Research On The Impact Of R&D Expenses Addition Deduction On The Enterprises’ Capital Structure

Leverage reduction has always been a topic widely discussed by the government and scholars.Whether it is supply-side reform or preventing and controlling financial risks,it is inseparable from the control of leverage.National deleveraging refers to reducing the leverage ratio to a reasonable level to prevent and resolve major risks,while corporate deleveraging refers to choosing a reasonable capital structure.The policy of the R&D expenses super deduction is an important tax incentive policy,but there are few existing literatures on the impact of the R&D expenses super deduction on the corporate capital structure.In this context,this paper uses the data of Guotai’an database to research the impact of R&D expenses super deduction on the corporate capital structures,aiming to combine our country’s tax policy and the corporate capital structure,enrich the relationship between our country’s tax policy and the corporate capital structures and provide direct evidence at the micro level for the implementation effect and path of policy deleveraging.This paper firstly sorts out the relevant research results at home and abroad and defines the concepts of the R&D expenses super deduction and the corporate capital structure.Secondly,it analyzes the influence mechanism of R&D expenses super deduction on the corporate capital structure and puts forward research hypotheses.Then,this paper sorts out the change process of the R&D expenses super deduction intensity in our country,analyzes its status as a non-debt tax shield and describes the status quo of the capital structure of listed companies in our country from the perspective of industry,property rights and scale.Then,this paper constructs a two-way fixed-effect model to test the theoretical part and draws the following conclusions.(1)Benchmark regression shows that when other variables are controlled,the super-deduction of R&D expenses has a significant negative effect on the asset-liability ratio of enterprises.(2)The intermediary mechanism test shows that the effect is achieved by super-deduction of R&D expenses’ non-debt tax.(3)Heterogeneity analysis found that enterprises in the state of tax depletion,private enterprises,small and medium-sized enterprises and enterprises in the eastern region are more significantly affected by the R&D expenses super deduction’s deleveraging effect.Finally,based on the research results of this paper,policy recommendations are put forward from four aspects.The first suggestion is to further enhance the preferential power of the R&D expenses super deduction policy.The second suggestion is to further promote the deleveraging effect of the R&D expenses super deduction on state-owned enterprises.The third suggestion is to continue to exert the deleveraging effect of the R&D expenses super deduction on small and medium enterprises.The fourth suggestion is to take full account of regional heterogeneity.