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高新企业“变形记”——基于减税激励的研发操纵行为研究
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TitleThe Metamorphosis of High-tech Enterprises——A study on Manipulation of R&D Based on Tax-reducing Incentives  
作者杨国超 刘静 廉鹏 芮萌  
AuthorYang Guochao, Liu Jing, Lian Peng and Rui Meng  
作者单位中南财经政法大学会计学院;复旦大学管理学院;华东政法大学国际金融法律学院;中欧国际工商学院 
OrganizationSchool of Accounting, Zhongnan University of Economics and Law;School of Management, Fudan University;East China University of Political Science and Law; CEIBS 
作者Emailyang.guochao@outlook.com;12110690025@fudan.edu.cn;lianpeng82@gmail.com;oliver@ceibs.edu 
中文关键词高新技术企业认定 法规门槛 研发操纵 研发绩效 
Key WordsThe Determination of High-Tech Enterprises; The threshold of regulation; R&D manipulation; R&D performance 
内容提要《高新技术企业认定管理办法》确立了高新技术企业认定的量化标准,与该认定直接相关的则是巨大的税收优惠。据此,本文研究减税政策与公司研发操纵的关系,以及研发操纵对公司研发绩效的影响。研究发现,为获得税收优惠和政府补助,公司会操纵研发投入以达到高新技术企业认定门槛,该现象在民营企业、盈利企业以及位于税收征管力度较弱地区的企业中更为显著。进一步地,相比其他公司,研发投入占销售收入之比达到或刚刚超过法规门槛的研发操纵公司,其研发投入与公司未来专利申请、专利授权数量间的正相关关系更弱。研究表明,与政策制定者的初衷不同,高新技术企业的减税政策在一定程度上会激励公司管理层进行研发操纵,最终导致公司研发绩效下降。本文不仅丰富了基于门槛的公司盈余管理问题的相关研究,还为相关部门更好地制定和执行高新技术企业认定政策提供了理论参考。 
Abstract“Administrative Measures for the Determination of High-Tech Enterprises” establishes the quantitative criteria for High-Tech Enterprises, which is directly related to the huge preferential tax. In view of this, this paper studies the relationship between tax reduction policy and corporate R&D manipulation, and the influence of R&D manipulation on R&D performance. We find that in order to obtain preferential tax and government subsidies, the company will manipulate R&D investment to reach the threshold of the determination of the high-tech enterprises. This phenomenon is more pronounced for private firms, profit-making firms and firms located in weak tax enforcement provinces. Furthermore, compared with other firms, the firms with the ratio of R&D investment on sales just meet or beat the threshold of the determination of high-tech enterprises, its R&D investment and the number of patent applications or the number of patents authorized has a weaker positive correlation. The research shows that, depart from the original intention of policy makers, the tax reduction policy of high-tech enterprises will in part stimulate the management to manipulate R&D investment, which leads to the decline of R&D performance. This paper not only enriches the relevant research on threshold management of corporate earnings, but also provides a theoretical reference for the relevant departments to formulate and implement the policy of high-tech enterprises. 
文章编号WP1219 
登载时间2017-09-05 
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