Research On The Influence Of R&d Expense Additional Deductible Policy On Manufacturing Innovation Output

The 20 th CPC National Congress Report points out that "we must adhere to the principle that science and technology is the primary productive force,talent is the primary resource,innovation is the primary driving force",which provides the direction and path for our country’s future economic development and how to enhance international competitiveness.The real economy is the foundation for China’s economic development to take the initiative in the global economic competition.Only by expanding and strengthening the manufacturing industry can the real economy be revitalized and the healthy development of the real economy be guaranteed.For a long time,the development of China’s manufacturing industry has been limited due to many technical problems.That is to say,only by mastering the core key technologies can China’s manufacturing industry change from passive to active in the competition.At present,China has introduced many fiscal and tax policies to encourage enterprises to actively carry out R&D and innovation activities,among which,the additional deduction policy of R&D expenses in the national preferential tax policies to encourage innovation is widely used.Previous studies have shown that the policy of additional deduction for R&D expenses has a positive impact on the investment intensity of R&D innovation activities and encourages enterprises to carry out more innovation activities.However,whether enterprises can obtain corresponding results and outputs after increasing investment in innovation activities needs more research and data support.As an important body of China’s industrial transformation and upgrading,it is particularly important to study the impact of policies on the real output of manufacturing enterprises in their innovation activities.This paper attempts to study two questions: one is to analyze whether the policy can affect the innovation output of manufacturing enterprises through the additional deduction of R&D expenses,and to study whether the policy plays a positive or negative role in the output stage of enterprise innovation activities;The second is to study the differences in the effects of the additional deduction policy for R&D expenses for manufacturing enterprises with different characteristics,so as to further improve the policy and enhance the implementation effect of the policy.Based on this,this paper firstly summarizes the relevant literature results of domestic and foreign scholars on the impact of the policy of additional deduction of R&D expenses on the innovation output of enterprises,then introduces relevant theories,sorts out the characteristics of policy changes,points out the existing shortcomings of the policy,analyzes the development status of the innovation of manufacturing enterprises,and puts forward the research hypothesis of this paper on this basis.Based on the data of 591 listed manufacturing companies from 2015 to 2020,the number of patent applications is taken as the explained variable,the additional deduction of R&D expenses is taken as the explanatory variable,and the asset-liability ratio,enterprise size,return on assets,density of intangible assets,liquidity ratio,shareholding ratio of the largest shareholder,listing age and other indicators are taken as control variables.The two-way fixed effect model is used to empirically study the impact of the R&D expense additional deduction policy on the innovation output of manufacturing enterprises,and the full sample regression and the heterogeneous regression of geographical location,enterprise ownership nature and enterprise size are constructed respectively.The research conclusions of this paper are as follows: first,the policy of additional deduction for R&D expenses can significantly promote the manufacturing enterprises to improve the level of innovation output,which is specifically reflected in the significant increase in the number of patent applications of manufacturing enterprises under the effect of the policy;Second,compared with the central and western regions,the eastern region has more advantages and is more affected by policies,and its innovation output level is higher than that of the central and western regions.Secondly,compared with nonstate-owned manufacturing enterprises,state-owned manufacturing enterprises have greater demand for innovation and can take higher risks,so they are more affected by policies than non-state-owned manufacturing enterprises.In terms of scale,large manufacturing enterprises make more full use of policies,have stronger R&D teams and relatively sufficient R&D investment funds,so they are more affected by policies and have a higher level of innovation output than small and medium-sized manufacturing enterprises.Finally,based on the above empirical analysis,this paper puts forward the following suggestions: first,to strengthen the output orientation of the policy of additional deduction of R&D expenses,not only to stimulate the innovation willingness of enterprises,but also to promote the output of innovation achievements;Second,rationally collocate the additional deduction policy with other preferential tax policies to avoid crowding out effect and ensure the consistency and maximization of incentive effect;Third,gradually implement differentiated additional deduction policies,corresponding to different types of enterprises,increase the intensity of additional deduction,and provide assistance such as resource tilt to enterprises with weak innovation ability.