研发税收抵扣政策能够有效降低企业研发成本，提高资金使用效率。现有研究对不同国家或地区的研发税收抵扣政策进行了实证评估，并无一致性结论。我国近年来开始推广研发税收抵扣政策，效果尚不明朗。本研究利用2010-2012年中国上市公司数据，探究税收抵扣的分配机制，评估政策效果。结果表明，上市年限短、高管持股比例高、员工规模大、处于高市场化地区的企业更容易获得政府的研发税收抵扣。整体而言，研发税收抵扣显著提高了企业的研发支出，这一效果在制造业较为显著。但对信息技术和科技服务业并无显著效果。

R&D tax credits can reduce R&D cost of enterprises and improve efficiency of investments. Current literature estimates the effectiveness of R&D tax credit on innovation in different countries or areas and has no consistent answer. China has adopted R&D tax credit in recent years, but the policy effect is still unclear. The research uses the data of China’s listed companies from 2010 to 2012, explores the distribution mechanisms of tax credits, and evaluates its effectiveness on R&D investment. The results indicate that firms with short listed age, high autonomy in management, large scale of employees and located in high marketization area have higher probabilities to obtain R&D tax credits. On average, R&D tax credit facilitates firm’s R&D investment, and the results are consistent in manufacturing industries. But R&D tax credit has no significant impact on R&D investment in information technology and scientific service industries.