| 研发费用加计扣除政策对公司价值的影响 ——基于“税收—会计”差异 |
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| 引用本文： | 杨令仪,杨默如.研发费用加计扣除政策对公司价值的影响 ——基于“税收—会计”差异[J].科技管理研究,2023(5):29-37. |
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| 作者姓名： | 杨令仪 杨默如 |
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| 作者单位： | 华侨大学,华侨大学 |
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| 基金项目： | 国家社科基金重点项目“美国特朗普政府减税政策的国际影响研究”(18AJY026)。 |
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| 摘 要： | 选取2007—2019年沪深A股上市公司作为研究样本，从“税收—会计”（以下简称“税会”）差异视角分析研发费用加计扣除政策的公司价值效应；同时，立足于研发费用加计扣除政策特性，探究无形资产摊销率对公司价值的影响。研究结果表明，研发费用加计扣除政策对公司价值存在显著正向作用，缩小约束性税会差异和扩大激励性税会差异有助于深化政策的正向作用；从异质性来看，研发支出费用化公司更易受到加计扣除政策与税会差异的叠加影响，垄断竞争行业公司更易受到加计扣除政策与激励性税会差异的正向叠加影响；提高无形资产摊销率有助于公司价值提升，但其对公司价值的影响程度小于加计扣除强度，且较难受制于税会差异。为此，公司需基于研发支出是否费用化和是否处于垄断竞争行业这一特性实施差异化内部税会管理措施。
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| 关 键 词： | 公司价值 研发费用 加计扣除强度 无形资产摊销率 “税收—会计”差异 |
| 收稿时间： | 2022/12/3 0:00:00 |
| 修稿时间： | 2023/2/3 0:00:00 |
The Impact Effect of Pre-Tax Deduction of R&D Expenses on Corporate Values: Based on the Tax-Book Differences |
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| Abstract: | Abstract: This paper uses Shanghai and Shenzhen A-share listed companies from 2007-2019 as a research sample to explore the compound impact of the pre-tax add-on deduction policy for R&D expenses on corporate values from the tax-book transmission path. The findings show that there is a significant positive effect of the policy of pre-tax deduction of R&D expenses on corporate values. Meanwhile, The positive effect of the intensity of the pre-tax deduction for R&D expenses on corporate values gradually increases as binding tax-book differences and tax effort decrease and the incentive tax-book differences. Expensed R&D expenditure, non-monopolistic competitive industry companies are more susceptible to the negative effects of binding tax-book differences resulting from add-on deductions, while expensed R&D expenditure companies are more affected by the positive compounding effects of incentive tax-book differences and monopolistic competitive industry companies are more susceptible to the positive compounding effects of incentive tax-book differences. Further, the incentive effect of the amortisation rate of intangible assets on firm value is effectively exercised. This finding can be seen to provide empirical evidence on the pre-tax deduction policy for R&D expenses, which is important for policy makers and business managers to better understand the effects of R&D policy implementation. |
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| Keywords: | Corporate values Pre-Tax Deduction Intensity Amortisation Rate of Intangible Assets Tax-Book Differences |
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