研发费用加计扣除政策对公司价值的影响 ——基于“税收—会计”差异

The Impact Effect of Pre-Tax Deduction of R&D Expenses on Corporate Values: Based on the Tax-Book Differences

摘要:

摘 要：研发费用加计扣除政策作为广泛促进企业开展研发创新活动的税费优惠政策，在影响企业市场价值方面发挥重要作用。本文以2007—2019年沪深A股上市公司作为研究样本，从“税收—会计”传导路径探究研发费用加计扣除政策对公司价值的复合影响。研究结果表明，研发费用加计扣除政策对公司价值存在显著正向作用，约束性税会差异缩小和激励性税会差异扩大，深化了研发费用加计扣除强度对公司价值的正向效应。从异质性来看，研发支出费用化公司、非垄断竞争行业公司更易受到加计扣除政策与约束性税会差异的负向叠加效应，研发支出费用化公司和垄断竞争行业公司受激励性税会差异的正向复合影响更大。更进一步，无形资产摊销率同样显著提升公司价值。本文既肯定了“税收—会计”差异对加计扣除政策落实到企业的作用，也从加计扣除强度和无形资产摊销率两渠道为探究研发费用加计扣除政策效果提供了经验证据，对政策制定者和公司管理者更好明晰研发费用加计扣除政策的公司价值效应有重要意义。

Abstract:

Abstract: This paper uses Shanghai and Shenzhen A-share listed companies from 2007-2019 as a research sample to explore the compound impact of the pre-tax add-on deduction policy for R&D expenses on corporate values from the tax-book transmission path. The findings show that there is a significant positive effect of the policy of pre-tax deduction of R&D expenses on corporate values. Meanwhile, The positive effect of the intensity of the pre-tax deduction for R&D expenses on corporate values gradually increases as binding tax-book differences and tax effort decrease and the incentive tax-book differences. Expensed R&D expenditure, non-monopolistic competitive industry companies are more susceptible to the negative effects of binding tax-book differences resulting from add-on deductions, while expensed R&D expenditure companies are more affected by the positive compounding effects of incentive tax-book differences and monopolistic competitive industry companies are more susceptible to the positive compounding effects of incentive tax-book differences. Further, the incentive effect of the amortisation rate of intangible assets on firm value is effectively exercised. This finding can be seen to provide empirical evidence on the pre-tax deduction policy for R&D expenses, which is important for policy makers and business managers to better understand the effects of R&D policy implementation.