税收刺激下的高新技术企业创新投入对融资结构的影响研究

Impact of Innovation Inputs on Financing Structure under Tax Stimulation

摘要:

创新投入负向影响企业融资结构已被绝大多数学者所验证,然而这种负向关系是否会受到当前税改政策的影响却极少有学者展开研究。本文以2009-2015年高新技术企业的财务数据作为研究对象,采用实证研究方法,考察了创新投入对融资结构的影响,并在此基础上分别考察了所得税刺激、增值税刺激对二者关系的调节作用。其结果表明：创新投入负向影响企业融资结构；所得税刺激能够有效的促进高新技术企业创新投入的债务水平,而增值税刺激对二者关系的影响不明显。其意义在于揭示高新技术企业创新投入对融资结构影响的内在机制,提升高新技术企业的内部治理水平。

Abstract:

The negative impacts of innovation inputs on financing structure have been verified by the most scholars,but whether the relationship are influenced by the current tax reform policies is rarely studied by scholars. we study the impact of innovation Inputs on financing structure,and the regulation effect of income tax stimulation and value-added tax stimulation on the relationship between innovation inputs and financing structure using an empirical researches method based on the panel data of Chinese high-tech enterprises from 2009 to 2015. The results show that innovat -ion inputs negatively impact the enterprises financing structure,and income tax stimulation can effectively raise the debt level of high-tech enterprises innovation inputs,while value-added tax stimulation can’t give birth to obvious impact on the relationship between innovation inputs and financing structure. Its significance lies in revealing inherent mechanism of the impact of innovation inputs on financing structure, improving the internal governance level of high-tech enterprises.