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论文编号：	10049
作者编号：	2120162687
上传时间：	2018/6/7 12:46:08
中文题目：	政府激励、现金持有与研发投资
英文题目：	Government Incentives, Cashholdings and R&D Investment
指导老师：	陆宇建
中文关键字：	研究与开发；现金持有；税收负担；政府补助
英文关键字：	Research and Development；Cash holding；Tax burden；Subsidy
中文摘要：	当今世界经济全球化不断加深，企业间竞争愈加激烈，研发创新也越来越受到企业和国家的重视。企业研发活动是企业日常经营中一项非常重要的活动，但是研发活动具有周期长、风险大和调整成本高的特点，保持研发活动平稳健康增长避免较高的调整成本是非常重要的现实问题。近几年我们不难发现中国企业的研发支出逐年增加，同时在研发支出急剧增长的同时企业持有现金量也同步逐年增加，企业持有的现金是否也是为了保持研发活动的平稳呢？ 本文研究现金持有量变动对企业研发支出的影响，通常认为研发投入是一个持续的过程同时面临极高的风险性，需要稳定的资金投入，保持一定水平的现金持有量对于保持研发投入稳定极为必要，另外我国企业普遍存在融资难的问题，创新型企业尤为如此，从侧面也印证保持一定现金水平的必要性；同时本文又将税收和政府补贴这两种政策工具纳入到现金持有变化量对研发投入平滑研究体系中，从外在政府激励制度层面上探讨税收和政府补贴是否会对现金持有量变动平滑研发活动产生影响并分析其内在作用机理上的区别，通常认为给予企业补助或税收优惠有助于企业研发活动。 本文以2013年至2016年中国创业板的数据研究表明：税收负担的改变通过直接和间接效应影响研发活动。在直接效应方面：本文结果表明税务负担与研发投入呈负相关，税务负担的减轻可以直接促进研发活动，具体而言有利于企业将节省的税收资金运用于研发领域，降低研发项目的成本；间接效应体现在：税收负担能够影响持有现金平滑研发投资的效率效果，间接作用于研发活动中。本文研究表明在税务负担过重的情况下企业平滑研发投资需要更多现金持有量变动，导致现金平滑研发投资的效果更差，因而降低税务负担有利于企业通过持有现金达到平滑研发投资的效果。另一方面，本文又进一步探讨与税收负担类似的政府补助对于研发投资的影响，发现政府研发补助相对于税收优惠对研发投资的起到促进效果更为强烈，也可以作为政府促进研发投资的外部政策手段，同时政府研发补助对于研发投资更多的是直接促进作用，其间接调节作用并不像税收对现金平滑研发投资影响那么强烈。 关键词：研究与开发；现金持有；税收负担；政府补助
英文摘要：	With the deepening of economic globalization in the world today, the competition among enterprises has become increasingly fierce. R&D and innovation have also been increasingly valued by companies and countries. Corporate R&D activities are a very important activity in the daily operation of an enterprise. However, R&D has the characteristics of long cycle, high risk, and high adjustment cost. It is a very important practical issue to maintain a steady and healthy growth of R&D activities to avoid higher adjustment costs. In recent years, it is not difficult for us to find that the R&D expenditures of Chinese companies have increased year by year. At the same time, while the R&D expenditures have increased dramatically, the amount of cash held by companies has also increased year by year. Whether the cash held by the company is also to maintain the stability of R&D activities. This dissertation studies the impact of changes in cash holdings on corporate R&D expenditures. It is generally believed that R&D investment is a continuous process and is highly risky at the same time. It requires stable capital investment. Maintaining a certain level of cash holdings for R&D investment is extremely necessary. In addition, the difficulty of financing is common in Chinese enterprises. This is especially true for innovative companies. It also confirms the necessity of maintaining a certain level of cash. At the same time, this article incorporates taxation and government subsidy policies into cash holdings. In the quantitative R&D investment smoothing research system, from the perspective of external government incentive systems, it is explored whether taxation and government subsidies will affect the effect of changes in cash holdings on R&D smoothness and analyze the differences in the internal mechanism of action. Corporate subsidies or tax incentives to reduce the tax burden on businesses can help corporate R&D activities. This paper uses data from Second-board Market from 2013 to 2016.The results of this dissertation show that the tax burden is negatively correlated with R&D investment. The reduction of tax burden can directly promote R&D activities. Specifically, it is beneficial for companies to apply the saved tax funds to R&D and reduce the cost of R&D projects. At the same time, changes in tax burdens can interact with changes in holdings of cash, which indirectly affect R&D activities. This study shows that companies require more cash holdings to smooth R&D investments under heavy tax burdens. The effect of R&D investment is even worse, so lowering the tax burden is beneficial for companies to achieve a smooth R&D investment by holding cash. On the other hand, this article further explores the impact of government subsidies similar to the tax burden on R&D, and finds that government subsidies are more effective than tax incentives for improve R&D investment. It can also serve as an external policy tool to improve R&D investment. As for policy instruments, government subsidy are mainly directly contributing to R&D, they do not have the indirect interactions between taxation and corporate cash flow changes. Key words: Research and Development；Cash holding；Tax burden；Subsidy
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