The Research On The Impact Of Additional Deduction Policy For R&D Expenses On Innovation Efficiency Of Manufacturing Enterprises

The additional deduction policy for R&D expenses is the model of my country’s innovation incentive policy.Many studies have shown that this policy has a significant positive incentive effect on enterprise R&D investment.However,the increase of R&D input does not represent the enhancement of innovation strength of enterprises,which needs to be comprehensively considered in conjunction with the degree to which R&D investment is converted into specific outputs.Based on the current situation that the manufacturing industry is "big but not strong" and core technologies are controlled by others,our government increase the proportion of additional deduction for R&D expenses of manufacturing enterprises again on 2021.In this context,this paper is focusing on the data of manufacturing enterprises,incorporating R&D input and output into the same analytical framework,and exploring the impact of the additional deduction policy for R&D expenses on enterprise innovation efficiency,the rationality and effectiveness of the policy can be evaluated.At the same time,after enjoying the additional deduction policy for R&D expenses,enterprises will receive more attention from tax authorities.This paper explores whether there is a mediating effect of R&D manipulation on the relationship between the policy and enterprise innovation efficiency,which can broadens the research on the mechanism of the effect of the policy on enterprise innovation behavior.This paper takes the data of listed companies from 2014 to 2019 as a sample.First of all,it sorts out the development status of innovation input,output and the additional deduction policy for R&D expenses.Combining with endogenous growth theory,information asymmetry theory and other theoretical basis,this paper analyzes the mechanism of R&D expense additional deduction policy affecting the innovation efficiency of enterprises and proposes research hypothesis;Secondly,by consulting the company’s annual financial report,obtain the year information of the company’s enjoyment of the additional deduction policy for R&D expenses and the precise data on the impact of the policy.The multi-period Difference-in-Difference model and the panel fixed effect model are constructed to empirically analyze the impact of the policy on the innovation efficiency of manufacturing enterprises.At the same time,the robustness of the conclusins are tested by propensity score matching,placebo test,uniform treatment group and control group classification criteria and substitution variables.Finally,we explore the mediating effect of R&D manipulation on the relationship between the additional deduction policy for R&D expenses and the innovation effiency of enterprises.In addition,the heterogeneity of the incentive effect of the policy is analyzed based on the property rights,technological level,financial information quality of enterprises and so on.Combining the results of theoretical and empirical research,the following conclusions are drawn:(1)The additional deduction policy for R&D expenses has a significant positive incentive effect on the improvement of innovation efficiency of manufacturing enterprises;(2)This policy can indirectly improve the innovation efficiency of enterprises by restraining the "upward" R&D manipulation behavior of falsely increasing R&D espenses of the enterprises;(3)The policy has a significant incentive effect on the innovation efficiency of non-state-owned enterprises,high-tech enterprises,enterprises with high financial information quality,enterprises with weak profitability and enterprises in the eastern region.However,the policy cannot play the expected incentive effect in state-owned enterprises,high-tech enterprises,enterprises with poor financial information quality,enterprises with strong profitability and enterprises in the central and western regions.Based on the results of theoretical and empirical analysis,this paper puts forward the following suggestions: Enterprises should further improve the internal financial accounting system,establish a cross-departmental communication and cooperation mechanism,fully enjoy policy dividends and improve the utilization rate of innovation resources;The government departments can formulate differentiated preferential terms,strengthen the incentives for innovation output and improve the supporting policies such as the intellectual property protection system to enhance the incentive effect of the policy on the innovation efficiency of enterprises.