The Impact Of R&D Expense Super Deduction On Enterprise R&D Investment In Different Market Competitive Environments

At present,with the advent of the new economic normal,the development power has shifted from mainly relying on factors such as resources and low-cost labor to innovation,and innovation is the key to rejuvenating new economic impetus under the new normal.At the 2022 Central Economic Work Conference,it was proposed to highlight the principal position of enterprise in scientific and technological innovation.Enterprise is the main body of innovation,and increasing its R&D investment is the prerequisite for achieving independent innovation.In recent years,with the intensity of R&D investment in China has continued to increase,R&D funding has grown steadily and the main role of R&D investment of enterprises has been further highlighted.In order to alleviate the constraints faced by enterprises and encourage them to carry out R&D activities,the Chinese government has introduced a series of preferential tax policies,including the super deduction of R&D expense.In order to explore whether the super deduction of R&D expense can effectively motivate enterprises to increase R&D investment,and whether there are differences in the effect of policies under different market competition environments,this paper takes the theory of tax incentives,market competition and innovation,Schumpeter effect and escape from competition effect as the theoretical basis.Then,1118 A-share listed companies in Shanghai and Shenzhen are selected as the research sample,and the sample period is 2018.Hierarchical linear model(HLM)is constructed for empirical analysis,including zero model,mean as the result variable model,covariance analysis model,random effects model and complete model.Finally,the robustness test is carried out by replacing the explanatory variable,excluding high-tech enterprises and expanding the sample size.The following research conclusions are drawn.First,there are significant differences in the average R&D intensity of enterprises in different industries.Second,the super-deduction of R&D expense can effectively promote enterprises to increase R&D investment.Third,market competition significantly exerts a positive cross-layer adjustment effect,which means that the fiercer the competition in the industry the more obvious the incentive effect of the super deduction of R&D expense on the R&D investment of enterprises.Based on this,corresponding policy suggestions are put forward.First,improve supporting service measures and increase supervision to give full play to policy advantages.Second,appropriately increase the super deduction incentive for R&D expenses in strongly competitive industries.Third,encourage industry competition within a reasonable range and build an excellent competitive atmosphere for enterprise innovation.Fourth,grasp the characteristics of the system and give financial subsidies.Fifth,strengthen legal protection and improve the intellectual property protection system for the innovation market.The research of this paper has certain theoretical and practical significance.On the one hand,it is helpful to evaluate the policy effect of super deduction of R&D expense,which is helpful for enriching the research results of tax incentives and corporate behavior.On the other hand,it is helpful to investigate whether there is a difference in the effect of R&D expense super deduction on the.R&D investment of enterprises under different market competition environments,which provides reference for the further improvement of the policy.The hierarchical linear model is applied to this problem innovatively.The interaction between the external factor of market competition and the policy effect is studied.The tax impact data of the super deduction of enterprise R&D expense is collected from the statement notes by manually searching the annual financial reports of the enterprises.