税收激励与研发外包——基于研发费用加计扣除政策的检验  

Tax Incentive and R&D Outsourcing——Test Based on R&D Expense Super Deduction Policy

作　　者：薛迎迎 XUE Ying-ying(School of Public Economics and Administration,Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]上海财经大学公共经济与管理学院,上海200433

出　　处：《山西财经大学学报》2023年第11期112-126,共15页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金面上项目(71903090)。

摘　　要：基于2017—2021年A股上市公司样本,采用多期DID方法检验研发费用加计扣除政策对研发外包的影响及其作用机制。研究发现,加计扣除政策显著促进了研发外包,且在中小型、非国有、制造业、融资约束程度高以及资本密集度高的企业中更为凸显。究其影响渠道,加计扣除政策可通过降低研发投资资本成本与缓解融资约束路径促进研发外包。进一步分析表明:加计扣除政策仅对委托研发存在高于研发外包总体影响的促进作用,对合作研发无显著作用;仅加计扣除政策及包含加计扣除影响的混合减免政策能促进研发外包,高新所得税税率优惠政策对研发外包无显著影响。Based on the samples of A-share listed companies from 2017 to 2021,this paper adopted the multi-period DID method to test the impact and its action mechanism of R&D expense super deduction policy on R&D outsourcing.The study found that,the super deduction policy significantly promoted R&D outsourcing,and the positive effect was greater in small and medium-sized enterprises,non-state-owned enterprises,manufacturing enterprises,the enterprises having a higher level of financing constraints and those highly capital-intensive enterprises.In terms of its influence channels,the promoting effect of super deduction policy played a role by reducing R&D cost and easing financing constraints.Further analysis showed that,the super deduction policy had a promoting effect only on consigned R&D,and the effect was bigger than the overall impact of R&D outsourcing.However,the super deduction policy didn't affect cooperative R&D.Only super deduction,as well as the mixed relief policy having the super deduction effect,could promote R&D outsourcing.The preferential policies of the income tax rate for high-tech enterprises didn't significantly affect R&D outsourcing.

关 键 词：税收激励 研发外包 研发费用加计扣除 研发投资资本成本 融资约束 

分 类 号：F81[经济管理—财政学] F272