融资约束、加计扣除优惠强度与研发投入实证研究——基于创业板上市公司数据

摘要
图/表
参考文献(30)
相关文章 (15)

全文: PDF (6123 KB) HTML (1 KB)
输出: BibTeX | EndNote (RIS)

摘要融资约束、加计扣除是影响企业研发投入的重要因素。本文以2013—2016年创业板141家高新技术企业数据为依据,结合中国经济区域的分类,利用回归分析分别对总样本和分区域样本进行实证研究,阐述融资约束、加计扣除优惠强度对企业研发投入的影响。研究表明:第一,反映融资约束的内源融资能力、债务融资能力与研发投入正相关,反映融资约束的股权融资能力与研发投入负相关;第二,加计扣除优惠强度和研发投入正相关;第三,分区域样本的融资能力和加计扣除优惠强度对研发投入的影响不尽相同,东部地区样本与总样本分析结果一致,中部、西部地区样本在债务融资能力、加计扣除优惠强度方面与总样本一致,但在内源融资能力、股权融资能力方面没有呈现显著相关性。依据研究结论,提出促进企业加大研发投入的建议。

	服务

	把本文推荐给朋友
	加入我的书架
	加入引用管理器
	E-mail Alert
	RSS
	作者相关文章
	宋清
	魏雪

关键词 ：融资约束, 加计扣除优惠强度, 研发投入

Abstract：Financing constraints,R&D deduction intensity are the key factors affecting corporate R&D investment.Based on the data of 141 high-tech companies in the GEM of 2013—2016,The paper uses regression analysis combined with the classification of spatial economic regions,and dees an empirical study on the effects of financing constraints,R&D deduction intensity on corporate R&D investment for the total sample and the sub-region sample,Respectively.The research shows that:Firstly,the internal financing capacity and the debt financing capacity that reflect financing constraints are positively correlated to the R&D investment of the company,the equity financing capacity are negatively correlated to the R&D investment;Secondly,R&D deduction intensity is positively correlated to R&D investment;Thirdly,Financing capacity and R&D deduction intensity in addition to the impact of R&D investment in the sub-region sample are not the same.The eastern region is consistent with the analysis of the total sample,and the central and western regions are also consistent with the analysis of the total sample in terms of the debt financing capacity and R&D deduction intensity,but do not show significant correlation with the total sample in terms of the internal financing capacity and the equity financing capacity.According to the research conclusion,the paper puts forward some suggestions to promote enterprises' R&D investment.

Key words： Financing constraints R& D deduction intensity R& D investment

收稿日期: 2018-04-09

PACS:

F276.6

基金资助:天津市哲学社会科学研究规划项目(TJGL15-032)。

作者简介: 宋清(1965-),男,内蒙古赤峰人,博士、教授、硕士生导师;研究方向:科技金融与财务管理。

引用本文:

宋清, 魏雪. 融资约束、加计扣除优惠强度与研发投入实证研究——基于创业板上市公司数据[J]. 中国科技论坛, 2018(11): 106-115.
Song Qing, Wei Xue. An Empirical Study on Financing Constraints,R＆D Deduction Intensity and R&D Investment——Based on the Data of the GEM Listed Companies. , 2018(11): 106-115.

链接本文:

http://www.zgkjlt.org.cn/CN/Y2018/I11/106

[1]高凡雅,田高良,王喜.中小企业履行社会责任能缓解融资约束吗[J].科学学与科学技术管理,2017,38(6):133-143.
[2]谢家智,刘思亚,李后建.政治关联、融资约束与企业研发投入[J].财经研究,2014,40(8):81-93.
[3]张彩江,陈璐.政府对企业创新的补助是越多越好吗[J].科学学与科学技术管理,2016,37(11):11-19.
[4]杨风,李卿云.股权结构与研发投资——基于创业板上市公司的经验证据[J].科学学与科学技术管理,2016,37(2):123-135.
[5]周克清,景姣.税收优惠政策对R＆D 的激励效果检验——以创业板上市公司为例[J].税务研究,2012(6):20-24.
[6]马玉琪,扈瑞鹏,赵彦云.财税激励政策对高新技术企业研发投入影响效应分析——基于广义倾向得分法的实证研究[J].中国科技论坛,2017(2):143-149.
[7]徐玉莲,王玉冬.创业板推出、企业融资约束与研发投入强度——基于创业板企业上市前后的数据检验[J].软科学,2015,29(8):53-56.
[8]黄达,陈波.融资约束、代理成本与企业研发效率——基于中国工业上市公司的实证研究.[J].价值工程,2014(8):201-203.
[9]解维敏,方红星.金融发展、融资约束与企业研发投入[J].金融研究,2011(5):171-182.
[10]刘圻,何钰,杨德伟.研发支出加计扣除的实施效果——基于深市中小板上市公司的实证研究[J].宏观经济研究,2012(9):87-92.
[11]任曙明,吕镯.融资约束、政府补贴与全要素生产率——来自中国装备制造企业的实证研究[J].管理世界,2014(11):10-23+187.
[12]薛薇,魏世杰,李峰.由国际经验看我国研发费用加计扣除政策的完善[J].国际税收,2014(11):14-18.
[13]刘桂春,叶陈刚.内部控制视角下融资约束与研发效率关系研究[J].科技进步与对策,2017,34(15):20-26.
[14]吕晓军.政府补贴与企业技术创新产出——来自2009—2013年战略性新兴产业上市公司的证据[J].中国科技论坛,2016(12):60-66.
[15]顾群,翟淑萍,苑泽明.融资约束与研发效率的相关性研究——基于我国上市高新技术企业的经验证据[J].科技进步与对策,2012,29(24):27-31.
[16]乐菲菲,张金涛,齐莹莹.外部资源、技术决策偏好与政治关联企业研发投资——来自创业板上市公司的经验证据[J].科技进步与对策,2017,34(24):78-87.
[17]李焰,张宁.用综合财务指标衡量企业融资约束[J].中国管理科学,2008(3):146-150.
[18]赵玮.融资约束、政府 R& D 资助与企业研发投入——来自中国战略性新兴产业的实证研究[J].当代财经,2015(11):86-97.
[19]卢馨,郑阳飞,李建明.融资约束对企业 R＆D 投资的影响研究——来自中国高新技术上市公司的经验证据[J].会计研究,2013(5):51-58.
[20]雷鹏,梁彤缨,陈修德,冯莉.融资约束视角下政府补助对企业研发效率的影响研究[J].软科学,2015,29(3):38-42.
[21]JARA-Díaz,SERGIO R,ANTONIO Gschwender.The effect of financial constraints on the optimal design of public transport services[J].Transportation,2009,36:65-75.
[22]MOHNEN P Palm,VAN DER LOEFF F C,SCHIM S,et al.Financial constraints and other obstacles:are the a threat to innovation activity[J].De economist,2008,156:201-214.
[23]MARTIN Kukuk,MANFRED Stadler.Financing constraints and the timing of innovations in the German services sector[J].Empirica,2001,28:277-292.
[24]HESS STEPHAN Siegwart,ROLAND Yves.R&D venture:proposition of a technology transfer concept for breakthrough technologies with R&D cooperation:a case study in the energy secto[J].The journal of technology transfer,2013,38:153-179.
[25]CANEPA Alessandra,STONEMAN paul.Financing constraints in the inter firm diffusion of new process technologies[J].The journal of technology transfer,2005(30):159-169.
[26]MUNARI,FEDERICO.Does ownership affect innovation？Assessing the impact of privatisation processes on innovation activities[J].European business organization law review,2003(4):553-571.
[27]GRUBER,HARALD.Innovation,skills and investment:a digital industrial policy for Europe[J].Economia e politica industriale,2017(44):327-343.
[28]LUENGO-VALDERREY,MARÍA Jesús,MOSO-DÍEZ,Mónica.Interaction between knowledge management activities,innovation barriers and innovation performance:spanish high and medium technology firms[J].Journal of the knowledge economy,2017(2):1-20.
[29]BECCHETTI,LEONARDO.Finance,investment and innovation:a theoretical and empirical comparative analysis[J].Empirica,1995(22):167-184.
[30]HEHER A D.Return on investment in innovation:implications for institutions and national agencies[J].The Journal of technology transfer,2006(31):403-414.