Incentive Effect Of Additional Deduction Policy On R&D Investment In China

Strengthening and investing in the development of strategic emerging industries is an important strategic plan to further implement the concept of innovative development,promote the high-quality development of the national economy,and achieve national development goals more quickly.According to the requirements of the "14th Five-Year Plan",my country should vigorously develop strategic emerging industries,grasp their development trends,seize opportunities,vigorously cultivate pillar industries,accelerate the development of strategic emerging industries,and strive to achieve the currently formulated goals,namely strategic.The added value of emerging industries accounted for more than 17% of GDP.At present,although my country’s strategic emerging industries have made some progress in some fields,they still have a long way to go to benchmark developed countries.So far,the disadvantages of late start,difficult conversion,and few independent intellectual property rights are still limitations.An important factor for the development of strategic emerging industries to a high level.In addition,the unavoidable characteristics of R&D,such as long investment cycle,high risk,and strong spillover,also restrict the development of strategic emerging industries,which are mainly manifested in that companies take a wait-and-see attitude towards R&D activities and hesitate to act,fear of taking risks,etc.,so government assistance is needed.This paper argues that,as a relatively effective preferential tax policy,super deduction cannot be underestimated in encouraging R&D and innovation of enterprises.Through the analysis and evaluation of R&D investment of enterprises,the effectiveness of existing policies can be better understood,which is conducive to further promoting the preferential tax policies to encourage enterprise R&D and innovation,helping my country’s economy to develop better and faster,and steadily enter the stage of high-quality development.Through the integration of relevant domestic and foreign literatures,with the help of market failure theory,externality theory,tax expenditure theory,etc.,from the perspective of R&D investment,this paper uses an empirical model to test the incentive effect of the super-deduction policy.In this paper,the sample is located in the listed companies of A-share strategic emerging industries from 2013 to 2020,using empirical methods such as correlation analysis and fixed effect regression analysis,from the perspective of R&D investment,to distinguish the nature of property rights and the relationship between enterprises in the eastern,central and western regions.The incentive effect of the super-deduction policy is empirically tested.The study found that the superdeduction policy can effectively increase the R&D investment in strategic emerging industries.In terms of heterogeneity,companies in the eastern region of my country and private companies are more motivated,while in state-owned enterprises and companies in the central region,the incentive effect of the policy is not obvious.At the same time,in the western region,the super deduction policy is negatively correlated with the R&D investment in this industry.Based on the above empirical analysis,this paper proposes to further deepen the reform of the super deduction policy,and further control the details of the policy on the basis of the existing policy implementation experience to make it adapt to the current situation of the enterprise application,including: increasing the super deduction of research and development expenses.Strengthen and implement differentiated super-deduction policies;optimize the design of super-deduction policies,clarify R&D expenses,the scope of R&D activities,improve preferential policies,and implement policy combinations;at the same time,strengthen supervision,strengthen the relationship between science and technology departments,tax departments and enterprises communication and collaboration.