研发外包税收优惠促进企业创新了吗?——基于研发费用加计扣除政策的经验证据  

Does the Tax Incentives of R&D Outsourcing Promote Enterprise Innovation?——Empirical Evidence Based on the Super-Deduction Policy of R&D Expenses

作　　者：包健[1] 李芳迪 BAO Jian;LI Fangdi

机构地区：[1]首都经济贸易大学财政税务学院 [2]中国财政科学研究院

出　　处：《国际税收》2025年第2期69-80,共12页International Taxation In China

基　　金：北京市社会科学基金决策咨询项目“北京市功能区定位下的税源建设研究”(项目编号:20JCC094)的阶段性研究成果。

摘　　要：研发外包税收优惠是激励企业合作研发的重要政策工具。本文基于2011—2022年沪深A股上市公司数据,将2015年研发外包费用加计扣除政策作为一项准自然实验,构建广义双重差分模型,实证检验该政策对企业创新的影响及作用机制。研究发现:研发外包税收优惠显著促进企业创新,在进行稳健性检验之后,研究结论仍然成立。机制分析表明,研发外包税收优惠通过提高企业风险承担能力、降低企业融资约束两条路径促进企业创新。进一步分析显示,企业吸收能力和市场竞争程度正向调节研发外包税收优惠对企业创新的影响。异质性分析发现,研发外包税收优惠有效促进了高新技术企业和成熟期企业的创新,对中小微企业的政策效果优于大型企业,对非国有企业的政策效果优于国有企业。据此,本文提出加大研发外包税收优惠力度、完善研发外包税收优惠政策、加强知识产权和融资市场管理、增加人力资本投资等政策建议。Tax incentives for R&D outsourcing are important policy tools for stimulating enterprise to conduct cooperative R&D.Based on the data of Shanghai and Shenzhen A-share listed companies from 2011 to 2022,this paper takes the super-deduction policy of R&D outsourcing expenses implemented in 2015 as a quasi-natural experiment,constructs a generalized difference-in-differences model,and empirically tests the impact and mechanism of this policy on enterprise innovation.The research findings show that the tax incentives for R&D outsourcing significantly promote enterprise innovation,and the research conclusion remains valid after robustness tests.The mechanism analysis demonstrates that the tax incentives for R&D outsourcing promote enterprise innovation through two channels:enhancing enterprises' risk-taking capacity and alleviating enterprises' financing constraints.Further analysis indicates that the absorptive capacity of enterprises and the degree of market competition positively modulate the impact of the tax incentives for R&D outsourcing on enterprise innovation.The heterogeneity analysis reveals that the tax incentives for R&D outsourcing effectively promote innovation in high-tech enterprises and mature enterprises,the policy effect on micro,small and medium-sized enterprises is better than that on large enterprises,and the policy effect on non-state-owned enterprises is better than that on state-owned enterprises.Accordingly,this paper puts forward policy suggestions such as strengthening and improving the tax incentives of R&D outsourcing,enhancing the management of intellectual property and the financing market,and increasing investment in human capital.

关 键 词：研发外包 企业创新 研发费用加计扣除 税收优惠 

分 类 号：F810.42[经济管理—财政学]