研发费用加计扣除优惠强度、研发投入强度与企业价值R D Deduction Intensity,R D Intensity and Firm Value 王芸 陈蕾

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摘要:

研发费用税前加计扣除优惠政策是当前我国重要的技术创新优惠政策之一,目的是促使企业加大研发投入和自主创新能力的提升。以2011-2013年创业板高新技术企业所享受的加计扣除优惠政策为研究对象,选取托宾Q值作为企业价值的代理变量,考察企业享受加计扣除优惠政策是否能够提升企业价值。研究发现：加计扣除优惠强度可以显著提高企业价值；研发投入强度对加计扣除优惠强度与企业价值的关系起到了正向调节作用,特别在研发投入强度超过5%时,加计扣除优惠政策对企业价值的促进作用更加显著。研究结果为加计扣除优惠政策如何促进企业提高研发投入强度提供了有力证据。

Abstract:

Research and development expenses tax deduction incentives is one of the important technical innovation of incentives aimed at encouraging companies to increase R D investment and enhance the capability of independent innovation. As GEM high-tech enterprises which enjoy R D deduction in 2011-2013 the research object, select Tobin"s Q value as a business agent variables in order to investigated whether enterprises enjoy preferential deduction is able to enhance corporate value. The study found: R D deduction intensity can significantly improve the enterprise value; the strength of the relationship between R D deduction intensity and enterprise value has played a positive regulatory role, when the R D intensity is more than 5%, the R D deduction incentives promotion of enterprise value was more significant. TheSresultsSprovideSstrongSevidenceSforStheSR DSdeductionSincentivesSonSincreasingStheirSR D Sintensity.