摘要
本文以目前中国正在进行新旧动能转换、实施以创新驱动经济高质量发展为现实背景,从非债务税盾视角,理论上分析了中国研发支出加计扣除政策实施对企业资本结构的影响机制,并采用2008-2017年10年间的A股上市公司数据进行了实证检验。结果表明,研发支出加计扣除会降低企业的实际税率,这种非债务税盾对企业债务产生"挤出效应",从而推动企业降低负债水平,提高企业价值,激励企业进一步加大研发创新力度。在未来研发支出的税收优惠力度进一步加大的情况下,企业管理者应充分认识研发支出的税盾价值,加强企业税收筹划工作;政府也应进一步加强和落实"减税降费"政策,通过减轻企业税负深化"供给侧结构性改革",帮助企业优化资本结构,推动经济高质量发展。
Based on the background that China is currently undergoing the transformation of new and old driving forces, and the implementation of innovation driven high-quality economic development, this paper analyzes the impact of the China’s policy about R&D expenditure plus deduction on the capital structure of enterprises from the perspective of non-debt tax shields. The empirical test was conducted based on the data of A-share listed companies from the implementation of the policy in 2008 to 2017. The results show that R&D expenditure plus deduction will reduce the enterprise’s actual tax rate, and the non-debt tax shields produced by it will make a "crowding out effect" on the enterprise debt, so the enterprise’s leverage will decrease while its value increases, which encourages the enterprise to further increase innovation. With the further increase of government tax preference of R&D expenditure in the future, the enterprise managers should understand the value of the tax shield of R&D expenditure deeply and strengthen the tax planning of enterprises. At the same time, the government should also further strengthen and implement the policy of "tax reduction and fee reduction", and help enterprises optimize their capital structure and promote high-quality economic development by reducing the tax burden of enterprises and deepening the "supply side structural reform".
作者
薛宏刚
王浩
樊卓群
XUE Honggang;WANG Hao;FAN Zhuoqun(School of Economics and Finance,Xi’an Jiaotong University,Xi’an 710061,China)
出处
《西安交通大学学报（社会科学版）》
CSSCI
北大核心
2020年第3期17-24,共8页
Journal of Xi'an Jiaotong University：Social Sciences
基金
国家自然科学基金项目(71171158)
教育部哲学社会科学研究重大课题攻关项目(15JZD012)。
关键词
企业创新
税收优惠
研发支出
资本结构
企业税负
非债务税盾
enterprise innovation
tax preference
R&D(research&development)expenditure
capital structure
enterprise tax burden
non-debt tax shields
