以中国制造业上市公司为样本，实证检验了研发费用加计扣除政策对企业R&D投入的激励效果，并考察了激励效果是否与企业所处竞争环境、企业规模、企业所处生命周期阶段及行业特征等企业异质性因素有关。结果表明：（1）加计扣除政策起到了预期效果，整体上促进了上市公司研发投入；（2）加计扣除政策的激励效果与企业所处生命周期、企业行业特征及企业所处外部市场环境有关，对成熟期企业的激励效果最好，对高技术行业的企业激励效果不及低技术行业的企业明显，市场化程度越高，加计扣除政策激励效果越差。

Using Chinese listed manufacturing firms' data, this paper empirically examines the incentive effect of R&D additional deduction policy on firm’s R&D investments and verifies whether the incentive effect is related with firm heterogeneity such as market competition environment, firm size, firm life cycle stage and industry characteristics. The results are as follows: (1) Additional deduction policy has a positive effect on firm R&D input. (2)The incentive effect doses vary across firm life cycles, industry characteristics and. It’s better for mature firms and low-tech enterprises and the higher for the marketization degree, the worse is the inventive effect.

选取上海、深圳证券市场软件信息业171家高新技术企业2012-2015年的相关数据，针对研发投入、研发费用加计扣除与企业绩效三者间的关系进行研究。结果表明，研发费用加计扣除与研发投入和企业绩效显著正相关，加计扣除政策实施效果较好，政府应给予企业更多的加计扣除优惠；根据面板数据模型估计结果，研发投入与企业绩效存在非线性关系，研发投入对当期绩效的抑制作用不明显，对滞后一期绩效有显著抑制作用，对滞后两期绩效正向作用不明显。研发投入经济效益回收存在一定的滞后性，根据分位数回归结果，处于50%分位点的企业研发投入对企业绩效的正向作用最大；分组回归结果显示，研发费用加计扣除优惠对研发投入与企业绩效的关系具有正向调节作用。

在创新驱动发展战略、供给侧结构性改革和减税降费等政策背景下，研究研发费用加计扣除政策对企业全要素生产率的影响具有重要的意义。本文以财税〔2015〕119号文件的颁布作为准实验，使用2008-2017年沪深两市上市公司为研究样本，采用双重差分法，考察研发费用加计扣除政策对企业全要素生产率的影响。研究发现：（1）研发费用加计扣除政策的施行能够显著提升企业的全要素生产率；（2）研发费用加计扣除政策对企业全要素生产率的提升是通过提高企业的研发投入而实现的；（3）这一政策效果在不同地区、不同规模、不同行业竞争程度以及不同生命周期的企业中存在显著差异。基于上述结论，本文提出了完善我国研发费用加计扣除政策的建议。

In the context of the “innovation-driven development” strategy, supply-side structural reforms and tax and fee reduction policies. Research on the economic effects of R&D expenses plus deduction policy has important theoretical and practical significance. This paper treats the promulgation of Cai Shui〔2015〕No.119 as a quasi-experiment, uses the listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2008 to 2017 as research samples, applies the method of Difference-in-Difference (DID) to study, investigates the impact of R&D expenses plus deduction policy on total factor productivity of enterprises. This paper obtains the following conclusions: (1) The implementation of R&D expenses plus deduction policy can significantly increase the total factor productivity of enterprises. (2) The significantly positive impact of R&D expenses plus deduction policy on total factor productivity of enterprises is achieved by increasing the R&D investment of enterprises. (3) The effect of this policy varies significantly among enterprises in different regions, different scales, different levels of competition in different industries and different life cycles. Based on the above conclusions, this paper puts forward some suggestions to improve the policy of additional deduction of r&d expenses in China.

制造业企业通过研发操纵迎合政策门槛值，可以获取税收减免等政策性优惠，但刻意的研发操纵行为却不一定带来企业生产率水平的提高。本文基于2008~2018年ACF法测算的微观企业生产率数据及B-样条基函数展开的非参数分位数模型，更加真实地捕获研发操纵对企业生产率的非线性异质影响，结果发现：（1）研发操纵对企业生产率存在非线性影响，随着研发操纵不断增加，会抑制企业生产率。（2）研发操纵在不同分位点存在显著异质效应，在低分位点处对研发操纵敏感程度更高，即企业生产率水平越低，研发操纵所带来的负面影响越显著。（3）非国有企业更有动机进行研发操纵，且对生产率负面影响更显著。此外，研发操纵对不同地区或技术类型企业生产率影响不同，其中对高技术类型、中西部地区负面影响更显著。（4）研发操纵对企业生产率影响存在显著的滞后效应。中国企业不应盲目研发操纵，应与自身生产率密切结合，为适度研发操纵提升企业生产率目标提供决策依据。

The scale and intensity of a country’s R&D activities reflect a country’s scientific and technological strength and core competitiveness at the macro level, and reflect the company’s innovation capabilities and development speed at the micro level. Therefore, more and more countries have begun to attach importance to R&D investment, and are rushing to introduce various policies to promote enterprise R&D and increase the proportion of R&D. In April 2008, our government promulgated the " Administrative Measures for Determination of High and New tech Enterprises". The recognized high and new tech enterprises can receive tax reductions and exemptions, the tax rate is reduced by 10 points, and the tax amount is reduced by 40%. In addition, these companies also enjoy many preferential policies such as direct rewards, brand enhancement, and asset depreciation. But if a company want to get this title, he need some indicators to exceed the prescribed threshold, the most important of which is the intensity of research and development. Manufacturing enterprises can meet the policy threshold through R&D manipulation and obtain policy preferences such as tax relief, but deliberate R&D manipulation does not necessarily lead to the improvement of enterprise productivity. Based on the micro data of Chinese enterprises from 2008 to 2018, the nonparametric quantile model based on B-spline basis function expansion can capture more truly the non-linear heterogeneous effect of R&D intensity on enterprise productivity. The results show that: (1) R&D manipulation has a nonlinear effect on enterprise productivity, that is, with the continuous increase of R&D manipulation, It will inhibit the high-quality development of enterprises. (2) R&D manipulation has significant heterogeneous effects at different quantiles, and the sensitivity to R&D manipulation is higher at the low quantile, that is, the lower the enterprise productivity level, the more significant the negative impact of R&D manipulation. (3) Non state owned enterprises are more motivated to carry out R&D manipulation, and have a more significant negative impact on productivity. In addition, R&D manipulation has different effects on the productivity of enterprises in different regions or technology types, especially on high-tech types and central and western regions. (4) R&D manipulation has a significant lag effect on enterprise productivity. Chinese enterprises should not blindly manipulate R&D, but also closely integrate with their own enterprise productivity. It can provide decision-making basis for improving enterprise productivity by selecting reasonable R &D intensity.