研究發展支出投資抵減對廠商投入研究發展費用之影響效果分析

The Effect Analysis of R&D Tax Credit on Firms Inputting R&D Expenditure

甘金湖(Chin-Hu Kan)

指導教授 ： 高儷華

中原大學/商學院/會計研究所/碩士(2003年)

https://doi.org/10.6840/cycu200300239

摘要

摘 要

本研究以國內股票上市、上櫃公司為實證對象，分析政府所制定的「促進產業升級條例」有關研發支出適用投資抵減政策是否能有效提昇廠商的研發投資意願，而對廠商的研發投資決策形成租稅上的誘因。本研究同時也進一步檢視在不同投資抵減率上限、不同研發支出密度(高與低)及產業差異(電子業與非電子業)對本論文結論之影響。

本研究發現，在全部樣本組的迴歸結果上，使用普通最小平方法(OLS)及兩階段最小平方法(2SLS)均得到了顯著而正面的結果。所以，政府的研發支出投資抵減政策對於誘發廠商的研發投資有其一定效果存在。而民國89年投資抵減率上限由20﹪調高為25﹪後，除了電子業外，並沒有誘發廠商增加在研發上的投資。在敏感性分析上，政府的研發支出投資抵減政策對於低研發密度廠商的研發支出提供了顯著而正面的誘發效果(p<0.01)。但租稅誘因對於高研發密度廠商效果上並不顯著，這跟高研發密度的廠商大部分是屬於須積極從事研發及創新的高科技產業，因此這些廠商對於研發的投入主要是基於同業間的競爭而需有自發性的投資或被迫性的研發支出，造成了政府提供的租稅租稅誘因對於高研發密度廠商而言，效果上是有限的。而相較於投資稅額抵減對電子業廠商之效果上不顯著，政府的研發支出投資抵減政策對於非電子業廠商的研發支出則提供了顯著正面的誘發效果(p<0.01)，政府可繼續對於非電子業的廠商提供更多租稅上的獎勵以刺激非電子業廠商更能積極投入研發工作，以避免將稅負上的優惠過度集中於電子產業，而造成產業發展失衡。

關鍵字

投資抵減 ； 研究發展支出

並列摘要

Abstract
This study investgates the effect of R&D tax credit policy of government to firms’ R&D investment intention and captures the incentive created by the tax credit . The analysis in this papers is performed using a large sample of companies both list in TSE(Taiwan Stock Exchange) and OTC (Over-The-Counter) over the period of January 1995 to December 2001.In addition, this study divides sample firms by R&D intensity and industries, and compares their’s empirical results about the issues of R&D tax credit policy of government.

We find that the estimated coefficient on the credit usability variable in our model of R&D spendind is significantly positive, indicating that the tax incentive of R&D tax credit policy indeed encourages firms to increase their R&D expenditures. When the tax credit rate raise to 25% from 20% during 2000 and 2001, only electronic industry has significantly response. The results of sensitivity analysis showed that the effect of R&D tax credit policy of government is significantly positive(p<0.01) to low R&D intensity sample and non-electronic industry sample.On the contrary，tax incentive of R&D tax credit policy for high R&D intensity sample and electronic industry sample is limited.This codition is resulted from R&D investment characters of “Hi-Tech” industry . Because investment decisions of “Hi-Tech” industry are easily affected by non-tax factors, such as industy R&D intensity、self-funds、the level of technological progress in the economy.Finally, we suggest that government should continune to supply more tax subsidy to traditional industry and promote firms of traditional industry to increase the level of R&D and creation .

並列關鍵字

tax credit ； R&D expenditures

參考文獻

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