亏损后转年限延长增加了企业创新投入吗  

Does Extending the Loss Carryforward Period Increase Firms'Investment in Innovation

作　　者：曹越[1] 张文琪 Cao Yue;Zhang Wenqi(Business School,Hunan University)

机构地区：[1]湖南大学工商管理学院

出　　处：《南开管理评论》2024年第6期51-61,73,共12页Nankai Business Review

基　　金：国家社会科学基金项目(23AGL011)资助。

摘　　要：亏损向后结转作为缓解创新领域市场失灵的重要税收政策,对企业投资和风险承担的影响仍未形成一致结论。本文利用高新技术企业亏损向后结转年限延长(财税[2018]76号)这一外生冲击,以2015-2020年中国A股上市公司为样本,检验亏损向后结转年限延长对企业创新投入的影响。研究结果表明,亏损向后结转年限延长对企业创新投入有显著的促进作用,有效缓解了市场失灵引发的企业创新投入低下。进一步研究发现,这一促进作用只在成长期和成熟期的企业中显著,且不同生命周期阶段企业在融资约束和经营前景上的差异是影响该政策激励效果的重要因素。为了探究亏损向后结转政策放宽在消弭市场失灵的同时是否会引发政府失灵,本文挖掘亏损向后结转年限延长与僵尸企业之间的联系,发现结转年限延长对创新的促进效应只在非僵尸企业组别中显著;此外,亏损向后结转政策实施后企业僵尸化的概率有所增加,且这一问题在淘汰期的企业中最为严重,衰退期次之。本文实证检验了亏损向后结转政策在激励企业创新方面的政策效果,对该政策的进一步完善具有参考价值。At this pivotal moment in China's journey toward building a modern socialist nation,the role of enterprises in driving high-quality development has become increasingly important.There is growing attention from policymakers,researchers,and the public on how much these companies prioritize and invest in research and development(R&D).However,the nature of innovation often leads to market failure,making it challenging for companies to allocate resources effectively through the market alone.Specifically,on the one hand,innovation exhibits significant positive externalities;the knowledge and technological spillover effects generated during the innovation process benefit other enterprises and society as a whole.At the same time,the outcomes of innovation are characterized by non-exclusivity and non-rivalry in usage and benefits,preventing innovating enterprises from capturing the full returns of their innovations.On the other hand,innovation is characterized by high costs,long cycles,high failure rates,and unpredictable returns,making the costs of engaging in innovation prohibitively high for enterprises.The mismatch between returns and costs discourages companies from investing in R&D at levels that would be optimal for society.To address this underinvestment caused by market failures,governments worldwide have implemented fiscal policies to encourage greater innovation efforts by businesses.One such measure is the loss carryforward policy.In line with the innovation-driven development strategy,China's Ministry of Finance and the State Administration of Taxation issued Notice[2018]No.76 on July 11,2018.This policy extends the maximum period for carrying forward losses from 5 years to 10 years for high-tech enterprises and technology-based small and medium-sized enterprises,effective from January 1,2018.This change aims to better support the growth of innovative companies.Loss carryforward is a fiscal tool used by governments to address market failures,but if mismanaged,it can lead to government failures such as resourc

关 键 词：亏损结转 亏损向后结转 企业创新 企业生命周期 僵尸企业 

分 类 号：F273.1[经济管理—企业管理] F275[经济管理—国民经济] F832.51