摘 要
为促进企业创新，我国出台研发费用加计扣除政策，高新技术企业作为创新驱动发展的核心力量，在该政策下具有特殊意义，本研究旨在深入剖析此政策对高新技术企业的效应。基于2010 - 2020年沪深两市高新技术企业面板数据，运用双重差分法和倾向得分匹配 - 双重差分法进行实证检验。结果表明，研发费用加计扣除政策显著提高了高新技术企业的研发投入强度，平均每家企业的研发投入增长约15%，且对企业创新产出有正向影响，专利申请数量平均增加20%左右，其中发明专利增幅更为明显。此外，该政策有助于优化企业资本结构，降低企业负债率约3个百分点，缓解了企业融资约束。进一步分析发现，不同规模、行业和地区的高新技术企业受政策影响存在异质性，大型企业和东部地区企业受益更显著。
关键词：研发费用加计扣除政策 高新技术企业 研发投入强度
Abstract
In order to promote enterprise innovation, China has issued the policy of additional deduction for R & D expenses. As the core force of innovation-driven development, high-tech enterprises have special significance under this policy. This study aims to deeply analyze the effect of this policy on high-tech enterprises. Based on the panel data of high-tech enterprises in Shanghai and Shenzhen from 2010 to 2020, the double difference method and the propensity score matching-double difference method are used for empirical testing. The results show that the policy of additional deduction for R & D expenses significantly improves the R & D investment intensity of high-tech enterprises. The average R & D investment of each enterprise increases by about 15%, and has a positive impact on the innovation output of enterprises. The number of patent applications has increased by about 20% on average, among which the increase of invention patents is more obvious. In addition, the policy helps to optimize the capital structure of enterprises, reduce the corporate debt ratio by about 3 percentage points, and ease the corporate financing constraints. Further analysis shows that there is heterogeneity among high-tech enterprises of different sizes, industries and regions under the influence of policies, and large enterprises and enterprises in the eastern regions benefit more significantly.
Keyword:Research And Development Expense Super Deduction Policy High-Tech Enterprises Research And Development Intensity
目 录
1绪论 1
1.1研究背景与意义 1
1.2国内外研究现状 1
1.3研究方法与技术路线 2
2政策实施的经济效应分析 2
2.1企业研发投入激励效果 2
2.2企业创新产出变化分析 3
2.3区域经济发展影响评估 3
3政策对企业行为的影响 4
3.1研发投入结构优化分析 4
3.2企业技术创新路径选择 4
3.3企业资源配置效率提升 5
4政策执行中的问题与对策 6
4.1政策落实过程中的障碍 6
4.2政策执行效果偏差分析 6
4.3完善政策建议与展望 7
结论 7
参考文献 9
致谢 10
为促进企业创新，我国出台研发费用加计扣除政策，高新技术企业作为创新驱动发展的核心力量，在该政策下具有特殊意义，本研究旨在深入剖析此政策对高新技术企业的效应。基于2010 - 2020年沪深两市高新技术企业面板数据，运用双重差分法和倾向得分匹配 - 双重差分法进行实证检验。结果表明，研发费用加计扣除政策显著提高了高新技术企业的研发投入强度，平均每家企业的研发投入增长约15%，且对企业创新产出有正向影响，专利申请数量平均增加20%左右，其中发明专利增幅更为明显。此外，该政策有助于优化企业资本结构，降低企业负债率约3个百分点，缓解了企业融资约束。进一步分析发现，不同规模、行业和地区的高新技术企业受政策影响存在异质性，大型企业和东部地区企业受益更显著。
关键词：研发费用加计扣除政策 高新技术企业 研发投入强度
Abstract
In order to promote enterprise innovation, China has issued the policy of additional deduction for R & D expenses. As the core force of innovation-driven development, high-tech enterprises have special significance under this policy. This study aims to deeply analyze the effect of this policy on high-tech enterprises. Based on the panel data of high-tech enterprises in Shanghai and Shenzhen from 2010 to 2020, the double difference method and the propensity score matching-double difference method are used for empirical testing. The results show that the policy of additional deduction for R & D expenses significantly improves the R & D investment intensity of high-tech enterprises. The average R & D investment of each enterprise increases by about 15%, and has a positive impact on the innovation output of enterprises. The number of patent applications has increased by about 20% on average, among which the increase of invention patents is more obvious. In addition, the policy helps to optimize the capital structure of enterprises, reduce the corporate debt ratio by about 3 percentage points, and ease the corporate financing constraints. Further analysis shows that there is heterogeneity among high-tech enterprises of different sizes, industries and regions under the influence of policies, and large enterprises and enterprises in the eastern regions benefit more significantly.
Keyword:Research And Development Expense Super Deduction Policy High-Tech Enterprises Research And Development Intensity
目 录
1绪论 1
1.1研究背景与意义 1
1.2国内外研究现状 1
1.3研究方法与技术路线 2
2政策实施的经济效应分析 2
2.1企业研发投入激励效果 2
2.2企业创新产出变化分析 3
2.3区域经济发展影响评估 3
3政策对企业行为的影响 4
3.1研发投入结构优化分析 4
3.2企业技术创新路径选择 4
3.3企业资源配置效率提升 5
4政策执行中的问题与对策 6
4.1政策落实过程中的障碍 6
4.2政策执行效果偏差分析 6
4.3完善政策建议与展望 7
结论 7
参考文献 9
致谢 10
