论融资约束对税收优惠与企业研发投资关系的影响——基于创业板的实证分析  

The Influence of Financing Constraints on Relationship between Tax Preference and Enterprise R&D Investment

作　　者：许慧[1] 吴清云 蒋瑜峰[1,2] Xu Hui;Wu Qingyun;Jiang Yufeng(不详)

机构地区：[1]武汉工程大学管理学院,湖北武汉430205 [2]财政部财政科学研究所

出　　处：《企业经济》2021年第1期151-160,共10页Enterprise Economy

基　　金：湖北省教育厅科学技术研究计划重点项目“投资者情绪、管理者过度自信与企业股权融资成本研究”(项目编号:D20181503)。

摘　　要：在减税降费政策不断深入的当下,创新驱动发展战略也稳步前行,且以扶持企业创新活动为主,而不同的融资约束程度对税收优惠与研发投资关系的影响存在差异。本文选取了我国创业板公司2014-2019年的相关数据,实证检验税收优惠与企业研发投资的关系,并引入融资约束作为调节变量,检验其对二者关系影响的异质性。结果表明:税收优惠对企业研发投资的激励作用是显著的;而融资约束具有调节作用,无论是从内源融资约束角度还是从债务融资约束角度来看,都显示融资约束程度较小时,这种激励作用更显著。本文充实了税收优惠与研发投资关系研究的相关理论,并且引入融资约束变量,丰富了其调节效应的研究。With the deepening of tax reduction and fee reduction policy,the innovation-driven development strategy is also moving forward steadily,and mainly support the innovation activities of enterprises,but the relationship between tax preference and R&D investment may be affected in the case of different degrees of financing constraints.In view of this,this paper collects the relevant data of China's GEM companies from 2014 to 2019,empirically tests the relationship between tax preference and enterprise R&D investment,and introduces financing constraints as regulating variables to test the heterogeneity of their influence on the relationship between the two.The conclusion shows that the incentive effect of tax preference on enterprise's R&D investment is significant,and in addition,the financing constraint has the regulating effect,both from the perspective of the endogenous financing constraint or from the point of view of debt financing constraint,which shows that when the degree of financing constraint is small,the incentive effect is more significant.This paper enriches the theory of the relationship between tax preference and R&D investment,and introduces financing constraint variables to enrich the study of its regulatory effect.

关 键 词：税收优惠 融资约束 研发投资 创业板 

分 类 号：F830[经济管理—金融学]