现阶段我国企业研发结构失衡的动因与破解策略——基于马克维茨投资组合模型的应用及实证检验

如何改善企业研发结构失衡是学界关注的热点问题。首次将马克维茨投资组合模型应用于不同风险研发投资中，从理论上揭示风险收益不平衡是影响企业研发结构失衡的关键因素。政府研发税式支持对风险较小的试验发展具有较强的减税效应，而对风险较大的基础研究减税效应不足。政府“一刀切”的研发税式支持政策抑制了企业研发结构优化。区域异质性分析结果表明，研发加计扣除政策有利于企业研发结构优化，而高新技术企业15%税率式优惠一定程度上加剧了企业研发结构失衡程度。政府在践行创新驱动经济高质量发展战略中，应根据研发支出风险大小，实施不同支持力度的研发财税扶持，间接提升风险较大的研发支出收益率，改变企业研发支出风险收益不匹配状况。

Motivation and Solution Strategy of Unbalanced R&D Structure of Chinese Enterprises at Present Stage

How to alleviate the imbalance of enterprise R&D structure is a hot issue of academic concern.For the first time,this paper applies the Markowitz portfolio model to different R&D risk investments.The theory reveals the current imbalance of the R&D structure of Chinese enterprises and the reasons for the imbalance.The government's R&D tax support has a strong tax reduction effect on the experimental development with less risk,while it has insufficient tax reduction effect on the basic research with higher risk.The government's "one size fits all" R&D tax support policy restrains the optimization of enterprise R&D structure.The analysis of regional heterogeneity shows that the R&D plus deduction policy is beneficial to optimize the R&D structure of enterprises,while the 15% tax rate preference of high-tech enterprises aggravates the imbalance of R&D structure of enterprises to a certain extent.This paper emphasizes that in the implementation of innovation driven economy high-quality development strategy,the government should implement different levels of financial and tax support for R&D expenditure according to the risk of R&D expenditure,indirectly improve the yield of R&D expenditure with high risk,and change the mismatch of risk and income of enterprise R&D expenditure.