融资约束、加计扣除优惠强度与研发投入实证研究——基于创业板上市公司数据  

An Empirical Study on Financing Constraints,R&D Deduction Intensity and R&D Investment——Based on the Data of the GEM Listed Companies

作　　者：宋清[1] 魏雪 Song Qing;Wei Xue(College of Economics and Management,Tianjin University of Science and Technology,Tianjin 300222,China)

机构地区：[1]天津科技大学经济与管理学院,天津300222

出　　处：《中国科技论坛》2018年第11期106-115,157,共11页Forum on Science and Technology in China

基　　金：天津市哲学社会科学研究规划项目(TJGL15-032)

摘　　要：融资约束、加计扣除是影响企业研发投入的重要因素。本文以2013—2016年创业板141家高新技术企业数据为依据,结合中国经济区域的分类,利用回归分析分别对总样本和分区域样本进行实证研究,阐述融资约束、加计扣除优惠强度对企业研发投入的影响。研究表明:第一,反映融资约束的内源融资能力、债务融资能力与研发投入正相关,反映融资约束的股权融资能力与研发投入负相关;第二,加计扣除优惠强度和研发投入正相关;第三,分区域样本的融资能力和加计扣除优惠强度对研发投入的影响不尽相同,东部地区样本与总样本分析结果一致,中部、西部地区样本在债务融资能力、加计扣除优惠强度方面与总样本一致,但在内源融资能力、股权融资能力方面没有呈现显著相关性。依据研究结论,提出促进企业加大研发投入的建议。Financing constraints, R＆D deduction intensity are the key factors affecting corporate R＆D investment. Based on the data of 141 high-tech companies in the GEM of 2013-2016, The paper uses regression analysis combined with the classification of spatial eco nomic regions, and dees an empirical study on the effects of financing constraints, R＆D deduction intensity on corporate R＆D investment for the total sample and the sub-region sample, Respectively. The research shows that： Firstly, the internal financing capacity and the debt financing capacity that reflect financing constraints are positively correlated to the R＆D investment of the company, the eq- uity financing capacity are negatively correlated to the R＆D investment; Secondly, R＆D deduction intensity is positively correlated toR＆D investment; Thirdly, Financing capacity and R＆D deduction intensity in addition to the impact of R＆D investment in the sub-region sample are not the same. The eastern region is consistent with the analysis of the total sample, and the central and western regions are also consistent with the analysis of the total sample in terms of the debt financing capacity and R＆D deduction intensity, but do not show significant correlation with the total sample in terms of the internal financing capacity and the equity financing capacity. According to the research conclusion, the paper puts forward some suggestions to promote enterprises＇ R＆D investment.

关 键 词：融资约束 加计扣除优惠强度 研发投入 

分 类 号：F276.6[经济管理—企业管理]