Research On The Impact Of R&D Expense Superdeduction On Enterprise Innovation

With the development of economic globalization,improving the ability of independent innovation is an effective way for Chinese enterprises to seek survival and development,but due to the characteristics of long cycle,high risk and strong uncertainty in R&D activities,enterprises have insufficient motivation in R&D and innovation.Therefore,the state adopts government subsidies and tax incentives to stimulate the enthusiasm of enterprises for innovation,among which the superdeduction policy for R&D expenses is a preferential tax policy directly for enterprise R&D activities,which is considered to be one of the ways to effectively stimulate enterprise innovation.In order to implement the innovation-driven development strategy,promote enterprises to increase R&D investment,and enhance their innovation capabilities,the government has continuously adjusted the super-deduction ratio of R&D expenses and continued to increase tax incentives.Based on the existing literature,this paper summarizes the domestic and foreign research on tax incentives,R&D investment and enterprise innovation,and finds that there is less literature to study the impact of specific preferential tax policies on enterprise innovation,and the impact and impact mechanism of R&D expense superdeduction on enterprise innovation as a widely used preferential tax policy need further research.The Chi Next market attaches importance to innovative and technology-based companies,and strengthening the research of GEM listed enterprises can help GEM listed enterprises develop more efficiently.Therefore,this paper takes the data of Ashare listed enterprises on Chi Next from 2015 to 2021 as the research object,analyzes the mechanism of R&D expense superdeduction affecting enterprise innovation,and studies the incentive effect and impact mechanism of R&D expense superdeduction on enterprise innovation by constructing a two-way fixed-effect model and a mediating effect model.In order to comprehensively study the incentive effect of R&D expense superdeduction,this paper analyzes the impact of R&D expense superdeduction on enterprises of different nature and size.The results show that:(1)The superdeduction of R&D expenses significantly positively affects enterprise innovation,that is,the superdeduction of R&D expenses can motivate enterprises to carry out R&D innovation activities.(2)Non-state-owned enterprises are more sensitive to the super-deduction of R&D expenses.(3)The incentive effect of R&D expense super-deduction on largescale enterprises is more obvious.(4)R&D expense super-deduction promotes the output of enterprise innovation results by encouraging enterprises to increase the intensity of R&D investment.According to the conclusion of empirical analysis,the current government should increase the super-deduction of R&D expenses to attract more enterprises to actively carry out R&D and innovation activities,and at the same time set up super-deduction ratios at different levels to improve the accuracy of policies and encourage enterprises to increase investment in various types of R&D.The research in this paper provides ideas for the government to further improve the R&D expense super-deduction policy,which is conducive to the government to introduce differentiated policies,and also helps enterprises understand the R&D expense super-deduction policy,seize the policy dividend,and actively carry out R&D innovation activities.