李缘 孟光兴

摘 要 目的：研究研發费用加计扣除政策对医药制造业研发投入与盈利能力的影响，为提升医药制造业研发投入水平及盈利能力提供参考。方法：基于2012-2019年A股上市医药企业数据，采用断点回归方法、描述性方法，实证分析研发费用加计扣除对医药制造业研发投入与盈利能力的政策效应。结果：研发投入与主营业务利润率均在政策断点处发生显著性“跳跃”，研发费用加计扣除政策对医药制造业研发投入与盈利能力的政策效应系数分别为0.310、-1.197（P<0.001）;对东部地区企业研发投入的政策效应系数为0.413（P<0.001），对中、西部地区企业影响不显著;对大型、中小型医药制造业研发投入的政策效应系数分别为0.502、0.264（P均小于0.001）。结论：总体来看，研发费用加计扣除政策对医药制造业研发投入具有正向激励作用，而对其盈利能力不具有正向激励作用（盈利能力受其他因素影响）;该政策对医药制造业研发投入的激励效果具有区域性差异;对大型医药制造业研发投入的激励效果优于中小型企业。建议细化完善研发费用加计扣除政策，合理提高医药制造业利润空间，针对不同区域调整政策给予对象，并侧重引导政策向中小型企业倾斜，以提高我国医药制造业研发投入和盈利能力。

关键词 研发费用加计扣除;医药制造业;研发投入;盈利能力;断点回归

ABSTRACT   OBJECTIVE： To study the effects of R&D expense additional deduction policy on R&D investment and profitability of pharmaceutical manufacturing industry， and to provide reference for improving R&D investment and profitability of pharmaceutical manufacturing industry. METHODS： Based on the data of Chinese pharmaceutical listed enterprises during 2012-2019， regression discontinuity design and descriptive method were adopted to  analyze the effect of R&D expenses additional deduction policy on R&D investment and profitability of pharmaceutical manufacturing industry. RESULTS： Both R&D investment and the main business profit margin had significant “jump” at the policy cutoff point， and the policy effect coefficient of the R&D expenses additional deduction policy on R&D investment and profitability of the pharmaceutical manufacturing industry were 0.310 and -1.197 respectively （P<0.001）. The policy effect coefficient of the policy on R&D investment in the eastern region was 0.413 （P<0.001）， while the effect on central and western regions were not significant; the policy effect coefficient of the policy on R&D investment of large-scale and small- and medium-scale pharmaceutical manufacturing industry were 0.502 and 0.264 respectively （P<0.001）. CONCLUSIONS： On the whole， R&D expenses additional deduction policy has a positive incentive impact on R&D investment of pharmaceutical manufacturing industry， but does not have a positive incentive impact on the profitability which is greatly affected by other factors. The policy has regional differences in the incentive impact on R&D investment of pharmaceutical manufacturing industry;the incentive impact of the policy on the R&D investment of large-scale pharmaceutical manufacturing industry is better than that of small-and medium-scale one. It is recommended to improve the R&D expenses additional deduction policy， reasonably increase the profit margin of the pharmaceutical manufacturing industry， adjust the policy for different regions and focus on guiding policies to favor small- and medium-scale pharmaceutical manufacturing industry， so as to improve the R&D investment and profitability of pharmaceutical manufacturing industry.

KEYWORDS   R&D expenses additional deduction; Pharmaceutical manufacturing industry; R&D investment; Profitability; Regression discontinuity design

税收优惠是政府促进科学、技术和创新发展的有效工具[1]。研发费用加计扣除是一种典型的税收优惠政策，具有较强的灵活性，能够降低企业的研发风险，充分调动企业研发投入的积极性[1]。2015年，财政部、国家税务总局和科技部联合下发了《关于完善研究开发费用税前加计扣除政策的通知》，第一次提出了“负面清单”制度，使研发费用加计扣除口径与高新技术企业认定研发费用归集口径相趋同，扩大了政策适用的企业研发活动及研发费用的范围[2]。新药研发是促进医药产业发展的核心动力，盈利能力与研发投入互为因果关系——企业盈利能力提高，其研发投入意愿也会相应增强[3]。我国为激励企业加大研发投入、提高企业竞争力，已陆续制定实施了包括研发费用加计扣除在内的一系列税收优惠政策，而研发费用加计扣除政策经历了多个阶段的发展和变迁，是迄今为止我国对促进企业研发投入激励效应最为显著的税收优惠政策工具[4]。……