研发费用加计扣除政策对节能环保企业成长性的影响研究

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[中图分类号]F426.2 [文献标识码]A [文章编号]1671-8372（2026）01-0017-08

Research on the impact of R&D expense super-deduction policy on the growth of energy-saving and environmental protection enterprises

LIXun-lai，LIYi-xing

（College ofEconomics and Management，Qingdao Universityof Science and Technology，Qingdao 266061，China）

Abstract： This study selects listed companies in China's energy-saving and environmental protection industry as research samples.Itconstructs a comprehensive growth evaluation system for such enterprises based onfour dimensionsdevelopment capability，proftability，solvency，and operational capability-using an improved entropy method.Building on thisframework，adouble fixed-effects model is employedto empirically examine the impact efectand mechanismof R&D expense super-deduction intensity on the growth of energy-saving and environmental protection enterprises.The findingsreveal thatthe R&D expense super-deduction policy significantly promotes the growth of these enterprises by increasing internal financing throughthe“tax shield efect”，providing financialsupport for scale expansionand profit accumulation.Moreover，R&D investment plays a mediating role betweenpolicyand enterprise growth，confirming that thepolicyincentivizes increasedR&Dfunding，ultimatelydriving comprehensive enterprise growth through technological barriersandproductiteration.Notably，frmsizedoesnotexhibitsignificantmoderating effctsintherelationship between R&D super-deduction intensityand enterprise growth.Based onthese insights，the study proposes recommendations to strengthen the R&D expense super-deduction intensity，establish acoordinated mechanism combining“tax incentives + technologytransfer”，andenhancetherule-of-lawlevelinpolicyimplementation，aiming topropeltheenergy-savingand environmental protection sector toward high-quality development.

Key words： R&D expense super-deduction; energy-saving and environmental protection enterprises; corporate growth potential; R&D investment

一、引言

21世纪以来，全球气候变化、资源能源危机与环境污染问题日益凸显，极端气候频发、生物多样性下降以及碳排放压力持续加大，使得传统高消耗、高排放的发展模式难以为继。（剩余11491字）