Research On The Impact Of Preferential Policies On Enterprise Income Tax On The Investment Of Integrated Circuit Enterprises

In recent years,emerging industries represented by artificial intelligence,automotive electronics,etc.are rising rapidly,and the scale of the domestic semiconductor chip market is expanding day by day,bringing unprecedented market space to integrated circuit enterprises,and the whole industry has entered a period of rapid development.From the perspective of market supply and demand structure,the current scale of China’s integrated circuits is large but not strong,there is a certain gap between the production and development technology,enterprise mass production level and other developed countries such as the United States,Japan and South Korea,the chip self-sufficiency rate is not high,the import dependence is strong,in 2021,China’s imported integrated circuits accounted for 77.8% of global sales,integrated circuits face the "stuck neck" technical problems need to be solved urgently.The Chinese government has successively issued a series of industrial policies to encourage and support the development of integrated circuit enterprises,and investment is the basic premise of the survival and development of integrated circuit enterprises,through domestic and foreign investment enterprises to determine the direction of operation,rational allocation of various assets,the formation of comprehensive production and operation capacity of enterprises,which will be directly related to the long-term development of integrated circuit enterprises.Based on the Cobb-Douglas production function,neoclassical investment theory expounds the relationship between taxation and investment,and preferential tax policies will reduce the cost of capital users,thereby enhancing the enthusiasm of enterprises to invest and encouraging enterprises to expand the scale of investment.Therefore,it is of great theoretical value and practical significance to use a scientific and reasonable econometric model to evaluate the impact of preferential corporate income tax policies on the investment of integrated circuit enterprises.This paper aims to study the impact of preferential corporate income tax policies on the investment of integrated circuit enterprises,reasonably evaluate the incentive effect of relevant policies on fixed asset investment and R&D investment of enterprises,and put forward countermeasures and suggestions to improve the current preferential tax policies.Based on this,this paper first sorts out the research status of domestic and foreign scholars,starts from the factors affecting investment,deeply analyzes the impact of preferential tax policies on enterprise investment,takes tax incentive theory,externality theory and neoclassical investment theory as the theoretical basis of this paper,expounds the mechanism of the preferential enterprise income tax policy on the investment of integrated circuit enterprises according to the cost model of capital users,and further discusses the development and investment status of integrated circuit enterprises,and classifies and sorts out the preferential income tax policies that integrated circuit enterprises can enjoy.Point out the problems existing in the current preferential tax policy of enterprise income tax.In terms of empirical analysis,this paper empirically analyzes the panel data of 68 A-share listed IC listed companies from 2017 to 2021,and studies the impact of preferential corporate income tax policies on different IC enterprises in groups,and the regression results show that:(1)There is a significant positive correlation between the preferential corporate income tax policies and the fixed asset investment of IC enterprises,that is,the preferential tax policies can improve the fixed investment level of IC industry;(2)The preferential policy of enterprise income tax can effectively encourage integrated circuit enterprises to increase the level of R&D investment;(3)Compared with integrated circuit packaging and testing enterprises,the preferential income tax policy has a more significant role in promoting the investment of integrated circuit manufacturing enterprises and design enterprises.Finally,according to the empirical analysis results,the relevant suggestions for improving the preferential policies of enterprise income tax are put forward from five aspects: expanding the coverage of preferential enterprise income tax,improving the preferential system of enterprise income tax,combining preferential policies of enterprise income tax with local policies,lowering the threshold of preferential tax and paying attention to talent incentive factors,giving full play to the incentive effect of preferential tax policies on integrated circuit investment,improving the scale of fixed asset investment and R&D investment,and releasing vitality for the development of enterprises.