税收激励、制度环境与企业研发支出  

Tax Incentives,Institutional Environment and R&D Expenditure

作　　者：胡凯[1] 吴清[2] 

机构地区：[1]湖北经济学院财政与公共管理学院 [2]南京大学经济学院

出　　处：《财贸经济》2018年第1期38-53,共16页Finance & Trade Economics

基　　金：国家社科基金"制度环境约束下R&D财税激励政策的有效性研究"(14BJL024);教育部人文社科基金"面向自主创新的财税激励政策有效性研究"(13YJC790047)

摘　　要：本文以中国制造业上市公司微观数据为样本,实证检验R&D税收激励的研发支出效应及其影响因素。采用倾向评分匹配法的估计表明,R&D税收激励对企业的研发支出产生了显著的挤入效应,且该效应占企业研发支出的比重为11.39%。分组检验表明,R&D税收激励的挤入效应还因行业、所有制和地区制度环境而异。进一步分析R&D税收激励挤入效应的影响因素发现,制度环境强化了R&D税收激励的挤入效应,即在制度环境越好的地区,R&D税收激励产生的挤入效应越大,制度环境与R&D税收激励之间具有互补性。前述发现通过了稳健性检验。本文为处于争议中的产业税收优惠政策的有效性提供了支持证据。Based on China＇s manufacturing listed companies＇ micro-data, this paper uses econometric method which can overcome the sample self-selection to test the R＆D tax incentives＇ R＆D expenditure effect and analyze its influencing factors. The estimation of the Propensity Score Matching method shows that the R＆D tax incentives have a significant crowding-in effect on the R＆D expenditure, which is 11. 39% of the R＆D expenditure. The grouping test shows that the crowding-in effect is also different from industry, ownership and institutional environment. Further analysis about the influencing factors finds that the institutional environment strengthens the incentive effect of R＆D tax, that is, the greater the crowding-in effect of R＆D tax incentives in the better institutional environment, the relationship between the institutional environment and R＆D tax incentives is complementary. The above findings pass a robustness test. This paper provides supporting evidence for the effectiveness of the prevailing industrial tax incentives.

关 键 词：R&D税收激励 研发支出 挤入效应 制度环境 倾向评分匹配法 

分 类 号：F426[经济管理—产业经济]