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论文编号：	10034
作者编号：	2120162761
上传时间：	2018/6/7 8:58:06
中文题目：	上市公司融资约束、税收优惠和研发支出—基于创业板的实证研究
英文题目：	Financing constraints, Tax incentives and R&D spending：Based on the research of the gem enterprises
指导老师：	张晓农
中文关键字：	融资约束；税收优惠；融资方式；研发支出
英文关键字：	Financing constraint; Tax incentive; Financing method; R&D Spending
中文摘要：	一直以来，国家都十分重视研发创新。中国2011年至2016年的总体研发支出、专利申请与授权数量、技术市场交易额都保持着高速增长状态。但是相比较美国等发达国家，中国的研发强度仍然落后。企业研发支出占国家总体规模的73%以上，可见企业研发力度是国家创新发展的重要支撑。针对企业研发环境的现状，本文将“融资约束、税收优惠、研发支出”纳入研究框架中，探究以下问题：融资约束是否制约企业研发，税收优惠政策对研发活动是否具有激励效应，又是否可以缓解融资约束，融资方式如何影响研发支出强度，税收优惠对其又如何调节，针对上述问题，本文从文献梳理、实证研究等方面展开分析，最终得到结论。 通过文献梳理，本文发现已有研究存在以下不足：第一，学者们对于税收优惠关注较少；尤其是税收优惠的调节作用，税收优惠衡量指标的选择较为主观，没有统一的方式；第二，关于税收优惠对融资约束与研发支出关系、融资方式与研发支出关系的影响研究比较少。基于此研究出发点，本文选取了2014—2016年创业板上市公司作为样本，以研发支出强度作为被解释变量，以融资约束程度、税收优惠作为解释变量，引入融资方式的研究角度，搭建了回归模型。首先本文使用logistics模型计算了融资约束指数；然后进行相关性分析、固定效应模型回归检验；最终使用“经营活动现金流量净额比资产”作为替代变量进行稳健性检验，强化研究结果。 通过分析本文得出以下结论：融资约束显著制约企业研发支出；税收优惠显著刺激企业研发；税收优惠不能显著缓解融资约束制约作用；内源融资显著支持研发支出且在税收优惠作用下更强，股权融资可以促进研发，债务融资对研发支出没有显著促进作用，而且受到税收优惠的替代影响。建议政府和企业拓宽融资渠道和融资思路；扩大税收的广度和深度；完善信息披露；增加研发创新成果的保护。
英文摘要：	China has maintained a high rate of growth in R & D expenditure, the number of patent applications and authorization, and the volume of technical market transactions from 2011 to 2016. But compared with the developed countries, China's R & D intensity is still backward. The R & D expenditure of the enterprise accounts for more than 73% of the country's overall scale. It can be seen that R & D activities are important support of national innovation ability. This passage puts “financing constraints, tax incentives, R&D spending” into the framework to study the following questions: whether the financing constraint restricts R&D spending, whether preferential tax policies have an incentive effect on R&D, whether it can alleviate the financing constraints, how financing methods affect R&D spending and what’s role preferential tax policies play in the process. Through literature review，we found the following deficiencies. Firstly, state intervention means include direct subsidies and tax incentives. While existing studies focus on the former, tax incentives get little attention. Second, the selection of tax preference index is relatively subjective. Third, there are few studies focusing on tax incentives. Based on the analysis above, this paper selected GEM listed companies from 2014 to 2016 as research samples. We built a regression model with R & D intensity as an interpreted variable, financing constraint and tax preference as explanatory variables. And we select the angle of financing method. We built logistics model to calculate the financing constraint index. Then, the paper carried out the correlation analysis and the fixed effect model regression. Finally, we made the robustness analysis. Conclusions. Financing constraints have a significant constraint on R & D spending. Tax preferences have a significant role in promoting R & D spending but cannot significantly alleviate financing constraints. Endogenous financing significantly supports R & D and it is stronger under the preferential tax effect. Equity financing can promote R & D spending. Debt financing has no significant effect on R & D. It is influenced by tax incentives. Government and enterprises should broaden financing channels, and expand the breadth and depth of tax revenue. Besides, information asymmetry should be improved. Government should take measures to increase the protection of R & D achievements.
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