我国创业板企业研发投入的税收优惠政策效应研究

发布时间：2018-01-08 12:32

本文关键词：我国创业板企业研发投入的税收优惠政策效应研究　出处：《华南理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：目前，国内外学术界关于企业研发投入的研究不计其数，研究的影响因素包括企业自身内部的公司规模、治理结构、高管特征、管理层激励，及企业外部环境所面临的融资约束、政府政策、产权保护、需求波动等。但大多数研究关注的仅仅是一种影响因素对企业研发投入的效应，并且研究关注的层面多为宏观层面。然而企业所处的市场经济环境是复杂多变的，影响企业研发投入的因素也不是单个因素，因此本文的研究在结合了融资约束的条件下，观察政府所采取的税收优惠政策对创业板上市公司研发投入究竟会带来怎样的影响。不仅从现实角度回答了政府应该合理制定税收优惠政策来促进企业有效管理研发资金的问题，而且为中小型企业在面临融资约束状况时应该采取何种研发策略提供了经验依据。本文通过采用理论分析与实证分析相结合的方法，对在融资约束背景下税收优惠政策对创业板上市公司的影响效应进行了研究。文章首先对我国企业研发活动及其税收优惠政策的现状进行了相关介绍，其次对与企业税收优惠及融资约束的市场失灵理论、融资约束理论及相关文献进行了梳理和分析，为实证分析提供理论依据，，在此基础上提出了三个研究假设。最后以2010-2012年176家创业板上市公司作为研究样本，以Logistic方程构造衡量融资约束的指数，再通过描述性分析、相关性及回归分析验证了本文的研究假设，并进行了稳健性分析，以保证研究结果的可靠性。本文得出的主要研究结论包括：（1）在融资约束强的情况下，所得税税收优惠对企业研发投入具有诱导作用，即所得税税收优惠会增加企业的研发投入。（2）在融资约束强的情况下，所得税优惠额与企业研发投入显著正相关。（3）无论融资约束强弱，实际所得税税率较实际流转税税率对企业研发投入的诱导作用更加显著。本文细化了影响企业研发投入的相关因素，为政府如何根据企业自身的融资约束程度大小选择相应的税收优惠政策以解决企业研发投资的融资束缚问题提供了有一定参考价值的解决方案，对于完善研发投资资源配置也有一定的理论及现实意义。
[Abstract]:At present, the domestic and foreign academic circles about the enterprise research and development investment research countless, the research influence factor includes the enterprise own internal company scale, the governance structure, the senior management characteristic, the management incentive. And the external environment of enterprises facing financing constraints, government policies, property rights protection, demand fluctuations and so on. But most of the research only focuses on the impact of a factor on the enterprise R & D investment effect. However, the market economy environment of enterprises is complex and changeable, and the factors that affect R & D investment are not a single factor. Therefore, the study of this paper combines the financing constraints under the conditions. To observe the influence of the tax preferential policy adopted by the government on the research and development investment of the listed companies on the gem. It not only answers the question from the realistic point of view that the government should reasonably formulate the preferential tax policy to promote the effective management of the enterprises. The question of R & D funding. It also provides empirical evidence for SMEs to adopt R & D strategies in the face of financing constraints. This paper adopts the method of combining theoretical analysis with empirical analysis. This paper studies the effect of tax preferential policies on gem listed companies under the background of financing constraints. Firstly, this paper introduces the current situation of R & D activities and tax preferential policies of Chinese enterprises. Secondly, the market failure theory, financing constraint theory and related literature are analyzed and analyzed to provide theoretical basis for empirical analysis. Finally, 176 gem listed companies from 2010 to 2012 are taken as the research samples, and the index of financing constraints is constructed by Logistic equation. The research hypothesis is verified by descriptive analysis, correlation and regression analysis, and robust analysis is carried out to ensure the reliability of the research results. The main conclusions of this paper include: 1) in the case of strong financing constraints, the income tax preference can induce the enterprise R & D investment, that is, the income tax tax preference will increase the R & D investment of the enterprise. 2) in the case of strong financing constraints, the amount of income tax preference is significantly positively correlated with R & D investment. 3) in spite of the strong or weak financial constraints, the actual income tax rate is more significant than the actual turnover tax rate in inducing R & D investment of enterprises. This paper details the related factors that affect the R & D investment of enterprises. It provides a valuable solution for the government to choose the appropriate tax preferential policies according to the degree of financing constraints of enterprises to solve the financing constraints of enterprise R & D investment. For improving the allocation of R & D investment resources, there are certain theoretical and practical significance.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F273.1;F812.42;F832.51

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