融资约束、税收激励与企业研发投入 ——来自中国制造业上市公司的证据

Financing Constraints, Tax Preference and Firm R&D Investment: Evidence from Listed Manufacturing Firms in China

摘要:

以中国制造业上市公司2011-2013年的数据为样本，研究融资约束与税收激励两个因素单独及共同对企业研发投入的影响。结果发现，融资约束显著影响企业研发投入强度，民营企业研发投入主要依赖于债务融资，国有企业的研发投入主要取决于股权融资；税收政策对企业研发投入的激励效应主要体现在民营企业，对国有企业研发投入的促进作用不显著；税收激励效应有效缓解了融资对民营企业研发投入的影响，企业所得税税收政策较增值税更能促进民营企业的研发投入。

Abstract:

Based on the Chinese manufacturing data from 2011 to 2013, this article systematically examines the influence of financing constraints and tax preference on the R & D of Chinese local firms. Through the theoretical model, this paper analyzes the mechanism of financing constraints and tax preference alone and commonly influences the R&D of Chinese local firms and uses data to test. We find that financing constraints is an important factor in the impact of R&D investment, and that the R&D investment of private firms is mainly dependent on debt,but the state-owned firms rely mainly on equity; Tax policy is an important factor in the impact of R & D investment of private firms; The impact of tax policy on R&D investment of private firms is more significant than financing constraints, enterprise income tax incentives bring more R&D investment than added-value tax do.