Financing Constraints,Tax Incentives And R&D Investment

Research and development activities help to improve enterprise's innovation ability,cultivating core competitiveness.At present,the research on R&D activities,think that the influence factors of research and development activities including external factors,such as the financing environment,policy guidance,the political association,property rights,economic cycle,etc,and such as information disclosure quality background,entrepreneurs,experts and the accounting information quality,cycle,such as internal factors,and the study of R&D activity consequences,such as enterprise performance,stock returns,etc.,but most of the research focuses on a kind of influence factors on the role of R&D,however,due to the imperfect capital market,information asymmetry situation makes the influencing factors of R&D spending is often more than one.This article considers the financing constraints,preferential tax two factors separately and together on high technology and new technology enterprise R&D how to impact,not only for the government to formulate tax policies to promote research and development of high and new technology enterprise to provide the reference,and face financing constraint conditions for the enterprise take how to improve enterprise R&D activity provides empirical evidence.This paper under the current situation of the R&D of our country as well as the high and new technology enterprises preferential tax policy has carried on the detailed introduction,secondly analyzes the main factors affecting corporate R&D activities,under the background of supply and demand curve for financing constraints preferential tax's influence on the R&D mechanism are expounded,then the financing constraint theory,agency theory,generalizes the theory of asymmetric information,provide theoretical guidance for the empirical analysis,and based on this,advances the four hypothesis,finally to high and new technology enterprise data from2010-2014 as sample,take with logistic model to build the financing constraint index first,then using the panel data fixed effects model to verify the hypothesis,and the robustness test,finally draw the following conclusion: is negatively related to the enterprise R&D financing constraints;The preferential tax positively related to theenterprise R&D;Under the background of financing constraints,tax incentives for corporate R&D investment has induced effects;Financing constraints to adjust the relationship between tax breaks and R&D,along with the higher degree of financing constraints,the positive effects of tax incentives for R&D is also stronger.This article elaborated the research on the influence factor of R&D,the empirical results show that high and new technology enterprise tax preferential policies,effective financing constraints,however,will affect the effect of the practice of tax incentives for R&D,so the government can improve the external financing environment,complete coverage of tax incentives and other way to promote high technology and new technology enterprise innovation ability,gave rise to the enterprise research and development of new energy.