| Income tax concessions are important tax policy tools for countries around the world to encourage enterprises to invest in R&D and innovation activities and support the development of strategic emerging industries.Under the assumption of "rational economic man",enterprises engaged in economic activities are the purpose of obtaining the maximum benefit,so it is necessary to stimulate the enthusiasm of enterprise research and development,and profit-driven is fundamental.Therefore,based on the research paradigm of “income tax incentives-behavior-economic consequences”,it is necessary to analyze the relationship between income tax concessions,R&D investment and corporate performance.After reviewing the relevant literatures,it is found that the focus of most scholars’ research is the direct relationship between the three,and there are few studies on their internal logical relationships.Therefore,this paper takes the impact of income tax incentives on corporate performance as the research object,and based on the mediating effect of R&D investment,explores the inherent function of income tax incentives on corporate performance.This paper first sorts out related concepts and theories and finds that: income tax incentives can reduce the tax burden of enterprises,increase disposable income,reduce R&D investment costs,etc.,and influence the R&D and innovation of path-driven enterprises;R&D activities have special characteristics,and there are innovation welfare spillovers and risks.Such problems,high research and development costs,low enthusiasm for independent research and development;the mechanism of the effect of income tax incentives on corporate performance is divided into two paths: one is to directly positively improve the performance of enterprises,and the other is to influence the investment in research and development.Promote the improvement of corporate performance.This paper refers to the latest industry classification guidelines of China Securities Regulatory Commission and selects the information technology industry with more intensive technological innovation to analyze the current status of income tax concessions.The income tax concessions of this industry mainly include common deductions such as R&D expenses,accelerated depreciation of R&D equipment,and other common preferential methods.Compared with foreign information technology industry income tax preferential policies,the preferential policies of specific enterprises and industries have found that incentive policies are concentrated in the input stage,the deduction ratio is not high,and the scope of tax credits is narrow.This paper selects the R&D input data from 2014 to 2017 to analyze the status quo of R&D investment in China,compares the R&D subject,the inter-subject cooperation degree,the different economic zones and the R&D expenditures at home and abroad,and finds that China’s R&D investment keeps rising,but there are enterprises and universities.The cooperation is not strong,and the level of R&D investment is not high.This paper takes the A-share listed companies in the information technology industry in the eight economic zones from 2014 to 2017 as a sample.The income tax preference rate is the explanatory variable and the R&D investment intensity is the median variable.The total return on assets is the regression model established by the explanatory variables.Referring to the stepwise test proposed by Baron and the Bootstrap nonparametric test method proposed by Hayes are used to test the mediating effect of R&D investment.The results show that China’s information technology industry income tax incentives have a positive impact on corporate performance and R&D investment.R&D investment has played a partial mediating effect in the process of income tax incentives on corporate performance.Based on the above analysis,this paper puts forward suggestions from both the government and enterprises: It is recommended that the government increase the income tax incentives for the information technology industry,improve the income tax preferential policies,promote the establishment of a platform for cooperation between industry,universities and research institutes,and improve the external research and development environment;enterprises effectively enjoy income tax benefits,actively participate in research and development cooperation projects,and broaden research and development financing channels. |
