研发费用加计扣除政策与数字企业创新 ——基于A股上市企业的实证检验

R&D Additional Deduction Policy and Digital Enterprise Innovation — An Empirical Test Based on A-share Listed Companies

摘要:

为了评估研发费用加计扣除政策对数字企业创新活动所产生的实际影响与政策成效，以2016－2022年A股上市数字企业为研究样本，构建研发费用实际加计扣除强度指标，实证分析该政策对数字企业创新的影响。研究发现：数字企业研发费用的平均实际扣除率仅为法定扣除率的72.9%，研发费用加计扣除政策能够促进数字企业创新水平的提高。机制分析显示，融资约束在研发费用加计扣除政策促进数字企业创新的过程中发挥中介作用。异质性分析表明，研发费用加计扣除政策对税收营商环境较好地区和大规模数字企业的创新激励效应更为显著。进一步分析发现，享受加计扣除优惠的研发费用具有更高的边际创新产出效应，并且研发费用加计扣除政策对数字企业的高质量创新具有更强的激励作用。基于上述发现，建议完善研发费用加计扣除政策，采取差异化政策支持以及增强该政策对数字企业高质量创新的激励作用。

Abstract:

In order to assess the actual impact and policy effectiveness of the R&D additional deduction policy on the innovation activities of digital enterprises, using the digital enterprises listed on the A-share market from 2016 to 2022 as the research sample, the intensity index of the actual additional deduction for research and development expenses was constructed to empirically analyze the impact of this policy for research and development expenses on the innovation of digital enterprises. The study finds that the average actual deduction rate of R&D expenses of digital enterprises is only 72.9% of the legal deduction rate. The R&D additional deduction policy can promote the improvement of the innovation level of digital enterprises. Mechanism analysis shows that financing constraints play a mediating role in the process of the additional deduction policy for research and development expenses promoting the innovation of digital enterprises. Heterogeneity analysis indicates that the policy of additional deduction for research and development expenses has a more significant innovation incentive effect on regions with a better tax business environment and large-scale digital enterprises. Further analysis reveals that R&D expenses enjoying deduction benefits have higher marginal innovation output effects, and that the R&D additional deduction policy has stronger incentive effects on high-quality innovation of digital enterprises. Based on the above findings, it is suggested to improve the research and development expense additional deduction policy, adopt differentiated policy support, and enhance the incentive effect of this policy on the high-quality innovation of digital enterprises.