宏观政策、微观特征怎样影响了企业的R&D投入  

How Macro Policy and Micro Characteristics Affected R&D Investment of Enterprises

作　　者：朱星文[1] ZHU Xing-wen(Jiangxi University of Finance and Economics,Nanchang 330013,China)

机构地区：[1]江西财经大学会计学院,江西南昌330013

出　　处：《当代财经》2018年第12期15-25,共11页Contemporary Finance and Economics

基　　金：国家自然科学基金项目"地方官员异质性与企业R&D投资:影响因素与经济后果"(71562019)

摘　　要：要使创新成为引领发展的第一动力,建设创新型国家,无疑需要作为市场主体的企业积极参与,并且促使企业加大R&D投资的力度。经过改革开放四十年的发展,在我国市场经济体制逐渐建立完善的今天,企业的R&D投资水平是受到多种因素影响的结果。根据对现有文献的梳理,企业的R&D投资影响主要来自两方面:一是在宏观上政府的R&D直接投入、税收政策优惠以及金融发展促进和影响了企业的R&D投资;二是在微观上企业的高层管理团队特征、公司对高管的激励机制以及资本结构等影响了公司的R&D投资行为。进一步提高我国企业的R&D投资水平,需要改进现行R&D投资的宏观管理政策,优化企业的治理机制和管理制度。In order to make innovation the first driving force for development and build an innovative country, it is undoubtedly necessary to require the active participation of enterprises as the main players in the market, and encourage enterprises to increase their R&D investments. After 40 years of reform and opening up, the market economy system in today’s China has been built and is improving, the level of corporate R&D investment is the effect of many factors. According to the analysis of the existing literatures, the impact on corporate R&D investment mainly comes from two aspects: one is the government’s direct R&D investment, preferential tax policies and financial development at the macro level, the other is the characteristics of the top management team of enterprises,the company’s incentives for executives, and the capital structure, etc., at the micro level. In order to further improve the R&D investment level of Chinese enterprises, it is necessary to improve the macro management policies of current R&D investment and optimize the corporate governance mechanisms and management systems.

关 键 词：政府R&D补贴 税收优惠政策 微观特征 企业R&D投资 

分 类 号：F27[经济管理—企业管理]