摘要
本文以2009-2012年间沪深两市A股上市公司数据为样本,使用层次回归模型,研究了企业所得税与研发支出的关系,考察了资本结构对二者关系的调节效应,并进一步检验了产权性质的影响。研究结果表明,企业所得税对研发支出具有显著负向影响;由于债务税盾的存在,资本结构能够缓解企业税负对研发支出的约束;而且,资本结构对所得税与研发支出之间关系的调节效应在非国有企业中更为显著。这些结论突破了以往单独研究所得税或资本结构对研发支出影响的局限性,为企业研发投资决策和资本结构选择提供了新的理论证据。
Based on the sample of Chinese public listed companies from 2009 to 2012,using the hierarchical regression model,this study examines the relationship between corporate income tax and its RD expenditure,analyzes the moderating role of capital structure on such relationship,and further examines the influence of different property rights. The results show that there is a negative relationship between income tax and RD expenditure,and because of the impact of debt tax shield,capital structure could relieve the constraints of tax burden on RD expenditure. And the moderating effect of capital structure is more significant on non- state- owned corporations. This study makes a breakthrough in analyzing separately the relationship between RD expenditure and income tax or capital structure,which may provide new evidence for the decisions of RD investment and the choice of capital structure.
出处
《科研管理》
CSSCI
北大核心
2016年第4期44-52,共9页
Science Research Management
基金
国家自然科学基金项目"基于金融生态环境视角的上市公司技术创新投资行为研究"(项目编号:71302003
起止时间:2014.01-2016.12)
国家社会科学基金项目"同等保护各类资本产权与促进混合所有制经济健康发展问题研究"(项目编号:15BJL021
起止时间:2015.06-2018.12)
关键词
实际所得税
资本结构
研发支出
产权性质
actual income tax
capital structure
R＆D expenditure
nature of property rights
