The Impact Of Corporate Income Tax Incentives On The Innovation Of High-tech Enterprises

In 2022,China will enter the ranks of innovative countries,and the main position of enterprise innovation will be increasingly strengthened.Science and technology is the primary productive force,high technology is in an extremely important position in science and technology and economic development,and technological innovation of high-tech enterprises is crucial.Innovation is inseparable from R&D investment expenditure,and preferential tax policies are an important fiscal and tax tool used by the government to encourage enterprises to increase the intensity of R&D investment.Studying the application of preferential policies for enterprise income tax in enterprises,the impact on the technological innovation of high-tech enterprises,and analyzing the mechanism of influence can help enterprises find the direction of preferential treatment,provide reference for the formulation of government policies,and provide a better external environment for enterprises to carry out technological innovation through the implementation of policies.This paper selects Shanghai and Shenzhen A-share high-tech listed companies as the research object,studies the impact of preferential corporate income tax policies on the technological innovation of high-tech enterprises,and analyzes the adjustment effect at the level of capital structure characteristics.Firstly,read the literature to understand the theoretical background of the research topic,sort out the current preferential policies of enterprise income tax based on the actual situation,analyze the current situation of high-tech enterprise innovation,construct a theoretical model of income tax incentives and enterprise innovation,and put forward hypotheses.In terms of research design,this paper divides corporate income tax incentives according to direct and indirect incentives,and considers innovation from the perspective of R&D investment.In the construction of the model,the fixed-effect model is adopted for R&D investment,corporate income tax incentives,debt structure,and equity structure,and the Tobit model is used to test the results.Empirical research is conducted based on the panel data of 1685 listed companies of high-tech enterprises in China from 2010 to 2022.The study concludes that corporate income tax incentives are positively correlated with corporate innovation investment.Under the role of capital structure adjustment,the asset-liability ratio positively adjusts the relationship between corporate income tax incentives and technological innovation.The long-term gearing ratio positively adjusts the relationship between corporate income tax incentives and technological innovation;Equity concentration negatively regulates the relationship between income tax incentives and technological innovation.Finally,based on the empirical results,suggestions are made on the formulation of preferential policies for enterprise income tax in China and how to further promote technological innovation.