摘要
以2018年加计扣除政策改革为例,选取2015—2019年间高新技术企业为研究样本,进行DID检验;选取2018和2019年高新技术企业与非高新技术企业为研究样本,进行OLS检验。结果发现,2018年加计扣除强化促进高新技术企业研发投入增长放缓;加计扣除普惠使高新技术企业相比于非高新技术企业的研发投入增长率较慢。进一步研究企业盈利水平的调节作用,发现企业的盈利水平越低,上述结果越显著。通过安慰剂检验、PSM检验、反向因果检验及变更被解释变量的衡量方法回归进行稳健性检验,结论依然成立。研究结论表明,最初作为促进高新技术企业创新发展倾斜政策的加计扣除,随着扣除力度的提高和政策的普惠,其政策效用反而有所减弱,这需要引起政府的高度重视;同时只有提高盈利水平,才能充分享受这种政策效果,这应引起高新技术企业的重视。
This paper took the additional deduction policy reform in 2018 as an example,and selected hightech enterprises from 2015 to 2019 as the research samples to conduct DID test.High-tech enterprises and nonhigh-tech enterprises in 2018 and 2019 were selected as the research samples to conduct OLS test.The results show that in 2018,the additional deduction intensification promoted the R&D investment of high-tech enterprises to slow down;The inclusion of additional deductions makes the growth rate of R&D investment of high-tech enterprises slower than that of non-high-tech enterprises.Further study on the regulatory effect of the level of corporate profitability shows that the lower the level of corporate profitability,the more significant the above results are.The results remained consistent when robustness was tested by placebo test,PSM test,reverse causality test,and regression with measures that changed the explained variables.The conclusion of this paper shows that the additional deduction,which was initially a preferential policy to promote the innovation and development of high-tech enterprises,has weakened its policy effect on high-tech enterprises with the increase of the deduction intensity and the general benefit of the policy,which should be paid more attention by the government.At the same time,only by improving the level of profit,can we fully enjoy the effect of this policy,which should arouse the attention of hightech enterprises.
作者
杨瑞平
李喆赟
刘文蓉
YANG Rui-ping;LI Zhe-yun;LIU Wen-rong(School of Accounting,Shanxi University of Finance&Economics,Taiyuan 030006,China)
出处
《经济问题》
CSSCI
北大核心
2021年第8期110-120,共11页
On Economic Problems
基金
国家自然科学基金面上项目“国家审计、协同监督与国企资产保值增值”(71872105)
山西省软科学研究计划项目“国家审计在山西国企改革中的作用及其实现路径研究”(2018041072-4)
山西省研究生教育创新计划系列项目(课题)“金融资产配置与实体企业盈余持续性”(2019SY410)阶段性成果。
关键词
加计扣除政策
研发投入
研发投入增长率
盈利水平
高新技术企业
additional deduction policy
R&D input
innovation investment growth rate
profit level
high-tech enterprises
