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文章首先对我国研发活动现状以及高新技术企业税收优惠政策产生背景进
行了详细的介绍，其次分析了影响企业研发活动的主要因素，并用供给需求曲线
图对融资约束、税收优惠与研发投入之间关系的机制进行了阐述，接着对融资约
束理论、代理理论、信息不对称理论进行了梳理，为实证分析提供理论指导，并
在此基础上提出了四个假设，最后以高新技术企业 2010-2014 年的数据为样本，
采取先用 logistic 模型构建融资约束指数，再用面板数据固定效应模型来验证本
文假设，并进行了稳健性检验，最终得出如下结论：融资约束与高新技术企业研
发投入负相关；税收优惠与高新技术企业研发投入正相关；在融资约束背景下，
税收优惠对高新技术企业研发投入具有诱导效应；融资约束调节了税收优惠与高
新技术企业研发投入的关系，且随着融资约束程度越高，税收优惠对高新技术企
业研发投入的诱导效应也越强
本文细化了对研发投入影响因素的研究，实证结果证明高新技术企业税收优
惠政策行之有效，然而融资约束仍然会影响税收优惠对研发投入的实行效果，所
以政府可以通过改善外部融资环境、完备税收优惠覆盖范围等方式提升高新技术
企业创新能力，催生企业研发新活力
关键词：融资约束，税收优惠，研发投入II
Financing Constraints, Tax Incentives and R&D Investment
——Based on the Empirical Study of High Tech Enterprises
Abstract
Research and development activities help to improve enterprise&39;s innovation
ability, cultivating core competitiveness. At present, the research on R&D activities,
think that the influence factors of research and development activities including
external factors, such as the financing environment, policy guidance, the political
association, property rights, economic cycle, etc, and such as information disclosure
quality background, entrepreneurs, experts and the accounting information quality,
cycle, such as internal factors, and the study of R&D activity consequences, such as
enterprise performance, stock returns, etc., but most of the research focuses on a kind
of influence factors on the role of R&D, however, due to the imperfect capital market,
information asymmetry situation makes the influencing factors of R&D spending is
often more than one. This article considers the financing constraints, preferential tax
two factors separately and together on high technology and new technology enterprise
R&D how to impact, not only for the government to formulate tax policies to promote
research and development of high and new technology enterprise to provide the
reference, and face financing constraint conditions for the enterprise take how to
improve enterprise R&D activity provides empirical evidence.
This paper under the current situation of the R&D of our country as well as the
high and new technology enterprises preferential tax policy has carried on the detailed
introduction, secondly analyzes the main factors affecting corporate R&D activities,
under the background of supply and demand curve for financing constraints
preferential tax&39;s influence on the R&D mechanism are expounded, then the financing
constraint theory, agency theory, generalizes the theory of asymmetric information,
provide theoretical guidance for the empirical analysis, and based on this, advances
the four hypothesis, finally to high and new technology enterprise data from
2010-2014 as sample, take with logistic model to build the financing constraint index
first, then using the panel data fixed effects model to verify the hypothesis, and the
robustness test, finally draw the following conclusion: is negatively related to the
enterprise R&D financing constraints; The preferential tax positively related to theIII
enterprise R&D; Under the background of financing constraints, tax incentives for
corporate R&D investment has induced effects; Financing constraints to adjust the
relationship between tax breaks and R&D, along with the higher degree of financing
constraints, the positive effects of tax incentives for R&D is also stronger.
This article elaborated the research on the influence factor of R&D, the empirical
results show that high and new technology enterprise tax preferential policies,
effective financing constraints, however, will affect the effect of the practice of tax
incentives for R&D, so the government can improve the external financing
environment, complete coverage of tax incentives and other way to promote high
technology and new technology enterprise innovation ability, gave rise to the
enterprise research and development of new energy.
Key words: Financing constraints, Tax incentives, R&D spending目 录
中文摘要......I
Abstract.......II
第一章 绪论1.1 研究背景和意义..........1
1.1.1 研究背景...........1
1.1.2 研究意义..........2
1.2 研究内容..........3
1.3 研究方法和技术路线图..........4
1.3.1 研究方法..........4
1.3.2 技术路线图......4
1.4 研究创新点......5
第二章 文献综述....2.1 概念解析.........6
2.1.1 研发投入..........6
2.1.2 税收优惠..........7
2.1.3 融资约束..........9
2.2 相关文献回顾..9
2.2.1 融资约束与企业研发投入.......9
2.2.2 税收优惠对融资约束及研发投入的影响.....11
2.2.3 现有研究存在的不足.14
第三章 融资约束、税收优惠与研发投入关系的机制分析...........15
3.1 企业研发活动的影响因素分析.......15
3.1.1 企业研发活动的外部性.........15
3.1.2 企业研发投入的溢出效应.....16
3.1.3 企业研发活动的信息不对称性........16
3.2 融资约束、税收优惠与研发投入的关系...17
3.2.1 建立融资约束、税收优惠与研发投入的关系图.....17
3.2.2 融资约束对企业研发投入的影响机制.........18
3.2.3 融资约束下税收优惠对企业研发投入影响的机制.19
第四章 理论分析与研究假设...20
4.1 理论分析........204.1.1 融资理论....
