Abstract: The aim of this paper is to examine the effect of R&D tax incentives on firm R&D investment. The regression model uses the panel data of large and medium enterprises during 2000-2012 in 28 manufacturing industries. The results show that within a certain threshold, R&D tax incentives play a significant role on the enhancement of firm’s R&D investment. However, when the intensity of tax incentives is below the first threshold value, the effect on firm’s R&D is rather low; when the intensity is above the second threshold value, there appears a negative effect. Besides, firms with larger size, lower state-own proportion, and more intensive knowledge and technology are helpful to produce the effect of tax incentives on R&D investment.

Key words: R&D investment, R&D tax incentives, technology innovation of firms, threshold effect

摘要： 本文旨在考察政府税收优惠政策对企业研发投资的影响，采用2000-2012年我国28个制造行业大中型工业企业的面板数据进行回归分析，研究发现，在最优的政策力度门限区间内，政府税收优惠政策对企业研发投资有着显著的正向激励作用；而政策力度小于第一门限值时激励作用较为微弱，大于第二门限值则产生反效果。此外，较大的企业规模、较低的国有产权比例和较强的知识技术密集度均有利于税收优惠政策引导企业研发投资作用的发挥。

关键词: 研发投资, 研发税收优惠政策, 企业技术创新, 门限效应