The Impact Of Tax Incentives On Enterprise R&D And Innovation

As the core of the modern and emerging information technology industry,the integrated circuit industry is a major strategic,basic and leading industry which supports the country’s economic development and guarantees information security.Since 2000,the government has issued a number of policies to encourage and support the development of the integrated circuit industry and raise its development to the level of national strategy.After years of development,the manufacturing and independent technological innovation capabilities of the integrated circuit industry have been greatly improved.However,in recent years,the United States has suppressed Huawei and ZTE,and restricted exporting chips.It has also revealed that our country still has problems in the development of the integrated circuit industry in terms of core technology being controlled by others and lack of core technology R&D personnel.Therefore,it is urgent to increase R&D investment in the integrated circuit industry,enhance independent innovation capabilities,and accelerate self-sufficiency.Tax incentives can promote enterprise R&D innovation through three aspects:reducing R&D costs,reducing potential R&D risks,and increasing funding,and even affect the investment decisions and strategic choices of enterprises to a certain extent.Therefore,the study of the impact of tax incentives on the R&D and innovation of listed companies in the integrated circuit industry still has practical significance.In terms of specific content arrangement,this article is divided into six parts.The first part is the introduction,which introduces the research background and theoretical and practical significance of this article,and points out the innovations and shortcomings of this article.The second part is the theory and literature review,which mainly introduces the theory of market failure,the theory of endogenous growth,and combs the literature on tax incentives and enterprise R&D innovation at home and abroad.The third part is the analysis of the status of integrated circuit development and tax preferential policies.First,it analyzes the development status of the integrated circuit industry from the aspects of industrial scale,import and export situation,industrial chain structure,and the status of R&D innovation,and then combs and summarizes the current preferential tax policies.Policy progress and shortcomings.The fourth part is an empirical analysis,establishing a multiple linear regression model to study the specific effects of tax incentives on the R&D and innovation of the integrated circuit industry,and draw conclusions.The fifth part is the experience of foreign countries in promoting integrated circuit tax preferential policies.First,it introduces the tax incentives of the United States,Japan and South Korea to promote the development of integrated circuits,and summarizes the experience that can be learned.The sixth part is policy recommendations.First,it summarizes the empirical conclusions,and combines foreign experience to propose tax preferential policies that promote the innovation and quality of the integrated circuit industry.The research conclusions of this paper are as follows:(1)Corporate income tax and turnover tax incentives have different effects on the R&D and innovation.According to the regression results,the corporate income tax incentives has a significant positive impact on the R&D investment of listed integrated circuit companies,the total number of patent applications,and the number of non-invention patent applications.For every 1% increase in corporate income tax incentives,corporate R&D investment will increase by 0.083%,total patent applications and non-invention patent applications will increase by 0.114% and 0.138% respectively;while turnover tax incentives have no significant effect on integrated circuit R&D investment and patent applications.(2)The effect of corporate income tax incentives on high-quality innovation incentives is not significant,which shows that corporate income tax incentives have not significantly improved the innovation quality of listed integrated circuit companies,and they still remain at a lower level of innovation.