Page 12 - 中国药房2021年11期

研发费用加计扣除政策对医药制造业研发投入与盈利能力的影响 Δ

李 缘 ，孟光兴（广东药科大学医药商学院，广东 中山 528400）
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中图分类号 F062.9 文献标志码 A 文章编号 1001-0408（2021）11-1286-08
DOI 10.6039/j.issn.1001-0408.2021.11.02

摘 要 目的：研究研发费用加计扣除政策对医药制造业研发投入与盈利能力的影响，为提升医药制造业研发投入水平及盈利能
力提供参考。方法：基于2012－2019年A股上市医药企业数据，采用断点回归方法、描述性方法，实证分析研发费用加计扣除对
医药制造业研发投入与盈利能力的政策效应。结果：研发投入与主营业务利润率均在政策断点处发生显著性“跳跃”，研发费用加
计扣除政策对医药制造业研发投入与盈利能力的政策效应系数分别为0.310、－1.197（P＜0.001）；对东部地区企业研发投入的政
策效应系数为 0.413（P＜0.001），对中、西部地区企业影响不显著；对大型、中小型医药制造业研发投入的政策效应系数分别为
0.502、0.264（P均小于0.001）。结论：总体来看，研发费用加计扣除政策对医药制造业研发投入具有正向激励作用，而对其盈利能
力不具有正向激励作用（盈利能力受其他因素影响）；该政策对医药制造业研发投入的激励效果具有区域性差异；对大型医药制造
业研发投入的激励效果优于中小型企业。建议细化完善研发费用加计扣除政策，合理提高医药制造业利润空间，针对不同区域调
整政策给予对象，并侧重引导政策向中小型企业倾斜，以提高我国医药制造业研发投入和盈利能力。
关键词 研发费用加计扣除；医药制造业；研发投入；盈利能力；断点回归

Effects of R&D Expenses Additional Deduction Policy on R&D Investment and Profitability of
Pharmaceutical Manufacturing Industry
LI Yuan，MENG Guangxing（School of Pharmaceutical Business， Guangdong Pharmaceutical University，
Guangdong Zhongshan 528400，China）

ABSTRACT OBJECTIVE：To study the effects of R&D expense additional deduction policy on R&D investment and profitability
of pharmaceutical manufacturing industry， and to provide reference for improving R&D investment and profitability of
pharmaceutical manufacturing industry. METHODS： Based on the data of Chinese pharmaceutical listed enterprises during
2012-2019，regression discontinuity design and descriptive method were adopted to analyze the effect of R&D expenses additional
deduction policy on R&D investment and profitability of pharmaceutical manufacturing industry. RESULTS：Both R&D investment
and the main business profit margin had significant“jump”at the policy cutoff point，and the policy effect coefficient of the R&D
expenses additional deduction policy on R&D investment and profitability of the pharmaceutical manufacturing industry were 0.310
and － 1.197 respectively（P＜0.001）. The policy effect coefficient of the policy on R&D investment in the eastern region was
0.413（P＜0.001），while the effect on central and western regions were not significant；the policy effect coefficient of the policy
on R&D investment of large-scale and small- and medium-scale pharmaceutical manufacturing industry were 0.502 and 0.264
respectively （P＜0.001）. CONCLUSIONS：On the whole，R&D expenses additional deduction policy has a positive incentive
impact on R&D investment of pharmaceutical manufacturing industry，but does not have a positive incentive impact on the
profitability which is greatly affected by other factors. The policy has regional differences in the incentive impact on R&D
investment of pharmaceutical manufacturing industry；the incentive impact of the policy on the R&D investment of large-scale
pharmaceutical manufacturing industry is better than that of small-and medium-scale one. It is recommended to improve the R&D
expenses additional deduction policy，reasonably increase the profit margin of the pharmaceutical manufacturing industry，adjust

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Δ 基 金 项 目 ：广 东 省 省 级 科 技 计 划 软 科 学 研 究 领 域 项 目
[22] 徐世民.智慧中医药一体化服务在县域中医医共体建设
（No.2020A1010020050）
＊硕士研究生。研究方向：医药产业技术经济及政策。电话： 中的实践[C]//中国中医药信息学会.第六届中国中医药
0760-88207911。E-mail：1147376572@qq.com 信息大会论文集.北京：中国中医药信息学会，2019：1.
# 通信作者：教授，硕士生导师，硕士。研究方向：医药产业技术 （收稿日期：2020-08-14 修回日期：2021-05-10）
经济及政策。电话：0760-88207911。E-mail：gzmgx@163.com （编辑：胡晓霖）

·1286 · China Pharmacy 2021 Vol. 32 No. 11 中国药房 2021年第32卷第11期