產業創新條例限縮投資抵減對企業研究發展支出行為之影響

本文探討我國於2010 年起施行產業創新條例，大幅限縮公司研究發展支出投資抵減租稅優惠對上市櫃公司研發支出之影響。實證結果發現，產業創新條例調降研究發展支出投資抵減比率後，高科技電子業公司、成長機會高、財務受限程度大的公司，其研究發展支出比率減少幅度顯著愈高。本文另以不受產業創新條例施行影響之生技業公司為對照樣本分析，並未發現成長機會較高之生技業公司，其研究發展支出比率有顯著減少之現象。另外，進一步分析顯示，產業創新條例施行後，公司研究發展支出比率的變動程度有減少的現象，且公司實際取得之研發投資抵減與當年度課稅所得間之正向關係有顯著之提高。綜合這些研究發現顯示，產業創新條例限縮研發投資抵減與限制投資抵減不得遞延於以後年度使用，同時影響我國上市櫃公司投資研究發展之支出及型態。

關鍵字

研究發展支出；研究發展支出投資抵減；租稅獎勵；產業創新條例；促進產業升級條例

並列摘要

This study examines the effects of reducing the tax incentive of R&D credit by the 2010 Act for Industrial Innovation on the R&D expenditures of Taiwanese listed and OTC companies. The results show that high-tech electronics companies and companies with greater growth opportunity and greater financial constraint appear to decrease their R&D intensity after the implementation of the Act for Industrial Innovation. However, using biologics companies which are not affected by the effect of the Act for Industrial Innovation as contrast sample, we do not find the same adverse effect on R&D spending for biologics companies in the post-2010 period. Further, we find that, after the implementation of the Act for Industrial Innovation, changes in firms' R&D spending become less volatile, and the positive correlation between firms' pre-R&D earnings and R&D credit becomes more pronounced. Taken together, the results show that the reduction in R&D credit rate and prohibiting R&D credit from carrying forward into future years by the Act for Industrial Innovation induce firms to change their R&D spending amount and pattern.