探讨研发费用加计扣除政策对中小企业创新绩效影响的文献较为缺乏,且忽视了企业内部因素。基于A股上市公司的数据,以中小企业为研究对象,将创新绩效划分为数量和质量两个维度,构建企业创业导向调节研发费用加计扣除政策与创新绩效关系的概念模型。运用门限回归法探究不同创业导向区间内研发费用加计扣除受惠强度对企业创新绩效的激励效应。实证结果表明:中小企业研发费用加计扣除受惠强度对创新数量和创新质量具有显著正向影响;创业导向对研发费用加计扣除政策的实施效果具有调节作用,且创业导向的调节作用存在门限效应;当创业导向处于较低区间时,研发费用加计扣除政策受惠强度的提高反而会降低创新质量;当创业导向处于较高区间时,研发费用加计扣除政策受惠强度对企业创新质量的激励效果最优;创业导向的调节效应存在行业异质性。基于上述研究结论,建议进一步提升研发费用加计扣除的比例并与鼓励创业导向的政策配套实施;根据不同的创业导向水平和不同行业制定差异化的优惠政策。本文从企业内在因素这一新视角探讨了研发费用加计扣除政策的实施效果,揭示了政策实施过程中企业产生机会主义行为的深层原因,并为提升研发费用加计扣除政策实施的有效性和精准性提供了思路和借鉴。

The existing literature on the impact of the pretax additional deduction policy for R&D expenditure on enterprise innovation performance has often overlooked the SMEs, and the impact of internal factors has been ignored. Based on the data from A-share listed companies, this study focused on SMEs as the research object, divided innovation performance into two dimensions: quantity and quality, and constructed a conceptual model of the relationship between the pretax additional deduction policy for R&D expenditure and innovation performance which is moderated by entrepreneurial orientation. Then the threshold regression method was used to test the incentive effects of the pretax additional deduction policy for R&D expenditure on enterprise innovation performance during the different intervals of entrepreneurial orientation.
The empirical results indicated that: first, the benefits intensity of the pretax additional deduction policy for R&D expenditure has a significant positive effect on the SMEs' innovation quantity and quality. Second, entrepreneurial orientation significantly moderates the incentive effect of the pretax additional deduction policy for R&D expenditure on SMEs' innovation quality. Notably, there exist threshold effects in this moderation of the entrepreneurial orientation. When the value of entrepreneurial orientation lies in the lower range, the increase of the benefits intensity of the pretax additional deduction policy for R&D expenditure will lead to a decrease in innovation quality. However, when the value of entrepreneurial orientation lies in the higher range, the incentive effect of pretax additional deduction policy for R&D expenditure on enterprise innovation quality is optimal. Third, there exists an industrial discrepancy in the moderating effect of entrepreneurial orientation. Based on the above research conclusions, this paper proposed to increase the proportion of the pretax additional deduction for R&D expenditure in conjunction with the policies of encouraging entrepreneurial orientation, establish a screening mechanism for the entrepreneurial orientation of SMEs and formulate differentiated preferential policies according to different entrepreneurial orientation levels and different industries.
This paper explored the practical effect of the pretax additional deduction policy for R&D expenditure from a new perspective of internal factors, and revealed the underlying reasons for opportunistic behavior of enterprises during the policy implementation process. The research results will provide insights and references for improving the effectiveness and precision of the pretax additional deduction policy for R&D expenditure.