科研管理

科研管理 ›› 2025, Vol. 46 ›› Issue (5): 92-101.DOI: 10.19571/j.cnki.1000-2995.2025.05.010

• 论文 • 上一篇    下一篇

税收优惠政策组合对企业研发投入的影响研究

王春元1,2,张子楠1,2   

  1. 1.浙江财经大学财政税务学院，浙江 杭州310018；
    2.浙江省哲学社会科学重点研究基地浙江财经大学地方财政研究院，浙江 杭州310018
  • 收稿日期:2024-03-01 修回日期:2025-01-06 出版日期:2025-05-20 发布日期:2025-05-12
  • 通讯作者: 张子楠
  • 基金资助:
    浙江省习近平新时代中国特色社会主义思想研究中心研究基地课题：“习近平经济思想指引下的城乡产业融合政策优化研究”（2022.09—2025.12）；浙江省哲学社会科学规划课题-重大课题子课题：交通基础设施升级与区域间基本公共服务的协调供给（23YJRC08ZD-2YB, 2022.09—2025.09）。

Research on the impact of tax incentive policy mix on corporate R&D investment

Wang Chunyuan1,2, Zhang Zinan1,2   

  1. 1. School of Public Finance and Taxation, Zhejiang University of Finance and Economics, Hangzhou 310018, Zhejiang, China;
    2. Key Research Center of Philosophy and Social Sciences of Zhejiang Province, 
    Institute of Local Finance Research, Zhejiang University of Finance and Economics, Hangzhou 310018, Zhejiang, China
  • Received:2024-03-01 Revised:2025-01-06 Online:2025-05-20 Published:2025-05-12
  • Contact: Zinan ZinanZhang

摘要：    创新是我国现代化建设全局的核心，而高投入、高风险、长周期的创新活动不仅需要政策精准发力，还需注重政策间的协同效应。然而，关于政策协同效应的研究仍较为稀缺。本文通过构建包含加计扣除和加速折旧政策的动态企业价值方程，理论推导了企业固定资产投资对加计扣除政策优惠力度的强化机制，刻画了该政策组合对企业创新活动的协同红利效应，并基于2009—2018年中国A股上市公司的数据进行了实证检验。结果表明，加速折旧政策与加计扣除政策不仅单独显著促进了企业研发投入，二者组合还能额外提升研发投入，即存在显著的协同红利。此外，政策组合对企业费用化支出和资本化支出的影响存在异质性，其中对费用化支出的促进作用更为显著。机制分析进一步揭示，协同红利主要通过现金流放大效应、研发设备叠加效应和研发人员互补效应三个渠道实现。异质性分析发现，协同红利在高所得税税负企业、高所得税率行业、成长期企业，以及行业竞争程度较高或地区市场化程度较高的企业中更为显著。同时，政策组合还显著提升了企业研发产出水平，且未以牺牲其他要素投入为代价。本文的研究为决策部门优化政策设计、促进政策协同发力提供了理论依据，有助于减少政策效果的不确定性，避免政策合成谬误，从而更好地实现创新驱动发展的战略目标。

关键词: 税收优惠政策组合, 协同红利, 研发投入, 加计扣除, 加速折旧

Abstract:     Innovation lies at the core of China′s modernization drive, and high-investment, high-risk, and long-cycle innovation activities require precise policy interventions as well as synergistic effects among different policies. However, research on the policy synergies remains limited. This paper developed a dynamic firm value model that integrates both additional deduction and accelerated depreciation policies, theoretically deriving how fixed asset investment amplifies the effectiveness of additional deduction incentives. As the first study to systematically examine this issue, we captured the synergistic effects of this policy mix on corporate innovation activities. Using a comprehensive dataset of Chinese A-share listed firms from 2009 to 2018, we empirically tested these theoretical predictions. The results showed that both policies individually and significantly promote corporate R&D investment, and the mix of the two further enhances R&D investment, revealing substantial synergistic gains. Moreover, the policy mix exhibits heterogeneous effects on firms′ expensed and capitalized R&D expenditures, with a more pronounced impact on the former. The Mechanism analysis further revealed that these synergistic effects are primarily realized through three channels: cash flow amplification, R&D equipment superposition, and R&D personnel complementarity. The heterogeneity analysis demonstrated that the synergistic gains are more pronounced in firms with high income tax burdens, high-tax industries, and growth-stage enterprises, as well as in firms operating in highly competitive industries or regions with higher marketization levels. Additionally, the policy mix significantly improves firms′ R&D output without sacrificing other factor inputs. This study has provided a theoretical foundation for policymakers to optimize policy design and promote policy coordination, thus helping to reduce policy uncertainty, avoid the fallacy of composition, and better achieve the strategic goals of innovation-driven development.

Key words: tax incentive policy mix, synergistic dividend, R&D investment, additional deduction, accelerated depreciation