作　　者： ; (苏德贵）;

机构地区： 华南理工大学工商管理学院

出　　处： 《财会通讯（下）》 2016年第7期64-68,129,共5页

摘　　要： 本文结合政府直接财政资助以及所得税优惠政策,运用2007-2014年的中国沪深A股主板上市公司的动态面板资料进行系统GMM分析,考察了融资约束情景下政府资助的研发平滑效应,研究发现:政府资助对企业研发投资具有短期诱导,长期平滑的调节效应。区分研究投资与开发投资后,研究投资的相关调节效应更为显著。地方政府所得税优惠对研发企业的影响效应更多地体现为对企业研发投资的促进诱导效应,其对研发平滑的调节效应并不显著。融资约束能显著提高政府直接财政资助的研发平滑调节效应。 This paper combines the government direct financial aid and income tax policies, using the dynamic panel data of China's Shanghai and Shenzhen A shares of 2007-2014, we find:government funding for R&D has a short-term, long-term adjustment effect. After differentiating between investment and development investment, it is more significant to study the relevant regulatory effect of investment. The effect of local government income tax incentives for R&D enterprises is more reflected in the promotion of enterprise R&D investment, which has no significant effect on the adjustment of R&D. Financing constraints can significantly improve the government's direct financial support for the development of smooth adjustment effects.

关 键 词： 融资约束 政府资助 研发平滑

领　　域： [经济管理]