Research On The Impact Of Tax Reduction,Cost Reduction And R&D Expenditure On Innovation Performance

Innovation is the first driving force and can promote social development and progress.For enterprises,if they want to improve the performance of new products,they need to invest a large amount of R&D funds.In order to deal with the problem of insufficient R&D funds,the state has issued A series of tax and fee reduction policies.With the introduction of a series of tax and fee reduction policies,China’s economy has obviously improved,and the relationship between tax and fee reduction policies and enterprise innovation performance has attracted academic attention.Among all enterprises,high-tech enterprises have always been the main body of innovation in China.According to the statistical data of intellectual property rights in 2021,by the end of 2021,the number of effective invention patents owned by high-tech enterprises in China accounted for 63.6% of the total number of enterprises in China,which shows that high-tech enterprises are very important to China’s R&D and innovation.So for high-tach enterprises,Will the tax and fee reduction policy promote the innovation performance of enterprises? How does the tax and fee reduction policy affect the innovation performance of enterprises?This article conducts research on this issue.Taking high-tech enterprises from 2012 to 2021 as the research object,establishes a two-way fixed effect model and intermediary effect model,and studies the relationship between the two variables of tax reduction and fee reduction policy,research and development expenditure,and enterprise innovation performance.It is verified the intermediary role of R&D expenditure.Finally,it is tested for robustness and analyzed for heterogeneity.The empirical results show that: first,the tax and fee reduction policy can improve the innovation performance of enterprises.Second,tax and fee reduction policies can promote R&D expenditure.Third,R&D expenditure can promote enterprise innovation performance.Fourth,the tax and fee reduction policy can improve the innovation performance of enterprises by promoting R&D expenditure.The empirical study found that the tax and fee reduction policy has a heterogeneous role in promoting the innovation performance of high-tech enterprises.From the perspective of property rights,compared with state-owned enterprises,the tax and fee reduction policy of non-state-owned enterprises will have a stronger role in promoting the innovation performance: from the perspective of different regions,compared with enterprises in the central and western regions,the tax and fee reduction policy has a stronger role in promoting the innovation performance of western enterprises: from the perspective of different industries,Compared with non-manufacturing industries,the tax and fee reduction policies of manufacturing enterprises have a stronger role in promoting innovation performance: from the perspective of scale,compared with small-scale enterprises,the tax and fee reduction policies of large-scale enterprises have a stronger impact on innovation performanceBased on the above conclusions,this paper puts forward the following suggestions:First,from the government level,the government can improve the innovation performance of high-tech enterprises by improving the tax and fee reduction policy,and can also reduce the cumbersome steps in the implementation process of the tax and fee reduction policy.At the same time,the government should strengthen supervision to ensure the smooth operation of the tax and fee reduction policy.Second,from the enterprise level,enterprises should strengthen their tax planning capacity.At the same time,they should use the tax and fee reduction policies to increase financing channels and increase R&D expenditure,so as to strengthen the promotion of tax and fee reduction on innovation performance.