Research On The Fiscal And Tax Policy Effect Of R&D Investment Of China’s Integrated Circuit Enterprises

As the core of electronic information industry,integrated circuit industry has fundamental,critical and strategic significance in the development of national economy.It is the key force leading a new round of scientific and technological revolution and industrial reform.As the "core" and "soul" of the information industry,integrated circuit enterprises have been integrated into all aspects of national economy and social life,and have become the embodiment of national comprehensive strength and international competitiveness;However,its R & D innovation has common characteristics such as publicity,spillover,uncertainty and risk,as well as individual characteristics such as rapid technological change and renewal,stable competition pattern and great difficulty in catching up,which makes the market mechanism have market failure in the R & D and innovation activities of integrated circuit enterprises,and the government urgently needs to issue effective policies to support it.This paper focuses on the mechanism of fiscal and tax policies on the R & D and innovation of integrated circuit enterprises,in order to provide countermeasures and suggestions to improve the effectiveness and pertinence of fiscal and tax incentive policies.Based on the above research background,this paper uses a combination of theoretical analysis and empirical analysis to study the impact of financial subsidies and preferential tax policies on R & D investment in integrated circuit industry.The main content of the full text mainly includes four parts: first,theoretical analysis.Firstly,it defines the important concepts of integrated circuit enterprise R & D investment,financial subsidy policy and tax preferential policy.Secondly,it analyzes the theoretical basis of fiscal and tax policy on integrated circuit enterprise R & D investment from externality theory and market failure theory,and analyzes the influence mechanism of fiscal and tax policy incentive effect.The second is the current situation analysis,which mainly analyzes the current situation of R & D investment of China’s integrated circuit enterprises,and combs China’s current financial subsidy policies and tax preferential policies to support R & D investment of integrated circuit enterprises.The third is empirical analysis.Based on the mechanism of the incentive effect of fiscal and tax policies and the current situation of R & D investment of integrated circuit enterprises,this paper puts forward the research hypothesis of this paper,and empirically tests the impact effect of fiscal and tax policies on R & D investment of integrated circuit enterprises by constructing a correlation regression analysis model and based on the relevant financial data of Listed Companies in China’s integrated circuit industry from 2016 to 2020.The empirical results show that:(1)both fiscal subsidy policy and tax preferential policy can significantly promote IC enterprises to increase R & D investment;(2)Compared with tax preference,financial subsidies can promote IC enterprises to increase R & D investment;(3)Compared with the preferential income tax policy,the preferential turnover tax policy has a more significant effect on promoting IC enterprises to increase R & D investment.Fourth,policy suggestions.Combined with theoretical analysis and empirical results,this paper proposes to establish a more reasonable fiscal and tax policy system,improve the pertinence of fiscal and tax policies,increase the strength and breadth of fiscal and tax policy support for IC enterprises,and help IC enterprises achieve leapfrog development.