研发费用加计扣除、融资约束与创业企业研发投入强度：基于中国新能源行业的研究

doi:10.6049/kjjbydc.2021010278

科技进步与对策

2021, Vol. 38

Issue (15): 100-108 DOI: 10.6049/kjjbydc.2021010278

企业创新管理

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研发费用加计扣除、融资约束与创业企业研发投入强度：基于中国新能源行业的研究

彭华涛^1,2,吴瑶²

（1.武汉理工大学管理学院；2.武汉理工大学创业学院，湖北武汉 430070）

Super Deduction of R&D Expenses, Financing Constraints and the R&D Investment Intensity of Startups: Based on Research in China’s new Energy Industry

Peng Huatao^1,2,Wu Yao²

(1.School of Management, Wuhan University of Technology;2.School of Entrepreneurship, Wuhan University of Technology, Wuhan 430070,China)

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摘要创业企业研发投入强度受到研发费用加计扣除等政策和内外部融资约束等诸多因素的影响。基于信号传递理论、优序融资理论和委托代理理论，选取2014—2019年新能源行业164家创业企业面板数据，采用固定效应模型实证研究融资约束和研发费用加计扣除对创业企业研发投入强度的影响效应，并进一步验证股权集中度对研发费用加计扣除与研发投入强度间关系的调节效应。结果发现：融资约束在一定程度上会削弱创业企业研发投入强度；研发费用加计扣除不仅对创业企业加大研发投入强度具有直接促进作用，还可削弱融资约束对创业企业研发投入强度的负面影响；创业企业股权集中度负向调节研发费用加计扣除优惠强度与研发投入强度之间的关系。

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关键词 ：研发费用加计扣除, 融资约束, 创业企业, 研发投入强度

收稿日期: 2021-02-07 修回日期: 2021-04-06

ZTFLH:

F273.1

基金资助:国家社会科学基金后期资助项目（20FGLB007）；教育部人文社会科学研究规划基金项目（18YJA630086）；中央高校基本科研业务费专项资金（2020III010XZ，2020IVB083，2021-zy-069）

作者简介: 彭华涛（1979—），男，湖北天门人，博士，武汉理工大学管理学院、创业学院教授、博士生导师，研究方向为创新与创业管理；吴瑶（1996—），女，浙江湖州人，武汉理工大学创业学院硕士研究生，研究方向为创新与创业管理。

引用本文:

彭华涛,吴瑶. 研发费用加计扣除、融资约束与创业企业研发投入强度：基于中国新能源行业的研究[J]. 科技进步与对策, 2021, 38(15): 100-108.
Peng Huatao,Wu Yao. Super Deduction of R&D Expenses, Financing Constraints and the R&D Investment Intensity of Startups: Based on Research in China’s new Energy Industry. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2021, 38(15): 100-108.

链接本文:

http://www.kjjb.org/CN/10.6049/kjjbydc.2021010278 或 http://www.kjjb.org/CN/Y2021/V38/I15/100

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