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。
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.
关键词
研发投资 /
税收政策 /
效应
Key words
R&D investment /
tax policy /
effect
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基金
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。
