融资约束、税收激励与企业研发投入——来自中国制造业上市公司的证据  

Financing Constraints,Tax Preference and Firm R&D Investment:Evidence from Listed Manufacturing Firms in China

作　　者：水会莉[1,2] 韩庆兰[1] 

机构地区：[1]中南大学商学院,湖南长沙410083 [2]湖南商学院,湖南长沙410205

出　　处：《科技管理研究》2016年第7期30-36,共7页Science and Technology Management Research

基　　金：国家自然科学基金项目"基于生命周期成本理论的知识库构建及应用研究"(71172101);湖南省教育厅科研项目"企业产品生命周期成本控制的价值驱动机制研究"(13C473)

摘　　要：以中国制造业上市公司2011—2013年的数据为样本,研究融资约束与税收激励2个因素对企业研发投入的影响。研究发现,融资约束显著影响企业研发投入强度,民营企业研发投入主要依赖于债务融资,国有企业的研发投入主要取决于股权融资;税收政策对企业研发投入的激励效应主要体现在民营企业,对国有企业研发投入的促进作用不显著;税收激励效应有效缓解了融资对民营企业研发投入的影响,企业所得税税收政策较增值税更能促进民营企业的研发投入。Based on the Chinese manufacturing data from 2011 to 2013, this article systematically examines the influence of financing constraints and tax preference on the R ＆ D of Chinese local firms. Through the theoretical model, this paper an- alyzes how the mechanism of financing constraints and tax preference alone and commonly influence the R＆D of Chinese lo- cal firms, and uses data to test. We find that financing constraint is an important factor in the impact of R＆D investment, and that the R＆D investment of private firms is mainly dependent on debt, but the state - owned firms rely mainly on equi- ty ; Tax policy is an important factor in the impact of R ＆ D investment of private firms ; The impact of tax policy on R＆D investment of private firms is more significant than financing constraints, and enterprise income tax incentives bring more R＆D investment than added -value tax do.

关 键 词：融资约束 税收激励 研发投入 

分 类 号：F275[经济管理—企业管理] F273.1[经济管理—国民经济]