Research On The Influence Of The Policy Of Additional Deduction Of R&D Expenses On The Performance Of Gem Listed Companies

R&D activities can not only enable enterprises to obtain the core competitiveness of the market,but also enable a country to have stronger "soft power" and promote the overall improvement of the whole society.Therefore,to attach importance to "mass entrepreneurship and innovation" is the way for the development of socialism with Chinese characteristics,and is the development requirement of the new industrial era.In recent years,faced with the complicated competition of scientific research resources and technological achievements in the world,China has adopted many policy interventions to increase the intensity of innovation input and to encourage the enthusiasm of the whole society in development.Enterprises of the gem market are the main body of R&D activities in China.Therefore,as an important innovation subject,tax incentives are the most powerful component of the system in which the government guides the technological innovation of enterprises.However,most of the current preferential tax policies are inclined to provide technological incentives of enterprises in the production process.So,focusing on the policy of plus deduction of R&D expenses,which directly affects enterprises’R&D investment,is more conducive to exploring the effectiveness of Chinese government’s intervention in R&D innovation.After reviewing the existing theories and literatures,this paper considers these questions:is the direct impact of R&D expense plus deduction policy on enterprise performance positive or negative?Is it possible to influence the performance of an enterprise by increasing its emphasis on R&D investment?According to the above questions,this paper,taking the gem listed company financial data during 2015-2017 as the research sample,the sales gross profit margin as explained variable,collectively deduction as explanatory variables,R&D intensity as intermediary variables,the enterprise scale,the investment value,market competitiveness and equity structure as control variable.The results show that if the calculation and concentration of the additional deduction include more tax avoidance elements,its direct effect on enterprise performance is negative,but the additional deduction policy can promote enterprise performance through R&D investment,that is to say,there is still a great opportunity to improve the incentive effect of the additional deduction policy.In order to ensure the implementation effect of the additional deduction policy,this paper suggests that the administrative service organs should pay close attention to the tax dynamics of enterprises.managers and accounting practitioners should change their development concepts and improve their professional quality for the long-term development of enterprises.