A Study On The Influence Of R&D Expenses Additional Deduction Policy On Enterprise R&D Investment

The development of energy-saving and environmental protection industry is one of the important contents of promoting the construction of ecological civilization,and is an important means to reduce the cost of energy use of enterprises,at this stage it is also an important way to expand effective investment,revitalize the industrial economy,and stabilize employment channels.China urgently needs to develop energy-saving and environmental protection industries to realize the green transformation of the economic system,break down green barriers,and enhance the comprehensive competitiveness of China’s economy.Innovation is the source and driving force of economic growth,the innovation activities of enterprises can not be separated from R&D investment,the Chinese government mainly uses financial subsidies and tax incentives to stimulate enterprise research and development,improve China’s overall R&D level and core competitiveness.This paper selects the most direct and targeted tax incentive method for incentivizing R&D investment of enterprises,the R&D expense deduction policy,as the research object,and explores its impact on the R&D investment of energy-saving and environmental protection enterprises,as well as the role of promoting the transformation and upgrading of energy-saving and environmental protection enterprises,and further reforming and improving the R&D expense deduction policy.At the beginning of the article,the background and significance of the topic are described,and then the relevant literature at home and abroad is sorted out,and the research contents,methods,innovations in the research and possible shortcomings are roughly introduced.Then it became clear according to the selected topic of the research methods and contents,as well as the existing innovations and deficiencies.Then,introduce the relevant theories and mechanisms of the additional deduction policy to promote technological innovation of enterprises,and from the theoretical basis of externality theory and economic growth theory,the mechanism of R&D expense deduction on R&D investment of energy-saving and environmental protection enterprises is explored,according to the policy implementation,it provides a corresponding basis for future policy reform.In the empirical analysis,this paper selects relevant data for analysis,and the empirical evidence is divided into two parts,namely empirical design and empirical analysis,first of all,three hypotheses are proposed according to the combed literature,the panel data fixed effect model is used to empirically verify the hypothesis,and then the robustness test is carried out by replacing the interpreted variables and shortening the research period,and the lagging effect and tendency score matching method(PSM)are used for endogenous inspection.This paper has the following analysis: the R&D expense deduction has a certain positive effect on the R&D investment of energy-saving and environmental protection enterprises,and it is enhanced with the increase of the deduction force,but the incentive effect of R&D investment of enterprises varies to varying degrees.From the perspective of enterprise scale,the incentive effect of the additional deduction policy on R&D intensity is better than that of large-scale enterprises in small-scale enterprises;From the perspective of the nature of property rights,the additional deduction policy has effectively incentivized the increase of R&D for non-state-owned enterprises,and has a small incentive effect on state-owned enterprises;In terms of regional distribution,the incentive effect of enterprises in the eastern and central regions is better than that in the western region.Finally,according to the previous research conclusions,the corresponding measures and suggestions are put forward: firstly,improve the preferential policies for the industry;secondly,the implementation of the policy is affected by heterogeneous factors.It is necessary to set up differentiated additional deduction policies for energy-saving and environmental protection enterprises of different sizes,ownership,regions and profitability,and give specific additional deduction preferences to energy-saving and environmental protection industries;A single tax incentive policy has a weak incentive effect on R&D of the industry.It should be supplemented by other preferential policies to further strengthen the policy effect.The government should act as a bank enterprise cooperation medium to improve the financing capacity of enterprises.At the same time,enterprises should also independently strengthen the study of relevant policies and strengthen the cultivation of school enterprise cooperation and independent innovation capabilities.It provides policy reference for encouraging R&D investment of energy-saving and environmental protection enterprises.