Research on R&D Expenses Deduction, Financing Constraints and Enterprise Performance
高磊GAO Lei
（安徽财经大学，蚌埠 233030）
（Anhui University of Finance and Economics，Bengbu 233030，China）
摘要：随着研发费用加计扣除的最新政策出台，研发费用加计扣除再次成为企业享受税收红利的重点。本文以2010-2019年中国制造业上市公司相关数据为样本，考察研发费用加计扣除、融资约束与制造业企业绩效之间的关系。研究发现，研发费用加计扣除政策在一定程度上可以提高制造业企业绩效；融资约束不仅对制造业企业绩效产生负面影响，还可以抑制研发费用加计扣除政策对制造业企业绩效的促进作用。
Abstract: With the introduction of the latest policy on the super deduction of research and development expenses, the super deduction of research and development expenses has once again become the focus of enterprises enjoying tax dividends. This paper takes the relevant data of China's manufacturing listed companies from 2010 to 2019 as a sample, and examines the relationship between the super deduction of R&D expenses, financing constraints and the performance of manufacturing enterprises. The study finds that the R&D expense super deduction policy can improve the performance of manufacturing enterprises to a certain extent; financing constraints not only have a negative impact on the performance of manufacturing enterprises, but also inhibit the promotion of the R&D expense super deduction policy on the performance of manufacturing enterprises.
关键词：研发费用加计扣除；融资约束；企业绩效；制造业
Key words: super deduction of R&D expenses；financing constraints；corporate performance；manufacturing
中图分类号：F273.1 文献标识码：A 文章编号：1006-4311（2022）20-163-03
DOI:10.3969/j.issn.1006-4311.2022.20.052.
文章出处：高磊. 研发费用加计扣除、融资约束与企业绩效研究[J]. 价值工程,2022,41(20):163-165.
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