研发费用加计扣除、研发投入与企业价值间的关系研究

为了探究研发费用加计扣除政策的实施效果,对其进一步优化完善提供一定理论基础,本文以2016～2018年创业板高新技术企业为样本,探究了研发费用加计扣除、研发投入与企业价值间的关系.研究发现,研发费用加计扣除政策对企业价值具有积极影响,且研发投入在研发费用加计扣除政策与企业价值的正向关系中具有中介作用.在拓展性研究中发现,地区经济环境、教育水平能够正向调节研发投入在研发费用加计扣除政策与企业价值之间的中介作用.本文根据研究结果对该政策提出了相应改进建议.

R&D Expenses Plus Deduction, R&D Investment and Enterprise Value

In order to explore the implementation effect of the R&D expense plus Deduction Policy, and provide a theoretical basis for its further optimization and improvement. this paper takes the high-tech enterprises in the growth enterprise market(2016 to 2018) as the samples to explore the relationship between R&D expenses plus deduction, R&D investment and enterprise value. The results show that the R&D expenditure plus deduction policy has a positive impact on enterprise value, and R&D investment plays a mediating role in the positive relationship between the R&D expense plus Deduction Policy and the enterprise value. It is found that the regional economic environment and the education level can positively regulate the mediating role of the R&D investment between the R&D expense plus Deduction Policy and the enterprise value. According to the research result, relevant suggestions are put forward for the policy optimization.