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

SCIENCE & TECHNOLOGY PROGRESS AND POLICY

2021, Vol. 38

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

Enterprise Innovation Management

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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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Abstract The R&D investment intensity of start-ups is affected by many factors such as policies such as the deduction of R&D expenses and internal and external financing constraints. Based on signal transmission theory, priority financing theory, and principal-agent theory, this paper selects panel data of 164 startups in the new energy industry from 2014 to 2019, and uses a fixed-effect model to empirically study financing constraints and R&D expenses plus deductions for startups’ R&D investment intensity, and further verify the moderating effect of equity concentration in the relationship between the R&D expense deduction and the R&D investment intensity. The results show that financing constraints will weaken the R&D investment intensity of startups to a certain extent; R&D expense deduction not only directly promotes the increase of R&D investment intensity of startups, but also weakens the impact of financing constraints on the R&D investment intensity of startups Negative impact: the equity concentration of startups negatively adjusts the relationship between the R&D expense plus deduction and the intensity of R&D investment.

Key words： R&D Expenses plus Deduction Financing Constraints Start-ups R&D Investment Intensity

Received: 07 February 2021

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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[J]. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2021, 38(15): 100-108.

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http://www.kjjb.org/EN/10.6049/kjjbydc.2021010278 OR http://www.kjjb.org/EN/Y2021/V38/I15/100

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