研发费用加计扣除、融资约束与创业企业研发投入强度：基于中国新能源行业的研究

创业企业研发投入强度受到研发费用加计扣除等政策和内外部融资约束等诸多因素的影响。基于信号传递理论、优序融资理论和委托代理理论，选取2014—2019年新能源行业164家创业企业面板数据，采用固定效应模型实证研究融资约束和研发费用加计扣除对创业企业研发投入强度的影响效应，并进一步验证股权集中度对研发费用加计扣除与研发投入强度间关系的调节效应。结果发现：融资约束在一定程度上会削弱创业企业研发投入强度；研发费用加计扣除不仅对创业企业加大研发投入强度具有直接促进作用，还可削弱融资约束对创业企业研发投入强度的负面影响；创业企业股权集中度负向调节研发费用加计扣除优惠强度与研发投入强度之间的关系。

Super Deduction of R&D Expenses,Financing Constraints and the R&D Investment Intensity of Startups:based on Research in Chinese New Energy Industry

The R&D investment intensity of start-ups is affected by many factors such as policies such as the deduction of R&D expenses and internal and external financing constraints. Based on signal transmission theory, priority financing theory, and principal-agent theory, this paper selects panel data of 164 startups in the new energy industry from 2014 to 2019, and uses a fixed-effect model to empirically study financing constraints and R&D expenses plus deductions for startups’ R&D investment intensity, and further verify the moderating effect of equity concentration in the relationship between the R&D expense deduction and the R&D investment intensity. The results show that financing constraints will weaken the R&D investment intensity of startups to a certain extent; R&D expense deduction not only directly promotes the increase of R&D investment intensity of startups, but also weakens the impact of financing constraints on the R&D investment intensity of startups Negative impact: the equity concentration of startups negatively adjusts the relationship between the R&D expense plus deduction and the intensity of R&D investment.