Research On The Impact Of Additional Deduction Policy To Enterprise Innovation

At present,China’s economy is at a critical stage of transformation from high-speed growth to high-quality development.During this period,technological innovation is the key to ensuring smooth transformation and upgrading.During this process,the government has introduced a series of incentive policies,such as the addition and deduction of research and development expenses,to promote the cultivation and improvement of enterprise innovation investment and innovation ability.There are many signs that relevant policies have played a different role in promoting the transformation and upgrading of China’s industrial structure and the transformation of the economic development mode.As an incentive measure from the perspective of finance and taxation,whether and how the R&D expense addition and deduction policy will affect enterprise innovation is a major theoretical and practical issue that needs in-depth answers in evaluating the implementation effect of the R&D expense addition and deduction policy,promoting enterprise innovation and high-quality economic development.This thesis focuses on the policy of increasing the proportion of R&D expenses added and deducted from 50% to 75% in the document(CS [2018] No.99)jointly issued by the Ministry of Finance and the State Administration of Taxation in 2018,and studies the impact of the implementation of this policy on enterprise innovation.Firstly,it defines the core concepts of R&D expenses and R&D expenses plus deduction,and expounds the relevant theoretical basis;Secondly,it analyzes the implementation process of China’s R&D expense deduction policy and the current situation of enterprise innovation;Then,it analyzes the mechanism of the impact of the R&D expense deduction policy on enterprise innovation,and selects relevant data from listed companies before and after the implementation of the policy.Using the PSM-DID method,it empirically tests the impact of the implementation of the policy on enterprise R&D investment and innovation output,and conducts a multidimensional heterogeneity test;Finally,the research conclusions are formed,and relevant policy recommendations are proposed on how to improve the R&D expense deduction policy to promote enterprise innovation.The research shows that the R&D expense deduction policy effectively promotes the innovation investment of enterprises and improves their innovation output;Compared with state-owned enterprises,the R&D expense deduction policy has a greater impact on the innovation input and output of non-state enterprises;Compared with other regions,the policy of adding and deducting research and development expenses has a greater promoting effect on enterprise innovation in the eastern region;Compared with low technology intensive enterprises,the addition and deduction of R&D expenses has a greater impact on the innovation input and output of high technology intensive enterprises;In the process of influencing the innovation output of enterprises through the R&D expense deduction policy,the R&D investment plays a partial intermediary effect.