Impacts Of Metr On R&D Investment Of Chinese Enterprises

This paper studies the impact of the marginal effective tax rate on the R&D investment of Chinese enterprises because of the tax burden of R&D investment in China's enterprises,the concern about the effect of tax incentives,and the superiority of the marginal effective tax rate.The main contribution of this paper is based on the classic KF method,considering the tax factors and non-tax factors,and formulating the calculation formula of the marginal effective tax rate of capital in line with China's national conditions,and substituting the data to calculate and further verify the formula,and finally calculate the formula.It is applied to study the impact of the marginal effective tax rate of capital on corporate R&D investment,and propose corresponding countermeasures.The research process and results of this paper are mainly reflected in the following four points:The first is to propose a method for calculating the marginal effective tax rate of capital in line with China's national conditions.Firstly,the factors affecting the marginal effective tax rate of China's capital,including tax factors and non-tax factors,are defined and summarized.The tax factors mainly consider corporate income tax,personal income tax,value-added tax,and property tax.Non-tax factors mainly consider asset depreciation and credit,debt and equity financing ratio,debt nominal interest rate,nominal equity yield,and inflation rate.Economic depreciation rate.Furthermore,these influencing factors are integrated into the basic formula of the marginal effective tax rate of capital,and a method for calculating the marginal effective tax rate of capital in line with China's national conditions is proposed.The second is to further verify the formula,and calculate and analyze the capital marginal effective tax rate of China's A-share listed companies in 2011-2016.The calculation results show that during this period,the tax rate of the capital margin is relatively stable,showing a slight downward trend year by year.After analyzing the reasons,the calculation results are considered to be in line with the actual situation,and the rationality of the formula is further verified.The overall stability is due to the fact that there has not been a major change in China's tax policy during this period;the main reason for the slight decline year after year is that the depreciation present value tax deduction has increased year by year,and the proportion of depreciation present value tax deduction has increased year by year,which means that enterprises actually bear the tax burden.The proportion has decreased year by year.The year-on-year increase in the depreciation present value tax deduction is mainly due to the combination of the discount rate and the corporate income tax rate.The discount rate is generally declining year by year,but there has been a slight increase between 2013 and 2014.However,during this period,the income tax rate has dropped significantly,so the effect of both is neutralized.The decline in the income tax rate was due to the fact that more companies in the period enjoyed a 10% low tax rate.The third is to apply the formula calculation results to study the impact of tax policy on enterprise R&D investment,and construct the measurement model to perform static panel regression and GMM dynamic panel regression respectively,and obtain the influence of many factors such as R&D capital marginal effective tax rate on enterprise R&D investment..In the econometric analysis,because the impact of tax policy on corporate investment is lagging behind,the independent variable selects the marginal effective tax rate of R&D capital that lags the first phase,that is,studies the marginal effective tax rate of R&D capital in t-1 period,and invests in R&D investment of t-phase enterprise.influences.The empirical results of the two methods show that: First,the marginal effective tax rate of R&D capital is significantly negatively correlated with the R&D intensity,indicating that the R&D investment of Chinese enterprises is very sensitive to the change of tax policy,and the tax reduction policy mainly plays an important role in R&D investment of enterprises.Positive stimulation;Second,the intensity of government subsidies is significantly positively correlated with the intensity of R&D,indicating that government subsidies and tax policies are all important means for Chinese government to encourage R&D investment;third,the lag of R&D intensity The R&D intensity is significantly positively correlated,indicating that R&D activities are continuous and inherited.Fourth,there is a significant negative correlation between firm size and R&D intensity.This is in line with the modern view that the innovation activities and the size of the firm are inverted U-shaped.That is to say,after the scale of the enterprise is large to a certain extent,the further expansion of the scale will lead to the stagnation or even retrogression of the R&D and innovation investment.Fifth,the asset-liability ratio and the R&D intensity are weakly and negatively correlated,which is inseparable from China's national conditions and the asset-liability ratio.High may not mean that the company has financial difficulties,but may explain the financial affairs of the enterprise.The business is in good condition,financial institutions are willing to lend to it;sixth,there is a weak positive correlation between total return on assets,cash investment rate and R&D intensity,and the return on total assets is significantly positive between dynamic panel regression and R&D intensity.A positive correlation,indicating good profitability and sufficient cash flow,allows companies to have more funds to support R&D activities.The fourth is based on the research results and conclusions of this paper,combined with the status quo of China's national conditions,put forward six targeted policy recommendations.First,vigorously promote a series of comprehensive tax reduction reforms;second,strengthen ex ante indirect tax preferential policies;third,appropriately reduce the proportion of turnover tax;fourth,strengthen tax support for relatively weak enterprises;fifth,financial subsidies and Tax incentives complement each other.Sixth,using modern information technology to monitor and simulate.