研发税收减免对企业融资约束的影响及其作用机制——基于微观企业数据的实证研究

被引：23

作者：

江笑云 ^{[1
]}

汪冲 ^{[2
]}

高蒙蒙 ^{[2
]}

机构：

[1] 上海理工大学管理学院

[2] 上海财经大学公共经济与管理学院

来源：

财经研究 | 2019年 / 45卷 / 09期

关键词：

研发税收减免; 融资约束; 资产规模; 剂量—反应函数法;

D O I：

10.16538/j.cnki.jfe.2019.09.005

中图分类号：

F275 [企业财务管理]; F812.42 [税收];

学科分类号：

1202 ; 120202 ; 020203 ;

摘要：

文章在我国创新驱动的大背景下,针对研发税收减免影响企业融资约束的研究较少的现状,吸收融资约束理论的前沿视角和观点,使用包括三次多项式"剂量—反应"函数和减免选择机制的内生处理效应模型,实证研究了研发税收减免对企业融资约束的影响及其作用机制。结果发现:研发税收减免总体上具有缓解企业融资约束的效应,具体机制包括减免率的三次多项式函数影响,以及减免激励企业的债务融资、流动资产和非流动资产扩张方面产生的积极作用。同时,研发税收减免也会通过劳动要素报酬和当期盈利来恶化企业的融资约束。文章对实施创新驱动发展战略和产业转型升级、充分发挥税收减免政策支撑创新驱动发展提供了有益启示。

引用

页码：57 / 70

页数：14

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