The Impact Of Corporate Income Tax Preferences On R&D Investment In High-Tech Manufacturing Enterprises

Chinese economic development has entered a period of new era,the manufacturing industry is big but weak,and this problem has become increasingly prominent,so the system needs a new round of transformation and upgrading.Improving the ability of independent innovation is the key of transformation and upgrading,and high-tech manufacturing is the main force of transformation and upgrading.High-tech manufacturing is characterized by high knowledge,high investment,high risk,and high spillover.It is an important driving force for the transformation of economic development mode and adjustment of industrial structure.As a common economic policy,preferential tax policies not only have the function of regulating the macro economy,but also are often used to promote enterprises to carry out R&D activities.In order to support technological innovation in industries such as high-tech manufacturing,the government has successively introduced relevant preferential tax policies focusing on corporate income tax.In order to explore the incentive effect of preferential corporate income tax policies on high-tech manufacturing enterprises,and further explore the differences in the incentive effects of relevant preferential tax policies on high-tech manufacturing enterprises in some markets with different concentration.Based on endogenous growth theory,market failure theory and investment risk theory,this paper analyzes the basis of preferential tax policies involved in high-tech manufacturing R&D activities from the perspectives of capitalized cost and risk in R&D activities.The basis of the difference in the incentive effect of preferential policies in the market under the concentration degree is analyzed,and the research hypothesis is verified by the method of empirical analysis to examine the incentive effect of the policy.Firstly,the literature on the impact of tax incentives and market concentration on R&D investment is reviewed,the main concepts are clarified,and the room for improvement of the existing literature is summarized.Secondly,it introduces the theoretical basis of preferential tax polices such as endogenous growth,market failure,and risk of investment.On the basis,it sorts out the impact of corporate income tax incentives on high-tech manufacturing R&D from the aspects of capital use cost and R&D risk.Invest in impact mechanisms.In the field of high-tech manufacturing,it also explores the differences in the anti-risk capabilities and technology excess returns of market players in different concentration markets.Theoretical analysis of the differences in the impact of high-tech manufacturing enterprises is carried out,and two research hypotheses of this paper are put forward:(1)The preferential corporate income tax polices have a positive incentive effect on the R&D investment of high-tech manufacturing enterprises;(2)The preferential corporate income tax polices have a positive effect on the high concentration.In the same time,the positive incentive effect of R&D investment of high-tech manufacturing enterprises in the high-level market is greater than those in the low-concentration market.Next,it analyzes the current situation of R&D activities in my country’s high-tech manufacturing industry from the R&D input side and the patent output side,and sorts out and analyzes the preferential corporate income tax policies to encourage R&D and innovation of high-tech manufacturing enterprises.Finally,taking the data of A-share listed companies in the high-tech manufacturing industry from 2017 to 2020 as a sample,the research conclusions are drawn through empirical analysis:First,the preferential corporate income tax has a significant incentive effect on the R&D investment of high-tech manufacturing enterprises;For high-tech manufacturing enterprises in a concentrated market,the incentive effect of corporate income tax incentives for R&D investment is better;for high-tech manufacturing enterprises in a low-concentration market,the incentive effect of corporate income tax incentives on R&D investment is smaller.Combined with current preferential corporate income tax policies and the characteristics of high-tech manufacturing enterprises,according to the research conclusions,suggestions on optimizing the incentive effect of the policy are put forward:(1)For the entire high-tech manufacturing industry,the government can increase the preferential corporate income tax polices support.For those industries with low market concentration,the government should encouraged enterprises of different scales to cooperate in R&D;(3)For those industries with high market concentration,the government need to formulate reasonable policy barriers to entry market.