| 融资约束、税收激励与企业研发投入——来自中国制造业上市公司的证据 |
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| 引用本文： | 水会莉,韩庆兰.融资约束、税收激励与企业研发投入——来自中国制造业上市公司的证据[J].科技管理研究,2016(7):30-36. |
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| 作者姓名： | 水会莉 韩庆兰 |
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| 作者单位： | 1. 中南大学商学院,湖南长沙410083;湖南商学院,湖南长沙410205;2. 中南大学商学院,湖南长沙,410083 |
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| 基金项目： | 国家自然科学基金，湖南省教育厅科研项目 |
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| 摘 要： | 以中国制造业上市公司2011—2013年的数据为样本,研究融资约束与税收激励2个因素对企业研发投入的影响。研究发现,融资约束显著影响企业研发投入强度,民营企业研发投入主要依赖于债务融资,国有企业的研发投入主要取决于股权融资;税收政策对企业研发投入的激励效应主要体现在民营企业,对国有企业研发投入的促进作用不显著;税收激励效应有效缓解了融资对民营企业研发投入的影响,企业所得税税收政策较增值税更能促进民营企业的研发投入。
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| 关 键 词： | 融资约束 税收激励 研发投入 |
| 收稿时间： | 2015/10/9 0:00:00 |
| 修稿时间： | 2016/4/5 0:00:00 |
Financing Constraints, Tax Preference and Firm R&D Investment: Evidence from Listed Manufacturing Firms in China |
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| Abstract: | Based on the Chinese manufacturing data from 2011 to 2013, this article systematically examines the influence of financing constraints and tax preference on the R & D of Chinese local firms. Through the theoretical model, this paper analyzes the mechanism of financing constraints and tax preference alone and commonly influences the R&D of Chinese local firms and uses data to test. We find that financing constraints is an important factor in the impact of R&D investment, and that the R&D investment of private firms is mainly dependent on debt,but the state-owned firms rely mainly on equity; Tax policy is an important factor in the impact of R & D investment of private firms; The impact of tax policy on R&D investment of private firms is more significant than financing constraints, enterprise income tax incentives bring more R&D investment than added-value tax do. |
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| Keywords: | financing constraints tax preference firm r&d investment |
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