaijin, Fan Yan. The implementation process problems and countermeasures for the pre-tax deduction policy of enterprises R&D expenses [J]. Science Research Management, 2013(1):94-98. [4] Berger, P.G. Explicit and implicit tax effects of the R&D tax credit[J].Journal of Accounting Research, 1993, 31(2):131-171 [5] Bloom, N., Griffith, R. and Van Reenen, J. Do R&D tax credits work? Evidence from a panel of countries 1979—1997[J].Journal of Public Economics, 2002, 85(l):1-3 [6] Brown, J.L. and Krull, L.K. Stock options, R&D, and R&D tax credit[J].the Accounting Review, 2008, 83(3):705-734. [7] 蒋建军, 齐建国.激励企业R&D支出的税收政策效应研究[J].中国软科学, 2007(8):65-70.Jiang Jianjun, Qi Jianguo. The tax policy effect for promoting enterprises' R&D investments[J]. China Soft Science, 2007(8):65-70. [8] 王俊.我国政府R&D税收优惠强度的测算及影响效应检验[J].科研管理, 2011(9):157-164.Wang Jun. Measurement and effect test of the effectiveness of current tax incentives on enterprises' R&D investment in China [J]. Science Research Management, 2011(9):157-164. [9] Mansfield, E.and Switzer, L. How effective are canada's, direct tax Incentives for R and D?[J].Canadian Public Policy, 1985, 11(2):241-246. [10] Kaplan, D. Rethinking government support for business sector R&D in south africa: The case for tax incentives[J].The South African journal of Economics, 2001, 69(l):72-92. [11] 李爱鸽, 钟飞. 财政补贴与税收优惠对企业研发投入影响的定量分析[J].管理现代化, 2013(4):13-15.Li Aige, Zhong Fei. An quantitative analysis of the effectiveness of financial subsidies and tax incentives on enterprises' R&D investment[J]. Modernization of Management, 2013(4):13-15. [12] Warda, J., Measuring the attraetiveness of R&D tax incentives: Canada and major industrial countries[Z], The Conference Board of Canada, 1999. [13] Bronwyn H, Van Reene J. 2000. How effective are fiscal incentives for R&D? ——A new review of the evidengce[J]. Research Policy, 29:449-469. [14] 李丽青.我国现行R&D税收优惠政策的有效性研究[J].中国软科学, 2007(7):115-120.LI Liqing. The effectiveness of current tax incentives on enterprises' R&D investment in China[J]. China Soft Science, 2007(7):115-120. [15] 解维敏, 方红星.金融发展、融资约束与企业研发投入[J].金融研究, 2011(5):171-181.Xie Weimin, Fang HongXing. Financial development, financing constraints and corporate R & D investment[J].Journal of Financial Research, 2011(5):171-181. [16] Xu B, Magnan M L, André P E. The stock market valuation of R&D information in biotech firms[J].Contemporary Accounting Research, 2007, 24( 4):1291-318. [17] Titman S, Wessels R.The determinants of capital structure choice[J].Journal of Finance, 1988, 43(1):1-19. [18] Nam Richard Eottoo, John H Thomton J r, 2003, The effect of managerial incentives to bear risk on corporate structure and R&D investment[J], The Financial Review:38:77-101. [19] Myers S C, Majluf N S. 1984. Corporate financing and investment decisions when firms have information that investors do not have [J]. Journal of Financial Economics, 13(2):187-221. [20] 张济建, 章强.税收政策对高新技术企业研发投入的激励效应研究——基于对95家高新技术企业的问卷调查[J].江海学刊, 2010(4):229-233.Zhang Jijian, Zhang Qiang. The effectiveness of tax incentives on high-tech enterprises' R&D investment—Based on the survey of 95 high-tech enterprises [J]. Jianghai Academic Journal, 2010(4):229-233.