研发费用加计扣除政策能够抑制实体企业金融化吗?  

Can the R&D Expenses Additional Deduction Policy Restrain Enterprise Financialization?

作　　者：王晓亮[1] 梁丹阳 独正元 WANG Xiao-liang;LIANG Dan-yang;DU Zheng-yuan(School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006,China)

机构地区：[1]山西财经大学会计学院,山西太原030006

出　　处：《现代财经（天津财经大学学报）》2023年第2期54-74,共21页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家社会科学青年项目(19CGL023);教育部人文社会科学规划基金项目(18YJA630112)。

摘　　要：研发费用加计扣除政策是弥补研发投资市场失灵,促进企业高质量发展的重要举措,而防止实体企业过度金融化是实现高质量发展的必然要求。本文以2015年研发费用加计扣除政策为准自然实验,使用2013-2019年A股上市公司数据,采用双重差分法探讨研发费用加计扣除政策对企业金融化的影响。研究发现,研发费用加计扣除政策抑制了实体企业金融化。作用机制分析表明,研发费用加计扣除政策通过增加内部现金流缓解企业持有金融资产的“蓄水池”动机,通过提高主业业绩削弱企业持有金融资产的“投资替代”动机,从而抑制了金融化。与国有企业和成熟期、衰退期企业相比,研发费用加计扣除政策更能够抑制非国有企业、成长期企业的金融化。本文从金融化视角分析研发费用加计扣除政策的作用效果,对现有文献进行了有益补充,对于重塑金融化政策范式,进一步科学优化政策设计具有积极意义。R&D expenses additional deduction policy is an important measure to make up for the failure of R&D investment market and promote the high-quality development of enterprises, and preventing financialization is an inevitable requirement for the realization of high-quality development of enterprises. Based on R&D expenses additional deduction policy in 2015 as a quasi natural experiment, this paper uses the data of A-share listed companies from 2013 to 2019 and the difference-in-difference method to analyze the impact of R&D expenses additional deduction policy on enterprise financialization. It is found that R&D expenses additional deduction policy inhibits the financialization of enterprises. The mechanism analysis shows that, the R&D expenses additional deduction policy eases the “reservoir” motivation of enterprises to hold financial assets by increasing the internal cash flow, and weakens the “investment substitution” motivation of enterprises to hold financial assets by improving main business performance, and thus inhibits the financialization. Compared with state-owned enterprises and enterprises in mature and recession periods, the R&D expense additional deduction policy can inhibit the financialization of non-state-owned enterprises and enterprises in the growth period more. This paper analyzes the effect of the R&D expense additional deduction policy from the perspective of financialization, and makes a useful supplement to the existing literature, which is of positive significance for reshaping the policy paradigm of financialization and further optimizing the policy design scientifically.

关 键 词：研发费用加计扣除政策 内部现金流 主业业绩 企业金融化 

分 类 号：F812.42[经济管理—财政学]