企业研发投入与资本结构选择——基于非债务税盾视角的分析被引量：70

R&D Investment and the Choice of Capital Structure——An Analysis from the Perspective of Non-debt Related Tax Shields

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摘要研发投入作为重要的战略决策,其与资本结构决策之间的互动关系吸引了学者们的关注。已有文献多从资本结构如何影响研发投入角度出发,却较少关注研发投入如何影响资本结构选择。研发投入构成企业一项重要的非债务税盾,本文拟基于非债务税盾视角,分析研发投入如何影响企业的资本结构选择。检验结果表明:研发投入与有息债务水平显著负相关,符合"替代效应"的假设预期;研发投入对债务融资的"替代效应"在接近"税收耗损状态"的企业中更为明显,进一步验证非债务税盾视角解释的合理性;对比国有企业与非国有企业,"税收耗损状态"假说在非国有企业中更为显著,表明非国有企业对税收更为敏感。进一步根据债务期限结构的研究表明,上述结论主要存在于短期有息债务中,而长期有息债务并未发现上述结论。本文不仅发现了一种新形式的非债务税盾,拓宽了非债务税盾的研究范畴,而且从新视角研究研发投入与资本结构选择之间的关系,丰富了相关领域的学术文献。 R＆D investment is an important strategic decision, and the interaction between R＆D investment and capital structure decisions attracts extremely concern. Prior studies mainly focus on the impact of capital structure on R＆D, whereas few papers analyze how R＆D affects capital structure. Since R＆D expenditures are important non-debt related tax shields, this paper seeks to explore how R＆D affects capital structure from the perspective of non-debt related tax shields. Empirical results suggest that non-debt related tax shields in form of R＆D are significantly negatively correlated with the interest bearing debt, supporting the ＂substitution effect＂ hypothesis. When an enterprise is subject to a substantial tax exhaustion status, it＇s R＆D may more likely reduce corporate interest bearing debt, which further support the ＂substitution effect＂. Compared with state-owned enterprises, non-state-owned enterprises are more tax aggressiveness, and the tax exhaustion hypothesis is more pronounced in non-state-owned enterprises. The results above are more pronounced in short-term interest bearing debt. However, long-term interest bearing debt does not show the same results. This paper not only finds a new form of non-debt related tax shields which broadens the scope of studies on non-debt related tax shields, but also examines the relation between R＆D and capital structure from a new perspective which enriches related academic literature.

作者王亮亮王跃堂

机构地区东南大学经济管理学院南京大学管理学院

出处《中国工业经济》 CSSCI 北大核心 2015年第11期125-140,共16页 China Industrial Economics

基金国家自然科学基金青年项目"控股股东‘掏空'及其经济后果:来自企业所得税的影响"(批准号71502033) 国家自然科学基金面上项目"政府监管现金股利承诺与公司行为"(批准号71272100) 中央高校基本科研业务费专项资金"税收征管公司避税与现金持有行为研究"(批准号2242015S20001)

关键词研发投入资本结构非债务税盾税收耗损状态产权性质 R＆D investment capital structure non-debt related tax shields tax exhaustion status nature of property right

分类号 F273.1 [经济管理—企业管理]

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参考文献33

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