| The policy of adding and deducting research and development expenses is an important component of China’s tax preferential system,and its scope of application is constantly expanding,gradually growing into a policy with a complete system,standardized processes,and universal application.In March2021,Comrade Li Keqiang,the then Premier of the State Council,pointed out at the executive meeting of the State Council that in order to complete the structural transformation of the economy in China,it is necessary to better leverage the innovative role of enterprises to provide driving force.At the same time,he urged relevant departments to comprehensively optimize tax services and improve the convenience of enterprises to enjoy the policy of additional deductions.Manufacturing enterprises have not only been important participants in R&D innovation,but also the largest application of technological change.Therefore,as the main user of the R&D expense deduction policy,empirical analysis of manufacturing enterprises can help understand whether the benefits provided by the policy can be converted into productivity,thereby improving enterprise performance.In addition,if the policy of adding deductions has a positive impact on the performance of manufacturing enterprises,what is the mechanism of the variables that play a role in the middle? Are there differences in the impact on different types of enterprises,and which type of enterprise is more helpful? These valuable results can be found in the research analysis of this article.This paper expects to explore the role of the R&D expense plus deduction policy on the performance of manufacturing enterprises.Based on the data of manufacturing enterprises of listed companies in China from 2016 to 2021,combined with the technology innovation theory,market failure theory,Tax incentive theory,and the evolution process of R&D expense plus deduction policy,descriptive statistics,multicollinearity test,least squares regression,mechanism test Empirical steps such as heterogeneity testing were used to summarize the regression results and draw the following conclusions:The policy of adding and deducting research and development expenses has a positive impact on the performance of manufacturing companies,but it has a certain lagging effect;The mechanism test results of the R&D expense plus deduction policy on the performance of manufacturing enterprises show that the plus deduction policy can have a positive impact on the performance of manufacturing enterprises by reducing enterprise operating costs,promoting enterprise innovation output,and easing enterprise financing constraints,all of which play a part of the mesomeric effect;According to heterogeneity analysis,it can be concluded that the policy of adding deductions has a better promotion effect on non-state-owned enterprises and large-scale enterprises.Based on the above conclusions,suggestions have been made to the government to continue improving the policy of additional deductions,with a focus on giving preferential treatment to private enterprises;Suggestions were put forward for enterprises to plan their capital structure reasonably and actively follow up on policy changes to increase R&D revenue.The research in this article is very valuable for enterprises and all sectors of society to better understand China’s current system of additional deductions,and can also help manufacturing enterprises apply the policy of additional deductions for research and development expenses. |
